Centro de Documentacion de Fundación MAPFRE - Risk management, capital budgeting, and capital structure policy for insurers and reinsurers

Notas: This article builds on Froot and Stein in developing a framework for analyzing the risk allocation, capital budgeting, and capital structure decisions facing insurers and reinsurers. The model incorporates three key features: value-maximizing insurers and reinsurers face product-market as well as capital-market imperfections that give rise to well-founded concerns with risk management and capital allocation; some, but not all, of the risks they face can be frictionlessly hedged in the capital market; and the distribution of their cash flows may be asymmetric, which alters the demand for underwriting and hedgingRegistros relacionados: En: The Journal of risk and insurance. - Orlando. - Volume 74, number 2, May 2007 ; p. 273-299Materia / lugar / evento: Gerencia de riesgos Coste del riesgo Riesgo financiero Control de riesgos Solvencia Mercado de seguros Títulos secundarios: Título: The Journal of risk and insurance
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