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Lessons Learned from the Financial Crisis for Risk Management: Contrasting Developments in Insurance and Banking

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Author Info

  • Axel P Lehmann

    (Group Chief Risk Officer, Zurich Financial Services, Zurich, Switzerland)

  • Daniel M Hofmann

    (Group Chief Economist, Zurich Financial Services, Zurich, Switzerland)

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    Abstract

    The article analyses implications for risk management in insurance arising from the current financial crisis. After a brief comparison of the insurance to the banking world, we discuss the root causes of the current financial crisis with a particular focus on risk management and incentives. Against the backdrop of this discussion, lessons are derived from an insurance risk management point of view. In particular, the article pleads for a pronounced external and forward-looking approach to supplement the traditional methodology, which tends to be more inward-looking and ultimately backward-oriented.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance Issues and Practice.

    Volume (Year): 35 (2010)
    Issue (Month): 1 (January)
    Pages: 63-78

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    Handle: RePEc:pal:gpprii:v:35:y:2010:i:1:p:63-78

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    Cited by:
    1. Karsten Paetzmann, 2011. "Discontinued German life insurance portfolios: rules-in-use, interest rate risk, and Solvency II," Journal of Financial Regulation and Compliance, Emerald Group Publishing, Emerald Group Publishing, vol. 19(2), pages 117-138, May.

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