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Article: Underwriting and investment risks in the property-liability insurance industry: Evidence prior to the 9-11 event

TitleUnderwriting and investment risks in the property-liability insurance industry: Evidence prior to the 9-11 event
Authors
KeywordsInvestment Risk
P-L Insurers
Risk-Taking
Underwriting Risk
Issue Date2012
PublisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0924-865X
Citation
Review Of Quantitative Finance And Accounting, 2012, v. 38 n. 1, p. 25-46 How to Cite?
AbstractUnderwriting and investment are two important and related business activities of insurance companies. However, studies on the interrelation between underwriting and investment risks of Property-Liability (P-L) insurance companies are sparse in the literature. Using a sample of US P-L insurers, this article conducts an empirical investigation of how these two risks are associated with each other in the 1994-2000 period (before the September 11th terrorist attack in 2001). Our results, robust to various estimations, suggest that there is no significant relationship between the underwriting and investment risks among our sample firms. Such results based on pre 9-11 event period provide some support for the conjecture of Achleitner et al. (Geneva Pap Risk Insur Issues Pract 27:275-282, 2002) that many insurance companies may have failed to take an integrated approach to risk management. This resulted in a heavy loss due to dual exposures in both underwriting and investment in the 9-11 event. In the aftermath of the recent global financial crisis, risk taking and risk management of financial institutions have received more attention and increasing scrutiny. We believe the current paper provides some useful insights in this vein. © 2010 Springer Science+Business Media, LLC.
Persistent Identifierhttp://hdl.handle.net/10722/188470
ISSN
2015 SCImago Journal Rankings: 0.452
SSRN
References

 

DC FieldValueLanguage
dc.contributor.authorZou, Hen_US
dc.contributor.authorWen, MMen_US
dc.contributor.authorYang, CCen_US
dc.contributor.authorWang, Men_US
dc.date.accessioned2013-09-03T04:07:45Z-
dc.date.available2013-09-03T04:07:45Z-
dc.date.issued2012en_US
dc.identifier.citationReview Of Quantitative Finance And Accounting, 2012, v. 38 n. 1, p. 25-46en_US
dc.identifier.issn0924-865Xen_US
dc.identifier.urihttp://hdl.handle.net/10722/188470-
dc.description.abstractUnderwriting and investment are two important and related business activities of insurance companies. However, studies on the interrelation between underwriting and investment risks of Property-Liability (P-L) insurance companies are sparse in the literature. Using a sample of US P-L insurers, this article conducts an empirical investigation of how these two risks are associated with each other in the 1994-2000 period (before the September 11th terrorist attack in 2001). Our results, robust to various estimations, suggest that there is no significant relationship between the underwriting and investment risks among our sample firms. Such results based on pre 9-11 event period provide some support for the conjecture of Achleitner et al. (Geneva Pap Risk Insur Issues Pract 27:275-282, 2002) that many insurance companies may have failed to take an integrated approach to risk management. This resulted in a heavy loss due to dual exposures in both underwriting and investment in the 9-11 event. In the aftermath of the recent global financial crisis, risk taking and risk management of financial institutions have received more attention and increasing scrutiny. We believe the current paper provides some useful insights in this vein. © 2010 Springer Science+Business Media, LLC.en_US
dc.languageengen_US
dc.publisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0924-865Xen_US
dc.relation.ispartofReview of Quantitative Finance and Accountingen_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rightsThe original publication is available at www.springerlink.com-
dc.subjectInvestment Risken_US
dc.subjectP-L Insurersen_US
dc.subjectRisk-Takingen_US
dc.subjectUnderwriting Risken_US
dc.titleUnderwriting and investment risks in the property-liability insurance industry: Evidence prior to the 9-11 eventen_US
dc.typeArticleen_US
dc.identifier.emailZou, H: hongzou@hku.hken_US
dc.identifier.authorityZou, H=rp01800en_US
dc.description.naturepostprinten_US
dc.identifier.doi10.1007/s11156-010-0217-9en_US
dc.identifier.scopuseid_2-s2.0-84856728675en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-84856728675&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume38en_US
dc.identifier.issue1en_US
dc.identifier.spage25en_US
dc.identifier.epage46en_US
dc.publisher.placeUnited Statesen_US
dc.identifier.ssrn1700104-
dc.identifier.scopusauthoridZou, H=48663306300en_US
dc.identifier.scopusauthoridWen, MM=35325417300en_US
dc.identifier.scopusauthoridYang, CC=7407030266en_US
dc.identifier.scopusauthoridWang, M=16318058800en_US

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