Capital management – From modelling to creating value

Capital management – From modelling to creating value

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Speaker(s): Tom Wilson (Allianz Group)

Capital management is becoming one of the most important value creation levers in the insurance industry and it’s ascendency has prompted the development of new analytical frameworks as well as a new way to look at traditional businesses; the impact on the industry has been profound, on par with the lessons learned in a low rate environment.

The session begins by motivating why capital management has become so important, highlighting the role of regulatory, industry and financial market pressures. It then continues with an overview of the frameworks used to practically manage capital, beginning with the firm’s risk appetite and strategy statements and continuing with the capital budget as well as capital allocation and return metrics) and the tools used to practically manage capital (e.g. reinsurance, balance sheet and dividend policy as well as Own Risk and Solvency Assessments (ORSA)). It concludes with a discussion of the important role that risk managers and actuaries can play in creating value by better managing the risk and capital resources of insurance companies.  The session supplements the foundations laid out in the author’s book* by providing concrete and practical case studies.

*Value and Capital Management: A Handbook for the Finance and Risk Functions of Financial Institutions, Wiley 2015. Forthcoming 2017 in Chinese by the Shanghai University of Finance and Economics Press, 2017 in Korean by Pakyoung-sa Publishing, and 2018 in Japanese).

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