Lessons Learned from the Financial Crisis for Risk Management: Contrasting Developments in Insurance and Banking

Axel P Lehmann and Daniel M Hofmann
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Axel P Lehmann: Group Chief Risk Officer, Zurich Financial Services, Zurich, Switzerland
Daniel M Hofmann: Group Chief Economist, Zurich Financial Services, Zurich, Switzerland

The Geneva Papers on Risk and Insurance - Issues and Practice, 2010, vol. 35, issue 1, 63-78

Abstract: The article analyses implications for risk management in insurance arising from the current financial crisis. After a brief comparison of the insurance to the banking world, we discuss the root causes of the current financial crisis with a particular focus on risk management and incentives. Against the backdrop of this discussion, lessons are derived from an insurance risk management point of view. In particular, the article pleads for a pronounced external and forward-looking approach to supplement the traditional methodology, which tends to be more inward-looking and ultimately backward-oriented.

Date: 2010
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