Essays On Insurance Intermediaries
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Essays On Insurance Intermediaries
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Author :
language : en
Publisher:
Release Date : 2014
Essays On Insurance Intermediaries written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This dissertation consists of two essays. In the first essay, I investigate the effect major catastrophes are expected to have on equilibrium price and quantity in the insurance market. In particular, I examine whether investors expect total industry revenue to increase following a disaster's shock to insurers' financial capital. Rather than examine insurers directly, I study insurance brokers, who earn commissions on premium revenue but do not pay losses following a disaster. My test is done through an event study on insurance broker stock returns surrounding the 43 largest insured-loss catastrophes since 1970. I find that brokers earn positive returns on average following these major events. I further observe that returns are positively related to the size of the loss and negatively related to relative insurer capital known at the time of loss. These results lead me to conclude that catastrophe shocks are expected to increase net industry revenue, consistent with economic theories of a negative relationship between capital and insurance prices and price-inelastic demand for commercial insurance. In the second essay, I examine how additional information may affect demand for high-load insurance. High-load insurance is expensive relative to the expected risk transfer it provides. These products often are criticized for the large profits they generate at the expense of potentially uninformed consumers. One of the more common proposals to address this issue is to disclose more information with regards to these products. There remains a question as to whether additional information would help consumers make more economically rational choices. In addition, there is not wide agreement as to what information might be best to disclose. In light of existing models of insurance demand, I theorize that disclosing (1) the true probability of loss, (2) the expected loss or "cost of goods sold" of the insurance, or (3) the insurer's profit on the transaction may change purchasing behavior. I conduct a lab experiment to test the effect of each of these disclosures and ultimately find that none has any significant effect on willingness to pay.
Essays On Financial Intermediation And Deposit Insurance
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Author : George W. Fenn
language : en
Publisher:
Release Date : 1988
Essays On Financial Intermediation And Deposit Insurance written by George W. Fenn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Banks and banking categories.
Essays On Insurance Policyholder Behavior A Behavioral Economics Perspective
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Author : Christian Knoller
language : de
Publisher: VVW GmbH
Release Date : 2013
Essays On Insurance Policyholder Behavior A Behavioral Economics Perspective written by Christian Knoller and has been published by VVW GmbH this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Law categories.
Die Arbeit erscheint in englischer Sprache. Dieses Buch zeigt anhand von drei Forschungsprojekten, dass verhaltensökonomische Forschungsansätze dazu beitragen können, bisher unerklärtes Verhalten auf Versicherungsmärkten besser zu verstehen. Das erste Projekt liefert anhand einer experimentellen Untersuchung einen wichtigen Beitrag zur Lösung des in der Wissenschaft intensiv diskutierten 'Annuity Puzzle', also der Frage, warum in vielen Versicherungsmärkten nur sehr wenige Menschen private Rentenversicherung nachfragen. Anhand einer empirischen Untersuchung des Stornoverhaltens von Versicherungsnehmern für ein Variable Annuity Produkt in Japan wird gezeigt, dass die finanzwissenschaftliche Ausbildung ('Financial Literacy') des Versicherungsnehmers das Verständnis für den Wert der im Vertrag enthaltenen Optionen und damit auch das Stornoverhalten beeinflussen kann. Das dritte Projekt untersucht die Nachfrage nach Zusatzdeckung gegen Naturkatastrophenschäden anhand des Hausratversicherungsportfolios eines deutschen Versicherungsunternehmens. Viele Versicherungsnehmer scheinen ihre Gefährdung für Hochwasserschäden eher gering einzuschätzen. Die Untersuchung liefert jedoch Hinweise, dass Versicherungsvermittler in der Lage sind, die Versicherungsnehmer bei der Analyse ihrer Gefährdungssituation zu unterstützen. Die Arbeit richtet sich sowohl an Wissenschaftler als auch an Mitarbeiter in Versicherungsunternehmen, die in der Produktentwicklung oder im Risikomanagement tätig sind. Risiken aus dem Verhalten von Versicherungsnehmern, z.B. das Stornorisiko, gewinnen im Zuge von Produktinnovationen immer mehr an Bedeutung. Dies zeigt sich besonders deutlich bei der Entwicklung neuer Garantiekonzepte in der Lebensversicherung.
Risk Information And Insurance
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Author : Henri Loubergé
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Risk Information And Insurance written by Henri Loubergé and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Orio Giarini The "Geneva Association" (International Association for the Study of Risk and Insurance Economics) was founded in 1973. The main goal was to stimulate and organize objective research in the field of risk, uncertainty, and insurance, in a world in which such issues were clearly becoming of greater and greater relevance for all economic actors. This was a pioneer ing effort, especially as economic theory and the teaching of economics were still anchored to the key notion of general equilibrium under an assumption of certainty. Thus, we had to start our work almost from scratch. One of the first initiatives was to bring together in Geneva, in June of 1973, all the academics in Europe already involved in risk and insurance economics. We found eight from five different countries who never had met before. This seminar chaired by Raymond Barre, the first president of The Geneva Association, was the first of an annual series that became known as the seminar of "The European Group of Risk and Insurance Economists." Since then more than 100 economists from most European countries as well as participants from two other continents and in particular from the United States have taken part in this seminar.
Essays In Insurance Regulation
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Author : Spencer L. Kimball
language : en
Publisher:
Release Date : 1966
Essays In Insurance Regulation written by Spencer L. Kimball and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1966 with Insurance categories.
Prize Essay The Economical Aspect Of Fire And Life Insurance At The Present Day
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Author : James Gemmell
language : en
Publisher:
Release Date : 1884
Prize Essay The Economical Aspect Of Fire And Life Insurance At The Present Day written by James Gemmell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1884 with Fire insurance categories.
Maritime Risk Management
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Author : Phillip Hellwege
language : en
Publisher: Duncker & Humblot
Release Date : 2021-04-21
Maritime Risk Management written by Phillip Hellwege and has been published by Duncker & Humblot this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-21 with Electronic books categories.
Insurance is a legal, an actuarial and a financial product, and it is one out of many risk management strategies. It follows that its history can only be studied in the broader context of the development of such strategies, applying an interdisciplinary approach. The theme of the present volume is maritime risk management. After an overview over the history of insurance, the contributions to the present volume examine different maritime risk management strategies by adopting a variety of methodological approaches. Some contributions focus on normative provisions, others contrast practice with legal scholarship, or focus on the emergence of insurance companies as opposed to individual insurers. Again, other contributions give insights in marine insurance practice in specific cities or analyse insurance practice through the lens of specific insurance litigation. As to the time frame, the different contributions span from antiquity to the nineteenth century.
Essays In The Economics Of U S Property Liability Insurance Industry
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Author : Rui Ju
language : en
Publisher:
Release Date : 2019
Essays In The Economics Of U S Property Liability Insurance Industry written by Rui Ju and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This dissertation consists of two topics. Chapter 1 examines the relationship between contingent commission use and underwriting performance as well as underwriting risk using data from 2005 to 2016. Top brokers were banned from receiving contingent commissions following the inquiry in 2004 led by Eliot Spitzer, former New York Attorney-General. But the ban raised concerns about whether it created a level playing field across the industry, as smaller brokers continued taking them. In addition, despite the possible conflicts of interest, contingent commissions have also been recognized as a way to better align agent and insurer incentives. Regulators agreed to relax the terms for the leading brokers in 2010, resulting in a less onerous compliance regime for contingent commission use. It is important to study the effectiveness of contingent commission use on improving underwriting performance. This study finds strong evidence supporting the hypothesis that contingent commissions' usage is associated with better underwriting performance as well as lower underwriting risk. This study also finds a curvilinear relationship between underwriting performance and the level of contingent commission use. Chapter 2 investigates the impact of executive overconfidence on capital structure decisions and reinsurance purchases using a sample of 37 publicly-traded property-liability insurance groups for the period 2002 to 2016. This study finds that insurance firms with overconfident executives have significantly higher leverage ratios than those without overconfident executives. This study also finds evidence that insurance firms with overconfident executives cede more reinsurance, and this evidence is stronger for insurers with more limited business capacity than those with ample business capacity. The results of this study also indicate that overconfident executives prefer internal reinsurance to external reinsurance. This research provides evidence that personality traits of executive impact capital structure decisions and reinsurance purchases for insurance firms, which should be of interest to policyholders and regulators.
Insurance Intermediaries
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Author : JAGENDRA RANA
language : en
Publisher: Blue Rose Publishers
Release Date : 2022-04-21
Insurance Intermediaries written by JAGENDRA RANA and has been published by Blue Rose Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-21 with Business & Economics categories.
Insurance Intermediaries play a vital role in insurance distribution & services. Distribution channels are the extended arm of insurers. Physical sales forces and intermediaries are responsible for the majority of insurance distribution across geographies and lines of business. Insurance intermediaries serve as a bridge between consumers and insurance companies.
Insurance Market Regulation And Individual Decision Making
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Author : Julia Kathleen Neumann
language : en
Publisher:
Release Date : 2018
Insurance Market Regulation And Individual Decision Making written by Julia Kathleen Neumann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.