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How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter

Author/Editor: Impavido, Gregorio | Tower, Ian
Authorized for Distribution: July 1, 2009
Electronic Access: Free Full Text (PDF file size is 944KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: This paper discusses the key sources of vulnerabilities for pension plans and insurance companies in light of the global financial crisis of 2008. It also discusses how these institutional investors transit shocks to the rest of the financial sector and economy. The crisis has re-ignited the policy debate on key issues such as: 1) the need for countercyclical funding and solvency rules; 2) the tradeoffs implied in marked based valuation rules; 3) the need to protect contributors towards retirement from excessive market volatility; 4) the need to strengthen group supervision for large complex financial institutions including insurance and pensions; and 5) the need to revisit the resolution and crisis management framework for insurance and pensions.
 
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Series: Working Paper No. 09/151
Subject(s): Asset management | Asset prices | Cross country analysis | External shocks | Financial crisis | Financial institutions | Financial risk | Insurance | Insurance regulations | Insurance supervision | Latin America | OECD | Pensions | Private investment
Author's keyword(s): Pensions | insurance | financial crisis
 
English  
    Published:   July 1, 2009        
            Format:   Paper
    Stock No:   WPIEA2009151   Pages:   56
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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