
The science of insurance and the notion of technical risk 219
actuaries and a firm hand at the steering wheel. Real-time data capture and interactive
response to risk control issues is the only way to handle the growing amount of risk.
Swiss Re, for example, knows its exposure at every hour of every day. This is
necessary for the observance of limits on risk set by the board.
10.5 Assets held by insurers and their risks
Risk factors and their aftermath, as well as the assets held by the insurance firm, must
be mapped into the company’s accounting system. The International Accounting
Standards Board (IASB) prepares a global standard for insurance contracts, ...