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Capitalization In The Property Casualty Insurance Industry
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Book Synopsis Capitalization in the Property/casualty Insurance Industry by :
Download or read book Capitalization in the Property/casualty Insurance Industry written by and published by . This book was released on 1992 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Conference on Capitalization in the Property-Liability Insurance Industry Publisher : ISBN 13 : Total Pages :159 pages Book Rating :4.:/5 (248 download)
Book Synopsis Wharton/AON Conference on Capitalization of the Property-Casualty Insurance Industry by : Conference on Capitalization in the Property-Liability Insurance Industry
Download or read book Wharton/AON Conference on Capitalization of the Property-Casualty Insurance Industry written by Conference on Capitalization in the Property-Liability Insurance Industry and published by . This book was released on 2002 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Equity Capital, Internal Capital Markets, and Optimal Capital Structure in the U.S. Property-Casualty Insurance Industry by : J David Cummins
Download or read book Equity Capital, Internal Capital Markets, and Optimal Capital Structure in the U.S. Property-Casualty Insurance Industry written by J David Cummins and published by . This book was released on 2016 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the most pertinent literature on the sources and uses of equity capital in the U.S. property-casualty (P-C) insurance industry. P-C insurers serve a risk management and risk bearing function in the economy. Insurers create diversified risk pools consisting of large numbers of exposures. However, even in the most highly diversified risk pools, uncertainty is not reduced to zero; and insurers must hold equity capital to credibly promise that claims will be paid even if losses are higher than expected. We begin with a financial overview of the industry. Insurers are shown to be well capitalized and financially stable, withstanding large catastrophic events and economic crises. Next, an analysis of capital regulation shows that regulation is not binding for the vast majority of insurers. We then review the theoretical and empirical evidence on the most important economic phenomena impinging on capital in P-C insurance: underwriting cycles, internal capital markets (ICMs), and optimal capital structure. P-C insurers are shown to be heavy users of ICMs, and insurer ICM transactions are shown to be efficient. The available evidence supports the view that P-C insurers have optimal capital structures and behave according to the tradeoff theory of capital structure.
Book Synopsis ESSAYS ON THE U.S. PROPERTY-CASUALTY INSURANCE INDUSTRY by : Yingrui Lu
Download or read book ESSAYS ON THE U.S. PROPERTY-CASUALTY INSURANCE INDUSTRY written by Yingrui Lu and published by . This book was released on 2020 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation includes two chapters. In Chapter 1, "Information Risk and the Cost of Equity Capital Revisited: Evidence from the U.S. Property-Casualty Insurance Industry", I revisit the relationship between information risk and the cost of equity capital in the U.S. property-casualty (P-C) insurance industry. Eckles, Halek and Zhang (2014) find that information risk has no effect on the cost of equity using a sample of U.S. P-C insurers. Following their approach, we decompose information risk into innate and discretionary components. I find that innate information risk affects the cost of equity capital through two opposing channels. On the one hand, innate information risk directly increases an insurer's cost of equity capital by increasing investors' assessment of the riskiness of the insurer's future cash flows. On the other hand, innate information risk indirectly decreases the insurer's cost of equity capital by changing its production so that the assessed riskiness of the firm's future cash flows are reduced. This (negative) indirect effect depends on factors that influence the insurer's underwriting decisions. My empirical results provide supporting evidence for a significant, positive direct effect of innate information risk, while the magnitude of the (negative) indirect effect increases with the insurer's proportion of long-tail business and decreases with its affiliated reinsurance usage. As to the impact of discretionary information risk, my results are mixed. I also find that, on average, the overall effect of information risk on the cost of equity capital for property-casualty insurers is significant and negative. In Chapter 2, "Coordination of Capital, Earnings, and Taxes in the U.S. Property-Casualty Insurance Industry", I investigate how property-casualty (P-C) insurers manage discretionary tools to achieve regulatory capital, earnings, and tax planning goals. I examine one accrual tool, loss reserve errors, together with two real transaction tools: realized capital gains (losses) from investment sales, and capital contributions. I find that when P-C insurers have lower pre-managed capital levels, managers will report income-increasing loss reserve errors, recognize more realized capital gains and receive more capital contributions. When P-C insurers have lower pre-managed earnings, managers will report income-increasing loss reserve errors. When P-C insurers have higher marginal tax rates, managers will report income-decreasing loss reserve errors and recognize more realized capital losses. Moreover, I analyze the effect of ownership structures on the degree of managerial discretion for various reporting goals. My analysis includes three different types of ownership structures: public, private stock and mutual firms. I find that, through the use of capital contributions, public firms are more aggressive in capital management, while mutual firms are less aggressive in capital management than private stock firms. In terms of using the other two tools, compared to private stock firms, public firms do not manage capital less aggressively; they do not manage earnings more aggressively; they do not manage taxes less aggressively. Compared to private stock firms, mutual firms are less aggressive in capital management; they are more aggressive in earnings management; they are less aggressive in tax management.
Book Synopsis Capitalization of the Property-Liability Insurance Industry by : J David Cummins
Download or read book Capitalization of the Property-Liability Insurance Industry written by J David Cummins and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1990s witnessed an unprecedented decline in leverage ratios in the United States property-liability insurance industry. The premiums-to-surplus ratio, the most commonly used leverage ratio in the industry, fell from its historical average of 2.0 to less than 1.0 by the end of 2000; and the industry-wide capital-to-asset ratio increased from an historical average of about 25% to 35%. The international reinsurance industry also experienced significant capital increases and leverage declines during the 1990s (Cummins and Weiss, 2000) These unusual trends raised widespread concerns that the property-liability insurance industry had become over-capitalized (The Economist, 1999; Bowers, 2001; Seifert, 2001). To investigate the growth in capitalization and its potential causes, the Conference on Capitalization in the Property-Liability Insurance Industry was held at the Wharton School in September 2000 under the joint sponsorship of the Wharton Financial Institutions Center and AON. Selected papers from the conference comprise this issue of the Journal of Financial Services Research (JFSR).
Book Synopsis The Capitalization and Portfolio Risk of Insurance Companies by : Richard W. Kopcke
Download or read book The Capitalization and Portfolio Risk of Insurance Companies written by Richard W. Kopcke and published by . This book was released on 1991 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Information Risk and the Cost of Equity Capital Revisited by : Hua Chen
Download or read book Information Risk and the Cost of Equity Capital Revisited written by Hua Chen and published by . This book was released on 2018 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper revisits the relationship between information risk and the cost of equity capital in the U.S. property-casualty (P/C) insurance industry. Eckles, Halek and Zhang (2014) find that information risk has no effect on the cost of equity using a sample of U.S. P/C insurers. Following their approach, we decompose information risk into innate and discretionary components. We find that innate information risk affects the cost of equity capital through two opposing channels. On the one hand, innate information risk directly increases an insurer's cost of equity capital by increasing investors' assessment of the riskiness of the insurer's future cash flows. On the other hand, innate information risk indirectly decreases the insurer's cost of equity capital by changing its production so that the assessed riskiness of the firm's future cash flows are reduced. This (negative) indirect effect depends on factors that influence the insurer's underwriting decisions. Our empirical results provide supporting evidence for a significant, positive direct effect of innate information risk, while the magnitude of the (negative) indirect effect increases with the insurer's proportion of long-tail business and decreases with its affiliated reinsurance usage. As to the impact of discretionary information risk, our results are mixed. We also find that, on average, the overall effect of information risk on the cost of equity capital for property-casualty insurers is significant and negative.
Book Synopsis The Problem of Capital Planning for Small Mutual Property-casualty Insurers by : James Alan Collier
Download or read book The Problem of Capital Planning for Small Mutual Property-casualty Insurers written by James Alan Collier and published by . This book was released on 1966 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Property and Casualty Insurance Concepts Simplified by : Christopher J. Boggs
Download or read book Property and Casualty Insurance Concepts Simplified written by Christopher J. Boggs and published by Lulu.com. This book was released on 2010 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book details key property and casualty concepts rarely discussed or found in print; rather they are often left to be "discovered" over time. These important concepts are now written down for all insurance practitioners to easily access. Examples of the topics and concepts found in this book include rules for reading ANY insurance policy; why losses are excluded; contractual risk transfer; legal liability theories; "COPE" details; and the proper explanation of coinsurance concepts. Also included is a rather extensive glossary of insurance and insurance-related terms. Readers will: 1) Gain a deeper understanding of insurance theories; 2) Be better prepared to explain insurance concepts to their clients; and 3) Develop a greater appreciation and understanding of the claims valuation process.
Book Synopsis Rate Regulation and the Cost of Capital in the Insurance Industry by : Robert A. Haugen
Download or read book Rate Regulation and the Cost of Capital in the Insurance Industry written by Robert A. Haugen and published by . This book was released on 1972 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Weiss Ratings' Guide to Property and Casualty Insurers by : TheStreet.com Ratings, Incorporated
Download or read book Weiss Ratings' Guide to Property and Casualty Insurers written by TheStreet.com Ratings, Incorporated and published by Weiss Ratings. This book was released on 2003 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Property - Casualty Risk-Based Capital Report Including Overview and Instructions for Companies by : National Association of Insurance Commissioners
Download or read book Property - Casualty Risk-Based Capital Report Including Overview and Instructions for Companies written by National Association of Insurance Commissioners and published by . This book was released on 1994-10 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Weiss Ratings' Guide to Property and Casualty Insurers by : Weiss Ratings Inc
Download or read book Weiss Ratings' Guide to Property and Casualty Insurers written by Weiss Ratings Inc and published by Weiss Ratings. This book was released on 2003 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Insurance and Issues in Financial Soundness by : Nigel Davies
Download or read book Insurance and Issues in Financial Soundness written by Nigel Davies and published by International Monetary Fund. This book was released on 2003-07-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores insurance as a source of financial system vulnerability. It provides a brief overview of the insurance industry and reviews the risks it faces, as well as several recent failures of insurance companies that had systemic implications. Assimilation of banking-type activities by life insurers appears to be the key systemic vulnerability. Building on this experience and the experience gained under the FSAP, the paper proposes key indicators that should be compiled and used for surveillance of financial soundness of insurance companies and the insurance sector as a whole.
Book Synopsis Proceedings of the Casualty Actuarial Society by : Casualty Actuarial Society
Download or read book Proceedings of the Casualty Actuarial Society written by Casualty Actuarial Society and published by . This book was released on 1923 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: List of members for the years 1914-20 are included in v. 1-7, after which they are continued in the Year book of the society, begun in 1922.
Book Synopsis TheStreet.com Ratings' Guide to Property and Casualty Insurers by : Laura Mars-Proietti
Download or read book TheStreet.com Ratings' Guide to Property and Casualty Insurers written by Laura Mars-Proietti and published by Thestreet.com Ratings. This book was released on 2008-02 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: A quarterly compilation of insurance company ratings and analyses.
Book Synopsis Weiss Ratings' Guide to Property and Casualty Insurers by : TheStreet.com Ratings, Incorporated
Download or read book Weiss Ratings' Guide to Property and Casualty Insurers written by TheStreet.com Ratings, Incorporated and published by Weiss Ratings. This book was released on 2004 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: