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The Value of RiskSwiss Re and the History of Reinsurance$
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Harold James, Peter Borscheid, David Gugerli, and Tobias Straumann

Print publication date: 2013

Print ISBN-13: 9780199689804

Published to Oxford Scholarship Online: April 2014

DOI: 10.1093/acprof:oso/9780199689804.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 18 May 2022

The Global Market and Liberalization 1980–2010

The Global Market and Liberalization 1980–2010

(p.210) Chapter 9 The Global Market and Liberalization 1980–2010
The Value of Risk

Harold James

Peter Borscheid

David Gugerli

Tobias Straumann

Oxford University Press

During the following decades reinsurers increased their risk-modelling techniques and started publishing widely on technical issues in journals such as Swiss Re's sigma publication which set the standard for providing market, economic, and risk intelligence. Challenges such as the liability crisis in the USA in the 1980s and market deregulation forced the industry to adopt a more competitive approach. Some companies invested heavily in ‘all-finance’ strategies, trying to combine banking and insurance services, but without the desired success. The financial markets did, however, offer solutions for overcoming the lack of risk capital capacity with alternative products such as Insurance Linked Securities. Natural disasters such as Katrina and man-made catastrophes such as 9/11 increased the need for reinsurance offerings but some of the main problems of the new millennium were created by the financial crisis which eventually led the industry to focus on its core business again.

Keywords:   risk-modelling, liability crisis, all-finance, Insurance Linked Securities, natural catastrophes, 9/11, financial crisis

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