Qoheleth and Sirach: A Comparison

Corley, Jeremy

doi:10.1515/9783110301649.145

Cited by 1 publication

(3 citation statements)

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“…As regards products, Equitable Life gave generous options in its policies. In particular, its GAOs could be exercised in a wider range of circumstances than was the case with most other life insurers (Corley et al, 2001). Furthermore, it was less diversified than other life insurers.…”

Section: Productsmentioning

confidence: 99%

“…However, it also meant that independent financial advisers (IFAs) did not consider advising their customers to buy from it. Corley et al (2001) thought that Equitable Life not being exposed to IFAs' scrutiny might have led it to adopt practices not prevalent elsewhere in the industry.…”

Section: Pricingmentioning

confidence: 99%

“…Penrose (2004) went on to criticize the nonexecutive directors, who lacked the knowledge and skills to challenge the executives; the absence of effective scrutiny of the actuarial function was a particular concern. From 1991 to 1997, the Society had Roy Ranson as both chief executive and appointed actuary, a practice that had become increasingly uncommon, and was frowned upon by Corley et al (2001) and Penrose (2004). Ranson admitted to Penrose that he ran the Society in an autocratic manner.…”

Section: Risk Assessmentmentioning

confidence: 99%

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The Downfall of Equitable Life in the United Kingdom: The Mismatch of Strategy and Risk Management

O’Brien¹

2006

Risk Manage Insurance Review

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This article considers the downfall of Equitable Life Assurance Society in the United Kingdom, founded in 1762 and the first life insurer to operate on an actuarial basis. Its failure to manage the risks implicit in guaranteed annuity options led to a financial crisis, and it ceased to write new business in 2000. We analyze the Society's risk management practices, and find that they were inconsistent with its strategy, which highlighted customer focus. It lacked the discipline to balance short-term advantage to customers with the long-term needs of the organization. We also highlight the use of participating policies, and the way in which they were used to transfer risk to policyholders. Finally, we draw some lessons for other life insurers from Equitable Life's experience.

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Section: Productsmentioning

confidence: 99%

Section: Pricingmentioning

confidence: 99%

Section: Risk Assessmentmentioning

confidence: 99%

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