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Martin Eling
Title
Prof. Dr.
Last Name
Eling
First name
Martin
Email
martin.eling@unisg.ch
Phone
+41 71 224 7980
Homepage
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1 - 10 of 25
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PublicationInsurance and the Credit Crisis : Impact and Ten Consequences for Risk Management and SupervisionAlthough the insurance industry is less affected than the banking industry, the credit crisis has revealed room for improvement in its risk management and supervision. Based on this observation, we formulate ten consequences for risk management and insurance regulation. Many of these reflect current discussions in academia and practice, but we also add a number of new ideas that have not yet been the focus of discussion. Among these are specific aspects of agency and portfolio theory, a concept for a controlled run-off for insolvent insurers, new principles in stress testing, improved communication aspects, market discipline, and accountability. Another contribution of this paper is to embed the current practitioners' discussion in the recent academic literature, for example, with regard to the regulation of financial conglomerates.Type: journal articleJournal: Geneva Papers on Risk and InsuranceVolume: 35Issue: 1DOI: 10.1057/gpp.2009.39
Scopus© Citations 34 -
PublicationMinimum Standards for Investment Performance: A New Perspective on Non-Life Insurer SolvencyThe aim of this paper is to develop an alternative approach for assessing an insurer's solvency as a proposal for a standard model for Solvency II. Instead of deriving minimum capital requirements-as is done in solvency regulation-our model provides company-specific minimum standards for risk and return of investment performance, given the distribution structure of liabilities and a predefined safety level. The idea behind this approach is that in a situation of weak solvency, an insurer's asset allocation can be adjusted much more easily in the short term than can, for example, claims cost distributions, operating expenses, or equity capital. Hence, instead of using separate models for capital regulation and solvency regulation-as is typically done in most insurance markets-our single model will reduce the complexity and costs for insurers as well as for regulators. In this paper, we first develop the model framework and second test its applicability using data from a German non-life insurer.Type: journal articleJournal: Insurance: Mathematics and EconomicsVolume: 45Issue: 1
Scopus© Citations 19 -
PublicationThe Swiss Solvency Test and its Market ImplicationsIn this paper, we first discuss the characteristics and major benefits of the Swiss risk-based capital standards for insurance companies (Swiss Solvency Test), introduced in 2006. As the insurance industry is one of the largest institutional investors in Switzerland, changes to its asset and liability management as a result of the new regulatory framework could have striking economic effects. Thus, we further examine significant market implications for the Swiss economy due to possible changes in the asset and liability management of Swiss insurance companies. We investigate resulting effects on the Swiss capital market, focusing on bond, real estate, stock, foreign exchange markets, and the situation in case of a capital market crisis. Furthermore, we analyze potential consequences to corporate financing and product design. Most of the considered consequences result from the transition of past (in principle not risk-based) supervision to risk-based supervision and can thus be generalized to other supervision systems, in particular Solvency II.Type: journal articleJournal: Geneva Papers on Risk and InsuranceVolume: 33Issue: 3DOI: 10.1057/gpp.2008.20
Scopus© Citations 22 -
PublicationManagement Strategies and Dynamic Financial AnalysisDynamic financial analysis (DFA) has become an important tool in analyzing the financial situation of insurance companies. Constant development and documentation of DFA tools has occurred during the last years. However, several questions concerning the implementation of DFA systems have not been answered in the DFA literature to date. One such important issue is the consideration of management strategies in the DFA context. The aim of this paper is to study the effects of different management strategies on a non-life insurer's risk and return profile. Therefore, we develop several management strategies and test them numerially within a DFA simulation study.Type: journal articleJournal: VarianceVolume: 2Issue: 1
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PublicationType: journal articleJournal: Zeitschrift für die gesamte VersicherungswissenschaftVolume: 96Issue: 1, SupplementDOI: 10.1007/BF03353571
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PublicationType: journal articleJournal: BankArchiv : ÖBAVolume: 55Issue: 10
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PublicationThe Solvency II Process: Overview and Critical AnalysisAs early as the 1970s, European Union (EU) member countries implemented rules to coordinate insurance markets and regulation. However, with the more recent movement toward a general single EU market, financial services regulation has taken on new meaning and priority. Solvency I regulations went into effect for member nations by January 2004. The creation of risk-based capital standards, the main focus of Solvency II, now appears likely sometime after 2007. The purpose of the discussion presented here is to outline the specifics of Solvency II as they currently stand and provide input to evaluation process that, ultimately, will determine the exact form of capital regulation. Our analysis leads us to conclude that caution is warranted.Type: journal articleJournal: Risk Management & Insurance ReviewVolume: 10Issue: 1
Scopus© Citations 102 -
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PublicationFinanzielle Führung eines Versicherungsunternehmens(Berufsbildungsverband der Versicherungswirtschaft - VBV, 2012)Type: book section
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PublicationA Management Rule of Thumb in Property-Liability InsuranceDue to substantial changes in competition, capital market conditions, and supervisory frameworks, holistic analysis of an insurance company’s assets and liabilities takes on special relevance. An important tool in this context is dynamic financial analysis (DFA). DFA is a systematic approach to financial modeling in which financial figures are projected under a variety of possible scenarios by showing how outcomes are affected by changing internal and/or external factors. The discussion in Europe about new risk-based capital standards (Solvency II project) and the development of International Financial Reporting Standards (IFRS), as well as expanding catastrophe claims, have made DFA an useful tool for cash flow projection and decision making, especially in the non-life and reinsurance businesses (for an overview, see [2]).Type: book section
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