2016 Stress Tests of the Bulgarian Insurance Sectorpdf / 1.02 MB
... for such severe market stresses, no insurance stresses were included in the market stress scenarios. In addition, the insurance liabilities have been affected by the market scenario since they have been revaluated using the shocked yield curves and hence both asset and liability side of the Solvency ...
... for such severe market stresses, no insurance stresses were included in the market stress scenarios. In addition, the insurance liabilities have been affected by the market scenario since they have been revaluated using the shocked yield curves and hence both asset and liability side of the Solvency ...
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... turn must trigger appropriate corrective measures. These exceptions also serve as an input to judge the appropriateness of systems and procedures relating to risk management. d) To keep these policies in line with significant changes in internal and external environment, BOD is expected to review th ...
... turn must trigger appropriate corrective measures. These exceptions also serve as an input to judge the appropriateness of systems and procedures relating to risk management. d) To keep these policies in line with significant changes in internal and external environment, BOD is expected to review th ...
Risk Management, Governance, Culture, and Risk Taking in
... At a point in time, how the risk of a project contributes to the total risk of the bank depends on the other risks the bank is exposed to at that time. Consequently, when risk taking is decentralized, the trade-off between how a project’s risk contributes to the bank’s risk and its expected return c ...
... At a point in time, how the risk of a project contributes to the total risk of the bank depends on the other risks the bank is exposed to at that time. Consequently, when risk taking is decentralized, the trade-off between how a project’s risk contributes to the bank’s risk and its expected return c ...
The Impact of Risk Controls and Strategy-Specific Risk Diversification on Extreme Risk
... indices require setting a specific objective which often takes the form of a goal in an optimisation problem. Solving the problem requires provision of parameters that need to be estimated from data. This exposes the optimal solution to the noise in the observed stock returns which is also known as ...
... indices require setting a specific objective which often takes the form of a goal in an optimisation problem. Solving the problem requires provision of parameters that need to be estimated from data. This exposes the optimal solution to the noise in the observed stock returns which is also known as ...
BERMUDA MONETARY AUTHORITY
... annual basis, that policies, processes, and procedures are developed to assess the insurer’s material risks, and self-determine the capital resources it would need to support its operations in accordance with the principle of proportionality. Minimally, the Board and senior management are required t ...
... annual basis, that policies, processes, and procedures are developed to assess the insurer’s material risks, and self-determine the capital resources it would need to support its operations in accordance with the principle of proportionality. Minimally, the Board and senior management are required t ...
Aggregation of risks and Allocation of capital
... The current focus is on calculating economic capital. However, business decisions need to be made based on risk budget and risk/return optimization. Economic capital plays a central role in prudential supervision, product pricing, risk assessment, risk management and hedging, capital allocation / pr ...
... The current focus is on calculating economic capital. However, business decisions need to be made based on risk budget and risk/return optimization. Economic capital plays a central role in prudential supervision, product pricing, risk assessment, risk management and hedging, capital allocation / pr ...
Adverse Selection in Reinsurance Markets
... Genre) - codes 0500001-0599998 b. Voluntary pools (e.g., the National Flood Insurance Program) - codes 07000010799998 c. Other non-US (unaffiliated) insurers (e.g., Lloyds syndicates) - codes 08000010899998 2. Unauthorized reinsurance a. Other US unaffiliated insurers - codes 1400001-1499998 b. Volu ...
... Genre) - codes 0500001-0599998 b. Voluntary pools (e.g., the National Flood Insurance Program) - codes 07000010799998 c. Other non-US (unaffiliated) insurers (e.g., Lloyds syndicates) - codes 08000010899998 2. Unauthorized reinsurance a. Other US unaffiliated insurers - codes 1400001-1499998 b. Volu ...
- Covenant University Repository
... financial mix, an organization is expected to consider the effect in variability in earnings that will be available to the shareholders, and the additional chance of insolvency borne by the common shareholder as a result of the use of financial leverage. Because the consequences of business risk are ...
... financial mix, an organization is expected to consider the effect in variability in earnings that will be available to the shareholders, and the additional chance of insolvency borne by the common shareholder as a result of the use of financial leverage. Because the consequences of business risk are ...
Managerial risk preference and its influencing factors: analysis of
... In 2015, the total revenue of national SOEs was RMB 45.47 trillion, down by 5.4%; total profit was RMB 2.3 trillion, down by 6.7%.3 Investigations showed that a large number of ‘‘zombie firms’’ comprise large SOEs, typified by discontinuation, semi-cut, continued loss, insolvency, and operations mai ...
... In 2015, the total revenue of national SOEs was RMB 45.47 trillion, down by 5.4%; total profit was RMB 2.3 trillion, down by 6.7%.3 Investigations showed that a large number of ‘‘zombie firms’’ comprise large SOEs, typified by discontinuation, semi-cut, continued loss, insolvency, and operations mai ...
Using Financial Derivatives to Hedge Against Market
... will be offered on the market if a demand exists. In practice, options or credit default swaps might be suitable hedging instruments. An option in general gives the buyer the right, but not the obligation, to buy (call option) or sell (put option) the underlying for a predetermined price to the sell ...
... will be offered on the market if a demand exists. In practice, options or credit default swaps might be suitable hedging instruments. An option in general gives the buyer the right, but not the obligation, to buy (call option) or sell (put option) the underlying for a predetermined price to the sell ...
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... Regulations Pertinent to Accounting policies to be adopted and the necessary forms needed to prepare and present reports and financial statements – Takaful .................... Article (1) – Preparation of Financial Statements .......................................................... Article (2) – ...
... Regulations Pertinent to Accounting policies to be adopted and the necessary forms needed to prepare and present reports and financial statements – Takaful .................... Article (1) – Preparation of Financial Statements .......................................................... Article (2) – ...
the national flood insurance program: challenges and solutions
... current authorization expires in September 2017 and Congress will need to consider many complex and highly technical issues as it debates reauthorization. The American Academy of Actuaries Flood Insurance Work Group1 developed this monograph to assist Congress and other stakeholders in understanding ...
... current authorization expires in September 2017 and Congress will need to consider many complex and highly technical issues as it debates reauthorization. The American Academy of Actuaries Flood Insurance Work Group1 developed this monograph to assist Congress and other stakeholders in understanding ...
Master Thesis: Quality of Risk Reporting
... The financial crisis has impacted the economy in every way. This study focused on the impact of the financial crisis and the quality of risk disclosure over the past three years (2006, 2007 & 2008). The results yielded a significant influence of the financial crisis on the quality of risk disclosure ...
... The financial crisis has impacted the economy in every way. This study focused on the impact of the financial crisis and the quality of risk disclosure over the past three years (2006, 2007 & 2008). The results yielded a significant influence of the financial crisis on the quality of risk disclosure ...
Risk management for wealth and asset management
... global financial crisis of 2008. Wealth and asset management sectors are in the regulatory spotlight like never before, with all managers having to find ways of managing new risks, including conduct risk. Larger firms are being challenged by their designation by the FSB/IOSCO as non-bank, non-insure ...
... global financial crisis of 2008. Wealth and asset management sectors are in the regulatory spotlight like never before, with all managers having to find ways of managing new risks, including conduct risk. Larger firms are being challenged by their designation by the FSB/IOSCO as non-bank, non-insure ...
Dual characterization of properties of risk measures on Orlicz hearts
... strictly monotone with respect to almost sure inequality, strictly convex modulo translation, strictly convex modulo comonotonicity, or monotone with respect to different stochastic orders. The theoretical results are applied to study properties of risk measures belonging to different parametric fam ...
... strictly monotone with respect to almost sure inequality, strictly convex modulo translation, strictly convex modulo comonotonicity, or monotone with respect to different stochastic orders. The theoretical results are applied to study properties of risk measures belonging to different parametric fam ...
IFRS 17 Insurance Contracts
... IFRS 17 requires a company to reflect, in the measurement of all insurance contracts, an explicit risk adjustment and to disclose how the company determined this amount. IFRS 17 defines the risk adjustment for non-financial risk as the compensation a company requires for bearing the uncertainty abou ...
... IFRS 17 requires a company to reflect, in the measurement of all insurance contracts, an explicit risk adjustment and to disclose how the company determined this amount. IFRS 17 defines the risk adjustment for non-financial risk as the compensation a company requires for bearing the uncertainty abou ...
Risk Perceptions, Directional Goals and the Link between Risk and
... participants is assigned to consider a prospective investment in the firm’s stock (and thus do not have a directional goal). We also vary the observability of the inputs to a fair value estimate (i.e., Level 2 and Level 3 in the fair value hierarchy in ASC 820 [FASB 2014]). Level 3 estimates are th ...
... participants is assigned to consider a prospective investment in the firm’s stock (and thus do not have a directional goal). We also vary the observability of the inputs to a fair value estimate (i.e., Level 2 and Level 3 in the fair value hierarchy in ASC 820 [FASB 2014]). Level 3 estimates are th ...
DOCX - World bank documents
... risks both in terms of probability of occurrence and outcome and has robust policies, procedures and systems to measure, monitor and mitigate those risks. One of the key roles of the supervisor is to assure itself that the entity has sufficient capital or access to capital that is consistent with it ...
... risks both in terms of probability of occurrence and outcome and has robust policies, procedures and systems to measure, monitor and mitigate those risks. One of the key roles of the supervisor is to assure itself that the entity has sufficient capital or access to capital that is consistent with it ...
Report Providing an Assessment of the Current State
... 1) The current condition of, as well as the outlook for, the availability and affordability of insurance for natural catastrophe perils in all regions of the United States; 2) The current ability of States, communities, and individuals to mitigate their natural catastrophe risks, including the aff ...
... 1) The current condition of, as well as the outlook for, the availability and affordability of insurance for natural catastrophe perils in all regions of the United States; 2) The current ability of States, communities, and individuals to mitigate their natural catastrophe risks, including the aff ...
MOF Risk Model for Operations
... business is more able to suffer losses due to IT decisions. Both the number and the severity of potential IT failures (specifically the ones related to IT operations) are rising over time: Business transactions are increasingly dependent on IT, so failures in IT are more likely to impact the busin ...
... business is more able to suffer losses due to IT decisions. Both the number and the severity of potential IT failures (specifically the ones related to IT operations) are rising over time: Business transactions are increasingly dependent on IT, so failures in IT are more likely to impact the busin ...
structured life insurance and investment products for retail investors
... the insured. The insured has to decide simultaneously on the investment strategy and the guarantee scheme, i.e. the particular structure of the product. In particular, we consider the so-called contribution guaranteed scheme which is designed as guaranteed minimum accumulation benefits belonging to ...
... the insured. The insured has to decide simultaneously on the investment strategy and the guarantee scheme, i.e. the particular structure of the product. In particular, we consider the so-called contribution guaranteed scheme which is designed as guaranteed minimum accumulation benefits belonging to ...
Review of the Differentiated Nature and Scope of Financial Regulation
... Credit default swaps and financial guarantee insurance products 4 transfer risks within but also outside the regulated sectors. There is broad agreement that these products should be subject to sound counterparty credit risk management and that more transparency is needed. This report focuses on are ...
... Credit default swaps and financial guarantee insurance products 4 transfer risks within but also outside the regulated sectors. There is broad agreement that these products should be subject to sound counterparty credit risk management and that more transparency is needed. This report focuses on are ...
a GAO NATURAL DISASTERS
... has advantages and disadvantages, especially when weighed against competing public policy goals. For example, establishing an all-perils homeowner policy is a private sector approach that could help create broad participation. But low-income residents living in parts of the United States with high c ...
... has advantages and disadvantages, especially when weighed against competing public policy goals. For example, establishing an all-perils homeowner policy is a private sector approach that could help create broad participation. But low-income residents living in parts of the United States with high c ...
Reinsurance Theory Practice Design
... •Acceptance of tailor made policies (New products) for preferential clients that fall outside standard conditions owing to size and complexity. •Market conditions or geographic expansion may lead to a decision to entertain a new line of business. A partnership with a facultative reinsurer who has ha ...
... •Acceptance of tailor made policies (New products) for preferential clients that fall outside standard conditions owing to size and complexity. •Market conditions or geographic expansion may lead to a decision to entertain a new line of business. A partnership with a facultative reinsurer who has ha ...
Actuary
An actuary is a business professional who deals with the measurement and management of risk and uncertainty (BeAnActuary 2011a). The name of the corresponding profession is actuarial science. These risks can affect both sides of the balance sheet, and require asset management, liability management, and valuation skills (BeAnActuary 2011b). Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms (Trowbridge 1989, p. 7).While the concept of insurance dates to antiquity (Johnston 1903, §475–§476, Loan 1992, Lewin 2007, pp. 3–4), the mathematics and finance needed to scientifically measure and mitigate risks have their origins in the 17th century studies of probability and annuities (Heywood 1985). Actuaries of the 21st century require analytical skills, business knowledge, and an understanding of human behavior and information systems to design and manage programs that control risk (BeAnActuary 2011c). The actual steps needed to become an actuary are usually country-specific; however, almost all processes share a rigorous schooling or examination structure and take many years to complete (Feldblum 2001, p. 6, Institute and Faculty of Actuaries 2014).The profession has consistently ranked as one of the most desirable (Riley 2013). In various studies, being an actuary was ranked number one or two multiple times since 2010 (Thomas 2012, Weber 2013, CareerCast 2015).