On the Measurement of Solvency of Insurance Companies: Recent Developments that will Alter Methods Adopted in Emerging Markets

Solvency-both as an economic requirement in the market and as a regulatory and supervisory tool-is critical to all insurance markets. Current market conditions, coupled with expected institutional changes, will place particular burdens on emerging...

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Main Author:	Thorburn, Craig
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, D.C. 2013
Subjects:	SOLVENCY REQUIREMENTS SOLVENCY SUPERVISION SOLVENCY CRITERIA INSURANCE MARKETS EMERGING MARKETS INSTITUTIONAL CHANGE RISK MANAGEMENT SUPERVISORY REGIME OVERSIGHT MARKET DISCIPLINE CAPACITY BUILDING DATA GATHERING REGULATORY ENVIRONMENT TECHNICAL EXPERTISE FINANCIAL MARKETS ACCOUNTING ACCOUNTING PRACTICES ACCOUNTING STANDARDS ANNUITY BALANCE SHEET BALANCE SHEETS BANKING SUPERVISION BOND MARKETS BONDS BOOK VALUE CAPITAL REQUIREMENTS CASUALTY INSURANCE CATASTROPHES CONSOLIDATION CONTINGENT LIABILITIES COVERAGE DEFAULT RISK DERIVATIVES DISCLOSURE EARNED PREMIUM EQUALIZATION EQUITY INVESTMENTS EQUITY RETURNS EUROPEAN CENTRAL BANK FINANCIAL CONGLOMERATES FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL SECTOR FINANCIAL STABILITY GENERAL INSURANCE INCOME INCREASED INSURANCE COVERAGE INDEMNITY INSURANCE INSURANCE BROKER INSURANCE COMPANIES INSURANCE CONTRACTS INSURANCE POLICIES INSURANCE PRODUCTS INSURANCE REGULATION INSURANCE RISK INSURANCE SUPERVISION INSURANCE SUPERVISORS INTANGIBLE ASSETS INTEREST MARGIN INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL HARMONIZATION INTERNATIONAL STANDARDS LAWS LIABILITY MANAGEMENT LIBERALIZATION LIFE INSURERS LOSS RATIO NON-LIFE INSURANCE POLICY RESEARCH POLICYHOLDERS PREMIUMS PRIVATIZATION PROFITABILITY REINSURANCE REINSURANCE COMPANIES REINSURANCE MARKETS REINSURERS RISK MANAGEMENT PROCESS RISK MEASUREMENT RISK TRANSFER SECURITIES SOLVENCY SUBSIDIARIES SUPERVISORY AUTHORITIES SVERIGES RIKSBANK TRANSITION ECONOMIES UNDERWRITING VALUATION WORKERS COMPENSATION
Online Access:	http://documents.worldbank.org/curated/en/2004/02/2953735/measurement-solvency-insurance-companies-recent-developments-alter-methods-adopted-emerging-markets http://hdl.handle.net/10986/14209

id	okr-10986-14209
recordtype	oai_dc
spelling	okr-10986-142092021-04-23T14:03:20Z On the Measurement of Solvency of Insurance Companies: Recent Developments that will Alter Methods Adopted in Emerging Markets Thorburn, Craig SOLVENCY REQUIREMENTS SOLVENCY SUPERVISION SOLVENCY CRITERIA INSURANCE MARKETS EMERGING MARKETS INSTITUTIONAL CHANGE RISK MANAGEMENT SUPERVISORY REGIME OVERSIGHT MARKET DISCIPLINE CAPACITY BUILDING DATA GATHERING REGULATORY ENVIRONMENT TECHNICAL EXPERTISE FINANCIAL MARKETS ACCOUNTING ACCOUNTING PRACTICES ACCOUNTING STANDARDS ANNUITY BALANCE SHEET BALANCE SHEETS BANKING SUPERVISION BOND MARKETS BONDS BOOK VALUE CAPITAL REQUIREMENTS CASUALTY INSURANCE CATASTROPHES CONSOLIDATION CONTINGENT LIABILITIES COVERAGE DEFAULT RISK DERIVATIVES DISCLOSURE EARNED PREMIUM EMERGING MARKETS EQUALIZATION EQUITY INVESTMENTS EQUITY RETURNS EUROPEAN CENTRAL BANK FINANCIAL CONGLOMERATES FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL SECTOR FINANCIAL STABILITY GENERAL INSURANCE INCOME INCREASED INSURANCE COVERAGE INDEMNITY INSURANCE INSURANCE BROKER INSURANCE COMPANIES INSURANCE CONTRACTS INSURANCE MARKETS INSURANCE POLICIES INSURANCE PRODUCTS INSURANCE REGULATION INSURANCE RISK INSURANCE SUPERVISION INSURANCE SUPERVISORS INTANGIBLE ASSETS INTEREST MARGIN INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL HARMONIZATION INTERNATIONAL STANDARDS LAWS LIABILITY MANAGEMENT LIBERALIZATION LIFE INSURERS LOSS RATIO NON-LIFE INSURANCE POLICY RESEARCH POLICYHOLDERS PREMIUMS PRIVATIZATION PROFITABILITY REINSURANCE REINSURANCE COMPANIES REINSURANCE MARKETS REINSURERS RISK MANAGEMENT RISK MANAGEMENT PROCESS RISK MEASUREMENT RISK TRANSFER SECURITIES SOLVENCY SUBSIDIARIES SUPERVISORY AUTHORITIES SVERIGES RIKSBANK TRANSITION ECONOMIES UNDERWRITING VALUATION WORKERS COMPENSATION Solvency-both as an economic requirement in the market and as a regulatory and supervisory tool-is critical to all insurance markets. Current market conditions, coupled with expected institutional changes, will place particular burdens on emerging and developing markets. Institutional solvency, effective risk management within companies, effective supervisory oversight, and the development of market disciplines are all linked. The author proposes that the effective implementation of the emerging regime needs a careful and diligent phased process of capacity-building. The first priorities are identified as a strong supervisor, a basic solvency margin requirement, and the initiation of efforts to gather appropriate data sets. This can be followed by advancing development of more sophisticated solvency regulation, increased use of technical expertise, and increased use of market disciplines as the community and financial markets become more able to exercise such discipline. 2013-06-26T17:20:03Z 2013-06-26T17:20:03Z 2004-02 http://documents.worldbank.org/curated/en/2004/02/2953735/measurement-solvency-insurance-companies-recent-developments-alter-methods-adopted-emerging-markets http://hdl.handle.net/10986/14209 English en_US Policy Research Working Paper;No.3199 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, D.C. Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	SOLVENCY REQUIREMENTS SOLVENCY SUPERVISION SOLVENCY CRITERIA INSURANCE MARKETS EMERGING MARKETS INSTITUTIONAL CHANGE RISK MANAGEMENT SUPERVISORY REGIME OVERSIGHT MARKET DISCIPLINE CAPACITY BUILDING DATA GATHERING REGULATORY ENVIRONMENT TECHNICAL EXPERTISE FINANCIAL MARKETS ACCOUNTING ACCOUNTING PRACTICES ACCOUNTING STANDARDS ANNUITY BALANCE SHEET BALANCE SHEETS BANKING SUPERVISION BOND MARKETS BONDS BOOK VALUE CAPITAL REQUIREMENTS CASUALTY INSURANCE CATASTROPHES CONSOLIDATION CONTINGENT LIABILITIES COVERAGE DEFAULT RISK DERIVATIVES DISCLOSURE EARNED PREMIUM EMERGING MARKETS EQUALIZATION EQUITY INVESTMENTS EQUITY RETURNS EUROPEAN CENTRAL BANK FINANCIAL CONGLOMERATES FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL SECTOR FINANCIAL STABILITY GENERAL INSURANCE INCOME INCREASED INSURANCE COVERAGE INDEMNITY INSURANCE INSURANCE BROKER INSURANCE COMPANIES INSURANCE CONTRACTS INSURANCE MARKETS INSURANCE POLICIES INSURANCE PRODUCTS INSURANCE REGULATION INSURANCE RISK INSURANCE SUPERVISION INSURANCE SUPERVISORS INTANGIBLE ASSETS INTEREST MARGIN INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL HARMONIZATION INTERNATIONAL STANDARDS LAWS LIABILITY MANAGEMENT LIBERALIZATION LIFE INSURERS LOSS RATIO NON-LIFE INSURANCE POLICY RESEARCH POLICYHOLDERS PREMIUMS PRIVATIZATION PROFITABILITY REINSURANCE REINSURANCE COMPANIES REINSURANCE MARKETS REINSURERS RISK MANAGEMENT RISK MANAGEMENT PROCESS RISK MEASUREMENT RISK TRANSFER SECURITIES SOLVENCY SUBSIDIARIES SUPERVISORY AUTHORITIES SVERIGES RIKSBANK TRANSITION ECONOMIES UNDERWRITING VALUATION WORKERS COMPENSATION
spellingShingle	SOLVENCY REQUIREMENTS SOLVENCY SUPERVISION SOLVENCY CRITERIA INSURANCE MARKETS EMERGING MARKETS INSTITUTIONAL CHANGE RISK MANAGEMENT SUPERVISORY REGIME OVERSIGHT MARKET DISCIPLINE CAPACITY BUILDING DATA GATHERING REGULATORY ENVIRONMENT TECHNICAL EXPERTISE FINANCIAL MARKETS ACCOUNTING ACCOUNTING PRACTICES ACCOUNTING STANDARDS ANNUITY BALANCE SHEET BALANCE SHEETS BANKING SUPERVISION BOND MARKETS BONDS BOOK VALUE CAPITAL REQUIREMENTS CASUALTY INSURANCE CATASTROPHES CONSOLIDATION CONTINGENT LIABILITIES COVERAGE DEFAULT RISK DERIVATIVES DISCLOSURE EARNED PREMIUM EMERGING MARKETS EQUALIZATION EQUITY INVESTMENTS EQUITY RETURNS EUROPEAN CENTRAL BANK FINANCIAL CONGLOMERATES FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL SECTOR FINANCIAL STABILITY GENERAL INSURANCE INCOME INCREASED INSURANCE COVERAGE INDEMNITY INSURANCE INSURANCE BROKER INSURANCE COMPANIES INSURANCE CONTRACTS INSURANCE MARKETS INSURANCE POLICIES INSURANCE PRODUCTS INSURANCE REGULATION INSURANCE RISK INSURANCE SUPERVISION INSURANCE SUPERVISORS INTANGIBLE ASSETS INTEREST MARGIN INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL HARMONIZATION INTERNATIONAL STANDARDS LAWS LIABILITY MANAGEMENT LIBERALIZATION LIFE INSURERS LOSS RATIO NON-LIFE INSURANCE POLICY RESEARCH POLICYHOLDERS PREMIUMS PRIVATIZATION PROFITABILITY REINSURANCE REINSURANCE COMPANIES REINSURANCE MARKETS REINSURERS RISK MANAGEMENT RISK MANAGEMENT PROCESS RISK MEASUREMENT RISK TRANSFER SECURITIES SOLVENCY SUBSIDIARIES SUPERVISORY AUTHORITIES SVERIGES RIKSBANK TRANSITION ECONOMIES UNDERWRITING VALUATION WORKERS COMPENSATION Thorburn, Craig On the Measurement of Solvency of Insurance Companies: Recent Developments that will Alter Methods Adopted in Emerging Markets
relation	Policy Research Working Paper;No.3199
description	Solvency-both as an economic requirement in the market and as a regulatory and supervisory tool-is critical to all insurance markets. Current market conditions, coupled with expected institutional changes, will place particular burdens on emerging and developing markets. Institutional solvency, effective risk management within companies, effective supervisory oversight, and the development of market disciplines are all linked. The author proposes that the effective implementation of the emerging regime needs a careful and diligent phased process of capacity-building. The first priorities are identified as a strong supervisor, a basic solvency margin requirement, and the initiation of efforts to gather appropriate data sets. This can be followed by advancing development of more sophisticated solvency regulation, increased use of technical expertise, and increased use of market disciplines as the community and financial markets become more able to exercise such discipline.
format	Publications & Research :: Policy Research Working Paper
author	Thorburn, Craig
author_facet	Thorburn, Craig
author_sort	Thorburn, Craig
title	On the Measurement of Solvency of Insurance Companies: Recent Developments that will Alter Methods Adopted in Emerging Markets
title_short	On the Measurement of Solvency of Insurance Companies: Recent Developments that will Alter Methods Adopted in Emerging Markets
title_full	On the Measurement of Solvency of Insurance Companies: Recent Developments that will Alter Methods Adopted in Emerging Markets
title_fullStr	On the Measurement of Solvency of Insurance Companies: Recent Developments that will Alter Methods Adopted in Emerging Markets
title_full_unstemmed	On the Measurement of Solvency of Insurance Companies: Recent Developments that will Alter Methods Adopted in Emerging Markets
title_sort	on the measurement of solvency of insurance companies: recent developments that will alter methods adopted in emerging markets
publisher	World Bank, Washington, D.C.
publishDate	2013
url	http://documents.worldbank.org/curated/en/2004/02/2953735/measurement-solvency-insurance-companies-recent-developments-alter-methods-adopted-emerging-markets http://hdl.handle.net/10986/14209
_version_	1764430012622045184

On the Measurement of Solvency of Insurance Companies: Recent Developments that will Alter Methods Adopted in Emerging Markets

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