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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, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 January 2022

Times of Crisis

Times of Crisis

(p.105) Chapter 5 Times of Crisis
The Value of Risk

Harold James

Peter Borscheid

David Gugerli

Tobias Straumann

Oxford University Press

After the breakdown of the Bretton Woods system in the 1970s, insurance started profiting from the liberal economic reforms in many countries. Market cycles and the volatility of equity markets eventually resulted in a market consolidation of hitherto unseen dimensions. The segregation between banking and insurance also began to disappear from the late 1980s onwards, moving towards bancassurance. The growth of publicly listed insurers triggered a wave of demutualization. The early 2000s and the dotcom crisis ended this first equity boom along with the major expansionary phase in international insurance, further aggravated by 9/11. The crisis of 2008 and the current financial repression with its negative interest rates have had a detrimental effect on life business in particular since 2008. Nevertheless, with few exceptions, insurers have emerged from the crisis of recent years relatively unscathed, due mainly to their not being dependent on short-term financing, unlike the banks.

Keywords:   liberal reforms, demutualization, financial crisis, 9/11

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