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

Author

Listed:
  • Axel P Lehmann

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

  • Daniel M Hofmann

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

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.

Suggested Citation

  • Axel P Lehmann & Daniel M Hofmann, 2010. "Lessons Learned from the Financial Crisis for Risk Management: Contrasting Developments in Insurance and Banking," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 35(1), pages 63-78, January.
  • Handle: RePEc:pal:gpprii:v:35:y:2010:i:1:p:63-78
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    Citations

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    Cited by:

    1. Bierth, Christopher & Irresberger, Felix & Weiß, Gregor N.F., 2015. "Systemic risk of insurers around the globe," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 232-245.
    2. 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, vol. 19(2), pages 117-138, May.
    3. repec:eee:jbfina:v:84:y:2017:i:c:p:107-122 is not listed on IDEAS
    4. Lee, Chien-Chiang & Lin, Chun-Wei & Zeng, Jhih-Hong, 2016. "Financial liberalization, insurance market, and the likelihood of financial crises," Journal of International Money and Finance, Elsevier, vol. 62(C), pages 25-51.
    5. repec:eee:riibaf:v:42:y:2017:i:c:p:1401-1412 is not listed on IDEAS
    6. Irresberger, Felix & Bierth, Christopher & Weiß, Gregor N.F., 2017. "Size is everything: Explaining SIFI designations," Review of Financial Economics, Elsevier, vol. 32(C), pages 7-19.

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