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Un changement de paradigme pour l’assurance

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  • Michel Dacorogna

Abstract

In this paper, we review the changes in the insurance industry involved by the implementation of the new risk based regulation like Solvency 2 and SST. The move from managing the companies through their cash-flows to managing them through their risks is described and discussed through capital management, economic valuation and the internal model. The Enterprise Risk Management (ERM) is explained along with its implication for the company organization and the role of actuaries in insurances. We point out the limitations and difficulties of this approach. The risk/return relation is becoming a central element of the company management and is taking over the traditional P&L vision. Classification JEL: G22, G28, L21.

Suggested Citation

  • Michel Dacorogna, 2015. "Un changement de paradigme pour l’assurance," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 205-230.
    • Handle: RePEc:cai:refaef:ecofi_118_0205
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    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm

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