Dealing in Uncertainty Insurance in the Age of Finance
Insurance is an important – if still poorly understood – mechanism for dealing with a broad variety of risks associated with modern life. This book conducts an in-depth examination of one of the largest and longest-established private insurance industries in Europe: British life insurance. In doing...
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| Format: | eBook |
| Language: | English |
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Bristol
Bristol University Press
2023, ©2023
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| Online Access: | |
| Collection: | DeGruyter MPG Collection - Collection details see MPG.ReNa |
Table of Contents:
- Dealing in Uncertainty: Insurance in the Age of Finance
- Copyright information
- Table of Contents
- List of Figures
- Acknowledgements
- 1 Life Insurance in the Age of Finance
- Life insurance, then and now
- Financialization in the making
- The argument
- Sources
- Overview of the book
- 2 Financialization, Quantification and Evaluation
- Financialization and the three ages of financial quantification
- Insurance and the technology of risk
- A sociological perspective on the financialization of life insurance
- The social studies of finance
- Markets as fields
- Professions and their ecologies
- An integrated approach
- 3 Shifting Boundaries between Insurance and Finance
- Upending the market for life insurance
- Fielding modern life insurance
- Unit-linked insurance and the rise of challenger firms
- 'Nothing to lose but the chains of actuarial thinking'
- Saving and investing for retirement
- Converging models of insurance
- Conclusion
- 4 Actuaries Going on a Random Walk
- Benjamin's challenge to conventional wisdom
- 'A drunken stagger around a random walk'
- Simulation modelling and actuarial science
- Actuaries, risk theory and discretionary judgement
- Actuaries and computers
- Living in a stochastic world?
- Conclusion
- 5 'Authors of Their Own Misfortune'
- Protecting policyholder expectations
- Bonus methodology: from net premiums to asset shares
- The question of policyholder reasonable expectations
- Equitable's demise: from pioneer to pariah
- 'With profits, without mystery'
- Guaranteed annuity options and the legal limits to actuarial discretion
- 'Fallen heroes': constructing a failure of actuarial expertise
- Conclusion
- 6 'Taking Account of What the Market Has to Say'
- No-arbitrage modelling and modern finance theory
- From no-arbitrage to market-consistency