The Economics, Regulation, and Systemic Risk of Insurance Markets

Felix Hufeld is President of the German Federal Financial Supervisory Authority (BaFin) and member of the Supervisory Board of the Single Supervisory Mechanism (SSM) for the banks of the Eurozone. Previously he was Chief Executive Director Insurance Supervision at BaFin. He was also Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS) and member of the Management Board of the European Insurance and Occupational Pensions Authority (EIOPA). Previously he was Partner at Westlake Partners. From 2001 to 2010 he served as Chief Executive Officer of Marsh Germany, Austria, and Northern Europe of Marsh & Mclennan Companies Inc. Prior to this he worked for Dresdner Bank as their Global Head Group Corporate Development, and for The Boston Consulting Group (BCG). He studied Law in Freiburg and received a Master in Public Administration at Harvard University. Ralph S. J. Koijen is a Professor of Finance at London Business School. His areas of expertise are health and insurance markets, investments, and financial econometrics. He is also a Research Fellow of the CEPR and Netspar. Before joining London Business School, he was visiting Assistant Professor of Finance at New York University's Stern School of Business, and an Assistant and Associate Professor of Finance at the University of Chicago's Booth School of Business. Professor Koijen's research has been published in leading journals, such as Econometrica, the American Economic Review, The Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics. He has received various awards for his work including the Richard A. Crowell Memorial Prize, the Roger F. Murray Prize, Swiss Finance Institute Outstanding Paper Award, the Glucksman Institute Research Prize, and the Amundi-Smith Breeden Distinguished Paper Prize. Christian Thimann is AXA's Group Head of Regulation, Sustainability and Insurance Foresight, based in Paris. From 2014-16 he has been on the Board of Directors of AXA Investment Managers and Alliance Bernstein Investment Managers, New York. He is also an External Member of the French Council of Economic Advisors and an Affiliated Professor at the Paris School of Economics. Previously Dr Thimann held senior positions at the European Central Bank (ECB), including Director General and Advisor to the President from 2008 to 2013. He also served as an Economist at the International Monetary Fund in Washington, DC. Dr Thimann holds a Master's degree from the London School of Economics, and a PhD from Ludwig-Maximilians Universität München.

PART I: I. THE ECONOMICS OF INSURANCE AND THE MACROECONOMIC ROLE OF INSURANCE; PART II: FINANCIAL STABILITY AND THE POSSIBILITIES OF SYSTEMIC RISK; PART III: I. REGULATION; PART IV: OPEN QUESTIONS GOING FORWARD FROM REGULATORS AND THE INSURANCE SECTOR