Erik Banks's Alternative Risk Transfer: Integrated Risk Management PDF

Risk Management

By Erik Banks

The ebook appears effortless to learn, yet nonetheless fairly complete. the hot developments of artwork recommendations are strong captured and defined in a good understandible demeanour. reliable e-book for everybody who desires to recognize major positive aspects of artwork industry with out getting himself misplaced in small mathematical information

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Extra resources for Alternative Risk Transfer: Integrated Risk Management through Insurance, Reinsurance, and the Capital Markets

Example text

This brings us back to our earlier point: it is possible to create a completely risk-free company, but the endeavor is unlikely to yield an enterprise with maximized value. Let us consider a simple framework to illustrate several key points of the concept. To begin, we assume that maximizing enterprise value means maximizing the present value of expected NCFs. Thus, if a firm has a 90% probability of earning NCFs of $100 (outcome 1) and 10% probability of earning $70 in one year (outcome 2), the expected NCF one year from now is $97.

Pooling is applicable to a broad range of risk classes; while it is commonly associated with risks arising from automobile accidents, worker safety, or health claims, it is equally applicable to financial risks, such as credit risks generated by corporate loans (indeed, insurers have become key players in the credit risk transfer market through their application of these techniques). The properties of a portfolio of risk exposure units are different from the sum of the individual units, so a focus on portfolio characteristics is important.

However, because the scope of coverage is broad 3 Reserves that are established for self-insurance or retention are often specifically earmarked so that creditors and investors can easily refer to the existence of such protection. 4 In other words, the decision should focus on the relationship between the risk-adjusted return on the fund’s assets and the risk-adjusted cost of the fund; if returns are greater than costs, value is being generated. , those that have value but are unlikely to be replaced if they are destroyed.

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