Papers and reports

This paper seeks to explain key characteristics of the New Zealand life insurance industry, in particular the important role played by overseas-controlled mutual companies, and the dearth of regulation relative to other countries. It proposes that the dominance of mutual companies reflects the historical development of the New Zealand life insurance market.

With the financial services industries in the member countries of the European Union coming under increasing attention resulting in relaxation of cross border controls, this paper addresses some pensions matters in this European context and how they may relate to the U.K. The main theme of the paper is the book reserve approach to pensions provision. Details of the German book reserve method are provided before developing possible ways in which this philosophy could be introduced into the U.K.

What we have tried to do in this paper is give the reader an impression, a rough sketch, of the Spanish actuarial landscape, but as seen through the eyes of ‘incomers’. Our hope is that, as well as providing a small source of reference on Spain, our paper will interest anybody who has entered, or is contemplating entering, into a foreign domain, to operate commercially or professionally. While each and every country will present its own detailed challenges, we think that there will be many similarities for anyone making a first step outside their familiar UK regime.

This paper explores the benefits and limitations of a valuation framework as a management tool within a general insurance operation. Two models are presented, one an option valuation model and the other a model of the firm, which together create a robust framework that enables management to analyse how different decisions would affect both the overall firm value and its distribution amongst investors. The model of the firm assists in understanding how key factors such as the momentum of a general insurance portfolio and the allocation of scarce resources affect the value of the firm.