The Impact of Financial Crisis on Insurance Sector and the Regulatory Response
DOI:
https://doi.org/10.33736/uraf.1214.2018Abstract
This paper aims to discuss what happen during the 2008 financial crisis and the reason behind it. This paper also aims to analyze the impact of the financial crisis to insurance sector and how they react. This paper also discussed the Solvency II (applied by the European Commission) as well as the Malaysian Risk-Based Capital. Lastly, this paper also provides some observation and suggestion on how similar crisis can be avoided in the future as well as ways to improve the regulations.
References
Papers, T. G. (2008). A Critical Analysis of the Solvency II Proposals, (1995), 193-206.
https://doi.org/10.1057/gpp.2008.2
Yuzi, A., Lau, W., & Farid, A. (2016). A Critical Analysis of the Malaysian Risk-Based Capital Framework : A Comparison between General Insurance and Takaful, 8(4), 23-41.
Egidio dos Reis, A., Gaspar, R. M. & Vicente, A. T. (2009) Solvency II - An important case in Applied VaR. [Online]. p.1-10. Available from: http://pascal.iseg.utl.pt/~alfredo/ftp/papers/solvency2.pdf. [Accessed: 21st July 2015]
Goldman Sachs Asset Management. (2010). Revisiting the Role of Insurance Company ALM within a Risk Management Framework. Available from: http://www.goldmansachs.com/gsam/docs/instgeneral/general_materials/whitepaper/wp_revisiting_role_of_ins_co_alm.pdf. [Accessed: 14th February 2015]
Hull, J. C. (2009). The Credit Crunch of 2007: What Went Wrong? Why? What Lesson Can Be Learned?
https://doi.org/10.1142/9789814280488_0011
Jenkins, P. (2013). Insurers may be at the centre of the next big crisis. Financial Times. [Online] 26th December. Available from: http://www.ft.com/home/uk. [Accessed: 20th July 2015]
Kherraz, A. (2006). The May 2005 correlation crisis: Did the model really fail? KPMG International. (2011). Solvency II. [Online]. Available from: http://www.kpmg.com. [Accessed 17th January 2015]
Schich, S. (2009). Insurance Companies and the Financial Crisis. OECD Journal: Financial Market Trends. [Online] (Vol.2009/2). p.1-31. Available from: http://www.oecd.org. [Accessed: 20th July 2015]
Downloads
Published
How to Cite
Issue
Section
License
Copyright Transfer Statement for Journal
1) In signing this statement, the author(s) grant UNIMAS Publisher an exclusive license to publish their original research papers. The author(s) also grant UNIMAS Publisher permission to reproduce, recreate, translate, extract or summarize, and to distribute and display in any forms, formats, and media. The author(s) can reuse their papers in their future printed work without first requiring permission from UNIMAS Publisher, provided that the author(s) acknowledge and reference publication in the Journal.
2) For open access articles, the author(s) agree that their articles published under UNIMAS Publisher are distributed under the terms of the CC-BY-NC-SA (Creative Commons Attribution-Non Commercial-Share Alike 4.0 International License) which permits unrestricted use, distribution, and reproduction in any medium, for non-commercial purposes, provided the original work of the author(s) is properly cited.
3) For subscription articles, the author(s) agree that UNIMAS Publisher holds copyright, or an exclusive license to publish. Readers or users may view, download, print, and copy the content, for academic purposes, subject to the following conditions of use: (a) any reuse of materials is subject to permission from UNIMAS Publisher; (b) archived materials may only be used for academic research; (c) archived materials may not be used for commercial purposes, which include but not limited to monetary compensation by means of sale, resale, license, transfer of copyright, loan, etc.; and (d) archived materials may not be re-published in any part, either in print or online.
4) The author(s) is/are responsible to ensure his or her or their submitted work is original and does not infringe any existing copyright, trademark, patent, statutory right, or propriety right of others. Corresponding author(s) has (have) obtained permission from all co-authors prior to submission to the journal. Upon submission of the manuscript, the author(s) agree that no similar work has been or will be submitted or published elsewhere in any language. If submitted manuscript includes materials from others, the authors have obtained the permission from the copyright owners.
5) In signing this statement, the author(s) declare(s) that the researches in which they have conducted are in compliance with the current laws of the respective country and UNIMAS Journal Publication Ethics Policy. Any experimentation or research involving human or the use of animal samples must obtain approval from Human or Animal Ethics Committee in their respective institutions. The author(s) agree and understand that UNIMAS Publisher is not responsible for any compensational claims or failure caused by the author(s) in fulfilling the above-mentioned requirements. The author(s) must accept the responsibility for releasing their materials upon request by Chief Editor or UNIMAS Publisher.
6) The author(s) should have participated sufficiently in the work and ensured the appropriateness of the content of the article. The author(s) should also agree that he or she has no commercial attachments (e.g. patent or license arrangement, equity interest, consultancies, etc.) that might pose any conflict of interest with the submitted manuscript. The author(s) also agree to make any relevant materials and data available upon request by the editor or UNIMAS Publisher.
