Financial Economics of Insurance

Motohiro Yogo, Ralph S.J. Koijen

ISBN 10: 0691193266 / ISBN 13: 9780691193267

Published by Princeton University Press, US, 2023

About this Item

An authoritative and comprehensive graduate textbook on the modern insurance sectorThe traditional role of insurers is to insure idiosyncratic risk through products such as life annuities, life insurance, and health insurance. With the decline of private defined benefit plans and government pension plans around the world, insurers are increasingly taking on the role of insuring market risk through minimum return guarantees. Insurers also use more complex capital management tools such as derivatives, off-balance-sheet reinsurance, and securities lending. Financial Economics of Insurance provides a unified framework to study the impact of financial and regulatory frictions as well as imperfect competition on all insurer decisions. The book covers all facets of the modern insurance sector, guiding readers through its complexities with empirical facts, institutional details, and quantitative modeling.An up-to-date textbook for graduate students in economics, finance, and insuranceCovers a broad range of topics, including insurance pricing, contract design, reinsurance, portfolio choice, and risk managementProvides promising new directions for future researchCan be taught in courses on asset pricing, corporate finance, industrial organization, and public economicsAn invaluable resource for policymakers seeking an empirical and institutional account of today's insurance sector.

Seller Inventory # LU-9780691193267

Bibliographic Details

• Title: Financial Economics of Insurance
• Publisher: Princeton University Press, US
• Publication Date: 2023
• Language: English
• ISBN 10: 0691193266
• ISBN 13: 9780691193267
• Binding: Hardback
• Condition: New
• Weight: 476 grams

About this title

Synopsis

An authoritative and comprehensive graduate textbook on the modern insurance sector

The traditional role of insurers is to insure idiosyncratic risk through products such as life annuities, life insurance, and health insurance. With the decline of private defined benefit plans and government pension plans around the world, insurers are increasingly taking on the role of insuring market risk through minimum return guarantees. Insurers also use more complex capital management tools such as derivatives, off-balance-sheet reinsurance, and securities lending. Financial Economics of Insurance provides a unified framework to study the impact of financial and regulatory frictions as well as imperfect competition on all insurer decisions. The book covers all facets of the modern insurance sector, guiding readers through its complexities with empirical facts, institutional details, and quantitative modeling.

• An up-to-date textbook for graduate students in economics, finance, and insurance
• Covers a broad range of topics, including insurance pricing, contract design, reinsurance, portfolio choice, and risk management
• Provides promising new directions for future research
• Can be taught in courses on asset pricing, corporate finance, industrial organization, and public economics
• An invaluable resource for policymakers seeking an empirical and institutional account of today’s insurance sector

About the Author

Ralph S. J. Koijen is the AQR Capital Management Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. Motohiro Yogo is a Professor of Economics and the Hugh Leander and Mary Trumbull Adams Professor for the Study of Investment and Financial Markets at Princeton University.