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 Professor of Finance at New York University Stern School of Business, on leave from 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 a Head of Strategy, Sustainability and Public Affairs of the AXA Group and affiliated Professor of Economics at the Paris School of Economics. 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 Bachelor's degree from Rheinische Friedrich-Wilhelms-Universität Bonn, a Master's degree from the London School of Economics and Political Science, and a PhD from Ludwig-Maximilians Universität München.

Felix Hufeld, Ralph S. J. Koiijen, and Christian Thinmann: Introduction
Part 1. The Economics of Insurance and the Macroeconomic Role of Insurance
1: Christian Thimann: What is Insurance and How Does it Differ from General Finance?
2: Denis Kessler, Amélie de Montchalin, and Christian Thimann: The Macroeconomic Role of Insurance
3: Denis Duverne and John Hele: How the Insurance Industry Manages Risk
Part 2. Financial Stability and the Possibilities of Systemic Risk
4: Ralph S. J. Koijen and Motohiro Yogo: Risks of Life Insurers: Recent Trends and Transmission Mechanisms
5: Viral V. Acharya, Thomas Philippon, and Matthew Richardson: Measuring Systemic Risk for Insurance Companies
6: Daniel Hartley, Anna Paulson, and Richard J. Rosen: Measuring Interest Rate Risk in the Life Insurance Sector: The U.S. and the U.K.
Part 3. Regulation
7: Bo Becker: How the Insurance Industry's Asset Portfolio Responds to Regulation
8: Andrew Ellul, Chotibhak Jotikasthira, and Christian T. Lundblad: Spillover Effects of Risk Regulation on the Asset Side to Asset Markets
9: Felix Hufeld: A Regulatory Framework for Systemic Risk in the Insurance Industry
Part 4. Open Questions Going Forward from the Insurance Sector
10: Luca Pancaldi and Uwe Stegemann: The Big Questions for the Insurance Sector: Findings from a Survey of Insurance Companies
Index