By J. David Cummins, Bertrand Venard
ISBN-10: 0387341625
ISBN-13: 9780387341620
ISBN-10: 0387341633
ISBN-13: 9780387341637
THE guide OF overseas assurance
Gordon Stewart, President, assurance info Institute, manhattan, USA
"The globalization of assurance markets implies that knowing either overseas advancements and native traits world wide is now basic for assurance executives dealing with today’s complicated and aggressive setting. through offering one of these entire photo of the world’s coverage markets, this specified and worthy e-book turns into an important instrument for a person trying to function properly and successfully.
Richard D. Phillips, Professor and Chairman, division of threat administration and assurance, Georgia country college, Atlanta, USA
"Comprehensive surveys, written through foreign specialists, supply intensive descriptions and speak about fresh advancements of the world’s significant assurance markets. each one bankruptcy comprises crucial insights for coverage executives and educational researchers drawn to chance administration and the globalization of coverage markets."
Patrick Liedtke, Secretary normal and dealing with Director, the Geneva organization, Switzerland
"This ebook depicts in a good means the dichotomy of the coverage global this present day, that is nonetheless torn among worldwide techniques and native ideas. either coverage pros and teachers will revenue significantly from its clever insights."
Raimond Maurer, Professor, Goethe-University Frankfurt, Germany
"In latest excessive pageant setting, the knowledge of overseas coverage markets is important to maintain an assurance company’s aggressive virtue. This publication makes an incredible contribution to that understanding."
Edited by:
J. David Cummins, Harry J. Loman Professor of assurance and possibility administration, Wharton institution, collage of Pennsylvania, USA
Bertrand Venard, Professor of administration, Audencia. Nantes tuition of
Management, France
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Extra resources for Handbook of International Insurance: Between Global Dynamics and Local Contingencies
Sample text
Even though asset credit risk is limited to a considerable extent, it is still present: • The buffer provided by the 60 % mortgage lending limit is itself subject to risk (real estate risk). For more details, see Sect. 7. • As pointed out by Packmohr (2011), there is no restriction with respect to the creditworthiness of EU sovereign debt, and countries that are subject to default or restructuring do not have to be excluded from the cover pool. While mortgage cover assets still benefit from a claim against a real estate property in case the debtor defaults, public sector cover assets do not offer an additional source of recourse, and debt repayment depends to a certain extent on the political willingness to do so (Dierks and Engelhard 2010).
2) might provide some ease in this context. Maintenance of Overcollateralization Overcollateralization acts as a buffer against cover pool risks and is an important form of credit enhancement. The issuer’s decision regarding the actual level of voluntary overcollateralization maintained is driven by his general business strategy and the target Pfandbrief rating. To obtain this target rating, rating agencies typically require a certain level of overcollateralization to be held, which exceeds legal requirements and depends, among others, on the target rating itself and the cover pool’s quality.
17, the amount and the share of outstanding Jumbo Pfandbriefe has continuously decreased over time. While, in 2003, EUR 414 bn of Jumbos were outstanding, it was only EUR 150 bn in 2011. Their relative share in the Pfandbrief market has also decreased, from 39 to 26 %. As pointed out by Volk (2012), this reflects a recent trend towards benchmark issues with a volume of EUR 500 mn to EUR 1 bn. In comparison with Jumbos, which are considered to be more liquid than smaller issuance sizes, benchmark issues are more favourable in the context of asset liability management and legal requirements regarding liquidity holdings (Wolf 2012).