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The Fair Value of Insurance Liabilities

  • Book
  • © 1998

Overview

Editors:
  1. Irwin T. Vanderhoof

    1. Stern School of Business, New York University, USA

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  2. Edward I. Altman

    1. Stern School of Business, New York University, USA

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Table of contents (12 chapters)

  1. Front Matter

    Pages i-xviii
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  2. Background on fair value accounting of insurance company assets and liabilities

    • Robert C. Wilkins
    Pages 1-6

  3. Comparison of methods for fair-value life insurance liabilities

    • Arnold A. Dicke
    Pages 7-20

  4. Fair valuation of life insurance company liabilities

    • Douglas C. Doll, C. Phil Elam, James E. Hohmann, Jacqueline M. Keating, Douglas S. Kolsrud, Karen Olsen MacDonald et al.
    Pages 21-126

  5. Experience in implementing fair value of insurance liabilities

    • Dennis Carr, J. Peter Duran, Joseph E. Crowne
    Pages 127-142

  6. Allowing for asset, liability and business risk in the valuation of a life company

    • Shyam Mehta, Phelim Boyle
    Pages 143-200

  7. A market-value accounting framework for insurance companies

    • Mark W. Griffin, Joan Lamm-Tennant
    Pages 201-213

  8. The value of the firm: the option adjusted value of distributable earnings

    • David N. Becker, Kim B. Staking
    Pages 215-295

  9. The cash flow method for valuing liabilities in Canada

    • Allan Brender
    Pages 297-301

  10. The derivation and application of accounting standards to the market value of liabilities

    • C. D. O’Brien
    Pages 303-330

  11. The indexed discount rate method for fair valuation of liabilities

    • S. Michael McLaughlin
    Pages 331-349

  12. Is Paul v. Virginia dead?

    • Krzysztof M. Ostaszewski
    Pages 351-360

  13. Comments on ‘Earned profit method’, ‘Indexed discount rate method’ and ‘Is Paul vs. Virginia dead?’

    • Joan Lamm-Tennant
    Pages 361-362

  14. Back Matter

    Pages 363-381
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About this book

This book explores theoretical and practical implications of reflecting the fair value of liabilities for insurance companies. In addition, the contributions discuss the disclosure of these values to the financial and regulatory communities and auditing firms which are actually calculating this illusive but important variable. It combines contributions by distinguished practitioners from the insurance, accounting and finance fields, with those of prominent academics. One of the central themes of the collection is that adequate disclosure of the true economic value of insurance company liabilities is both possible and desirable. Wherever possible, the insurance valuation process is wedded with modern financial theory. For example, the use of option pricing theory is applied to insurance companies, where the true value of the firm's liabilities is a critical variable. Methods such as cash flow, earned profit and indirect discount are explored.

Editors and Affiliations

  • Stern School of Business, New York University, USA

    Irwin T. Vanderhoof, Edward I. Altman

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