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Dealing in uncertainty : insurance in the age of finance /
This book conducts an in-depth investigation of one of the largest and longest-established insurance industries in Europe: British life insurance. The author draws on over 40 oral history interviews to trace how the sector is changed since the 1970s, a period characterised by rampant financialisatio...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Bristol :
Bristol University Press,
2023.
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| Colección: | Book collections on Project MUSE.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Front Cover
- Dealing in Uncertainty: Insurance in the Age of Finance
- Copyright information
- Table of Contents
- List of Figures
- Acknowledgements
- 1 Life Insurance in the Age of Finance
- Life insurance, then and now
- Financialization in the making
- The argument
- Sources
- Overview of the book
- 2 Financialization, Quantification and Evaluation
- Financialization and the three ages of financial quantification
- Insurance and the technology of risk
- A sociological perspective on the financialization of life insurance
- The social studies of finance
- Markets as fields
- Professions and their ecologies
- An integrated approach
- 3 Shifting Boundaries between Insurance and Finance
- Upending the market for life insurance
- Fielding modern life insurance
- Unit-linked insurance and the rise of challenger firms
- 'Nothing to lose but the chains of actuarial thinking'
- Saving and investing for retirement
- Converging models of insurance
- Conclusion
- 4 Actuaries Going on a Random Walk
- Benjamin's challenge to conventional wisdom
- 'A drunken stagger around a random walk'
- Simulation modelling and actuarial science
- Actuaries, risk theory and discretionary judgement
- Actuaries and computers
- Living in a stochastic world?
- Conclusion
- 5 'Authors of Their Own Misfortune'
- Protecting policyholder expectations
- Bonus methodology: from net premiums to asset shares
- The question of policyholder reasonable expectations
- Equitable's demise: from pioneer to pariah
- 'With profits, without mystery'
- Guaranteed annuity options and the legal limits to actuarial discretion
- 'Fallen heroes': constructing a failure of actuarial expertise
- Conclusion
- 6 'Taking Account of What the Market Has to Say'
- No-arbitrage modelling and modern finance theory
- From no-arbitrage to market-consistency
- Building models, shifting between worlds
- Making insurers' evaluation machinery market-consistent
- Conclusion
- 7 Managing Risk in Insurance
- Financial risk management
- Modelling life expectancy
- Modelling risk, calculating capital
- Managing the balance sheet
- Conclusion
- 8 The Long Road to Solvency II (and Back Again?)
- Towards a single market for insurance
- Frictions and 'rough edges'
- Patching the rough edges
- Designing and testing the framework
- The settlements
- Conclusion
- 9 De-Risking Pensions, Managing Assets
- The pension crisis as business opportunity
- The new life market
- Buying out pension funds
- Reordering the buyout field
- Insurance and asset management
- Conclusion
- 10 Financial Evaluation and the Future of Insurance Society
- The performative power of modern finance theory
- Rationalization and the authority of the market
- The future of insurance societies
- Notes
- References
- Index