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L'objectif de la règlementation prudentielle et son rôle dans l'allocation de l'épargne des sociétés d'assurance-vie : le dépassement de Solvency II par une approche "rendement-risque"

Editor

Listed:
  • Lorenzi, Jean-Hervé

Author

Listed:
  • Fedor, Marcin

Abstract

This thesis investigates the nature and the objectives of investment prudential regulations in insurance business and its role in asset allocation by insurers. The thesis is divided into the following three parts. Part one explains the importance of insurance sector for savings¤ allocation and allows understanding the need, the nature and the evolution of solvency principles in insurance sector. These prudential rules have been developed with the single objective of telling failures by measuring and controlling the "risk". Part two deals with the negative role of these "mono-factorial" rules for asset allocation. This historical analysis allows us to characterize the capitalization as the source of motivation for investment reallocation and to examine, in this context, the situation in Europe before the introduction of Solvency II. Part three offers a new theoretical frame to analyze investment prudential regulations and explains theoretically why the "mono-factorial" rules influence financial policies of insurance companies. This last part offers a new approach towards prudential regulations, which aims at two objectives ¤ risk control and optimum return. On the basis of this "bi-factorial" approach, the thesis offers modifications for Solvency II.

Suggested Citation

  • Fedor, Marcin, 2009. "L'objectif de la règlementation prudentielle et son rôle dans l'allocation de l'épargne des sociétés d'assurance-vie : le dépassement de Solvency II par une approche "rendement-risque"," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/190 edited by Lorenzi, Jean-Hervé.
  • Handle: RePEc:dau:thesis:123456789/190 Note: dissertation
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    References listed on IDEAS

    as
    1. Williams,Jeffrey C. & Wright,Brian D., 2005. "Storage and Commodity Markets," Cambridge Books, Cambridge University Press, number 9780521023399, December.
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    More about this item

    Keywords

    ratio de solvabilité; Compagnies d'assurances; Gestion du risque; Epargne;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • Y40 - Miscellaneous Categories - - Dissertations - - - Dissertations
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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