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Uncalculated Risks: The transformation of insurance, the erosion of regulation, and the economic and social consequences

Uncalculated Risks: The transformation of insurance, the erosion of regulation, and the economic and social consequences

Vicki Zhang
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The life insurance and annuity industry historically occupies a unique place in a capitalist economy and society. It is the great diversifier, concentrating the financial savings of vast numbers of individuals, and investing it in assets that provide stable, long-term capital for businesses, and guarantees of enduring economic security and protection to millions of policyholders.

Yet today all this is changing. The industry is less distinct from other financial institutions, particularly mutual funds, than ever before; far from providing long-term security for policyholders, it has developed an array of hybrid products designed to shift as much risk as possible from the insurer to the policyholder; and the risk profile of the industry has shifted towards market risks, leading it to invest in massive amounts of new computing technologies, to manage the churning of billions of dollars worth of derivatives on a regular basis. This is not your grandfather’s insurance industry.

Uncalculated Risks provides a clear and detailed, though carefully non-technical and non-mathematical, description of how the life insurance business has traditionally operated, and how it operates today. And it embeds this description within the social and economic context that is the industry’s operational environment, upon which it has a considerable and ongoing impact. This book is thus addressed to two quite distinct readerships – the informed general reader and the social science academic on the one hand, and on the other hand, the student training to become a technical or managerial professional in the industry itself, as well as those already working in it. It is an experiment in mutual de-mystification.
Language
English
Pages
311
Format
Kindle Edition
Release
June 02, 2015

Uncalculated Risks: The transformation of insurance, the erosion of regulation, and the economic and social consequences

Vicki Zhang
0/5 ( ratings)
Read Download
The life insurance and annuity industry historically occupies a unique place in a capitalist economy and society. It is the great diversifier, concentrating the financial savings of vast numbers of individuals, and investing it in assets that provide stable, long-term capital for businesses, and guarantees of enduring economic security and protection to millions of policyholders.

Yet today all this is changing. The industry is less distinct from other financial institutions, particularly mutual funds, than ever before; far from providing long-term security for policyholders, it has developed an array of hybrid products designed to shift as much risk as possible from the insurer to the policyholder; and the risk profile of the industry has shifted towards market risks, leading it to invest in massive amounts of new computing technologies, to manage the churning of billions of dollars worth of derivatives on a regular basis. This is not your grandfather’s insurance industry.

Uncalculated Risks provides a clear and detailed, though carefully non-technical and non-mathematical, description of how the life insurance business has traditionally operated, and how it operates today. And it embeds this description within the social and economic context that is the industry’s operational environment, upon which it has a considerable and ongoing impact. This book is thus addressed to two quite distinct readerships – the informed general reader and the social science academic on the one hand, and on the other hand, the student training to become a technical or managerial professional in the industry itself, as well as those already working in it. It is an experiment in mutual de-mystification.
Language
English
Pages
311
Format
Kindle Edition
Release
June 02, 2015

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