教師資料查詢 | 類別: 期刊論文 | 教師: 何佳玲HO, CHIA-LING (瀏覽個人網頁)

標題:The Impact of Internal and External Reinsurance on Insurers' Performance and Price
學年109
學期2
出版(發表)日期2021/02/04
作品名稱The Impact of Internal and External Reinsurance on Insurers' Performance and Price
作品名稱(其他語言)
著者Jin Park; Byeongyong Paul Choi; Chia-Ling Ho
單位
出版者
著錄名稱、卷期、頁數Managerial Finance 47(7), pp. 937-950
摘要Purpose
This study is designed to investigate how the use of reinsurance affects the primary insurers' profitability and pricing on their insurance products.

Design/methodology/approach
This study examines the impact of reinsurance on the insurers’ profitability using a two stage least square to control the endogeneity problem with a reinsurance variable. The study analyzes 11,894 firm-year observations between 2001 and 2009.

Findings
The study finds that the use of reinsurance in general has a negative impact on property/casualty insurers' performance. However, reinsurance obtained from affiliated firms has a positive impact on profitability, which supports the existence of internal capital markets in the insurance industry.

Research limitations/implications
The finding of study implies that reinsurance transactions are used among affiliated insurers for not only managing underwriting risk and increasing underwriting capacity but also subsidizing capital through internal capital markets. In term of limitation, due to the availability of price data, this study uses only one insurance cycle of 9 years, albeit not weakening the findings.

Practical implications
Especially for non-affiliated insurers, the finding suggests that they need to find an alternative way to transfer underwriting risk without having to use costly reinsurance.

Originality/value
This paper directly investigates the impact of reinsurance utilization on insurers' profitability and pricing.
關鍵字Performance;Profitability;External reinsurance;Internal reinsurance
語言英文
ISSN0307-4358
期刊性質國外
收錄於SSCI;
產學合作
通訊作者
審稿制度
國別美國
公開徵稿
出版型式,電子版
相關連結
SDGs
  • 優質教育,尊嚴就業與經濟發展,負責任的消費與生產
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