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    Risk management and the global banking crisis: Lessons for insurance solvency regulation

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    Publication type
    Journal article with impact factor
    Author
    Ashby, Simon
    Publication Year
    2011
    Journal
    The Geneva Papers on Risk and Insurance - Issues and Practice
    Publication Volume
    36
    Publication Issue
    3
    Publication Begin page
    330
    Publication End page
    347
    
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    Abstract
    This paper investigates the causes of the banking crisis and the resulting lessons that need to be learned for insurance regulation. The paper argues that the banking crisis was predominantly caused by weaknesses in the management and regulation of banks, weaknesses that lead to problems such as flawed compensation schemes, poor risk management communication and an over-reliance on mathematical risk models. On the basis of these findings, doubts are expressed about the direction of certain insurance regulatory reforms—such as the focus on capital requirements and quantitative risk assessment (the so-called “Pillar I” of most reforms). It is also recommended that a more balanced approach to insurance regulation should be implemented, which places much greater emphasis on enhancing risk management guidance and supervisory tools (Pillar II) and improving disclosure rules (Pillar III).
    Keyword
    Insurance Regulation, Solvency Regimes, Financial Crisis, Risk Management
    Knowledge Domain/Industry
    Special Industries : Financial Services Management
    DOI
    10.1057/gpp.2011.10
    URI
    http://hdl.handle.net/20.500.12127/6246
    ae974a485f413a2113503eed53cd6c53
    10.1057/gpp.2011.10
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