The aporetic financialisation of insurance liabilities: Reserving under Solvency II
نویسندگان
چکیده
The valuation of insurance liabilities has traditionally been dealt with by actuaries, who closely monitored underlying illiquid features, assumed a long-term perspective, and exercised their own subjective, expert judgment. However, the new EU regulatory regime Solvency II (S2) come to require market-consistent supplemented risk-sensitive capital. This is considered an unwanted shift towards short-termism that misaligned industry’s long term countercyclical character. principles place ‘technicalising’ logic financial economics over ‘contextualising’ actuarial know-how. Following existing analytics from ethnography reinsurance markets social studies finance, such requirements appear either as alarming attack against component traditional practice, or else preserver it, through process enfolding at heart financialisation project. article holds case S2 challenges both these valuation. S2’s project, precisely attempting construct itself, deconstructs itself into in recurring, aporetic process. In this respect, fair (or otherwise) remains always undecidable, inconclusive, thus responsible.
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ژورنال
عنوان ژورنال: Finance and society
سال: 2021
ISSN: ['2059-5999']
DOI: https://doi.org/10.2218/finsoc.v7i1.5589