Plight of the fortune tellers

Book review

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In the recent credit crunch, insurance company and pension fund practitioners might be forgiven for a bit of Schadenfreude. For years, bankers have been knocking on their doors, offering products designed to improve their risk management and repair their solvency. Now, many of these same banks have reported massive losses - which are being blamed on poor risk management.

However, many of the risk management ideas now being discussed in the pensions and insurance world - such as value-at-risk and

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