The Handbook of Insurance-Linked Securities (The Wiley Finance Series) |  | Creators: Pauline Barrieu, Luca Albertini
Publisher: Wiley
Category: Book
List Price: $100.00
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Rating:  3 reviews
Sales Rank: 525754
Media: Hardcover
Pages: 398
Number Of Items: 1
Shipping Weight (lbs): 1.9
Dimensions (in): 9.8 x 6.9 x 1.1
ISBN: 0470743832
Dewey Decimal Number: 332.632
EAN: 9780470743836
ASIN: 0470743832
Publication Date: August 31, 2009
Availability: Usually ships in 1-2 business days
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| Editorial Reviews:
Product Description
"Luca Albertini and Pauline Barrieu are to be congratulated on this volume. Written in a period where structured projects in finance are having a difficult time, it is worthwhile to return to the cradle of securitisation: insurance. Spread out over three parts (life, non- life, and tax and regulatory issues) the 26 chapters, written mainly by practitioners, give an excellent overview of this challenging field of modern insurance. Methodology and examples nicely go hand in hand. The overall slant being towards actual analyses of concrete products. No doubt this book will become a milestone going forward for actuarial students, researchers, regulators and practitioners alike."
—Paul Embrechts, Professor of Mathematics and Director of RiskLab, ETH Zurich The convergence of insurance with the capital markets has opened up an alternative channel for insurers to transfer risk, raise capital and optimize their regulatory reserves as well as offering institutions a source of relatively liquid investment with limited correlation with other exposures. One of the financial instruments allowing for the cession of insurance-related risks to the capital markets is Insurance-Linked Securities (ILS). This book provides hands-on information essential for market participants, drawing on the insights and expertise of an impressive team of international market players, representing the various aspects and perspectives of this growing sector. The book presents the state of the art in Insurance-Linked Securitization, by exploring the various roles for the different parties involved in the transactions, the motivation for the transaction sponsors, the potential inherent pitfalls, the latest developments and transaction structures and the key challenges faced by the market. The book is organized into parts, each covering a specific topic or sector of the market. After a general overview of the ILS market, the Insurance-Linked Securitization process is studied in detail. A distinction is made between non-life and life securitization, due to the specificities of each sector. The process and all the actors involved are identified and considered in a comprehensive and systematic way. The concepts are first looked at in a general way, before the analysis of relevant case studies where the ILS technology is applied. Particular focus is given to: - the key stages in both non-life and life securitizations, including the general features of the transactions, the cedant's perspectives, the legal issues, the rating methodologies, the choice of an appropriate trigger and the risk modeling,
- the particular challenges related to longevity securitization,
- the investor's perspective and the question of the management of a portfolio of ILS, the general issues related to insurance-linked securitization, such as accounting and tax issues, regulatory issues and solvency capital requirements.
The book is accompanied by a website www.wiley.com/go/albertini_barrieu_ILS which will feature updates and additions to the various contributions to follow market developments.
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| Customer Reviews:
 Great Book September 9, 2009
EAC Pinoy (NCR, PH)
0 out of 3 found this review helpful
If you're looking for a book on insurance and its securitization, this may well be the definitive book to go get. The title says it all, ILS, sidecars, and all the nuances of securitizing risk.
 Disappointment November 27, 2009
Bermuda007
2 out of 2 found this review helpful
With very little written on the subject, I was looking forward to reading this book. My general feeling about the book is disappointment. The book is certainly not a handbook on the topic.
Several chapters are written extremely well. Guy Coughlan's review of longevity risk transfer is excellent. Cameron Heath provides a good description of how rating agencies approach insurance-linked securities. And then there are chapters with small mistakes or just poorly written. (To be fair, I haven't read it all.) There is little consistency. There are overlaps between chapters. There are important topics missing altogether. The editors either have familiarity with only some of the ILS topics, or did not do a good job of selecting authors and actual editing.
It might be that my expectations were too high, leading to the feeling of disappointment in the book. I would not buy the book if I had to pay even a dollar. Luckily, my company wasted the money instead of me. I am giving it a rating of 2 instead of 1 because it is good to see any book on the subject.
 Good intentions haven't translated into a good book December 5, 2009
Book Surfer
With all the key words present, the book doesn't manage to connect them together. Key words do not a book make. An Internet search on each of the topics will quickly produce more information--and often explained in a better way--than this book.
The idea of publishing a collection of articles on several topics related to insurance-linked securities is not without merit. For some reason, it hasn't worked here at all despite the individual articles having almost fifty coauthors. A pity!
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