Strategic management of assets and liabilities using multi-year internal risk models
نویسنده
چکیده
Major changes in competitive behaviour, recent dynamics in capital markets, and fundamental changes in regulatory requirements (Solvency II for European Union member countries) have placed increasing challenges on management strategy in insurance companies. Management is faced with a complex decision-making and strategic task of allocating and managing capital resources efficiently. This requires a suitable insurance portfolio structure in combination with an adequate asset allocation towards the insurance cash flows. In this context the appropriate use of diversification effects plays an important role. As a result most companies are developing modern management techniques such as value and risk-based management.
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