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Journal of Risk and Insurance最新文献

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Do insurers respond to active purchasing? Evidence from the Massachusetts health insurance exchange 保险公司对主动购买有反应吗?马萨诸塞州医疗保险交易所的证据
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2022-12-12 DOI: 10.1111/jori.12414
Mark Shepard, Ethan Forsgren
{"title":"Do insurers respond to active purchasing? Evidence from the Massachusetts health insurance exchange","authors":"Mark Shepard,&nbsp;Ethan Forsgren","doi":"10.1111/jori.12414","DOIUrl":"10.1111/jori.12414","url":null,"abstract":"<p>Health insurance markets face continued challenges with high premiums and limited insurer competition. We describe a unique set of “active purchasing” policies used by Massachusetts' pioneer health insurance exchange to shape the rules of competition and reward lower-price insurers with additional customers. We provide evidence that these policies significantly influenced insurer pricing. Between 2010 and 2013, over 80% of insurer prices were set exactly at or within 1% of pricing thresholds created by active purchasing policies. A key “limited choice” policy was associated with a 16%–20% reduction in average insurance prices relative to comparison markets in 2012–2014. Insurers achieved these price cuts partly through cost reductions via narrower provider networks and partly through reduced profit margins.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"90 1","pages":"9-31"},"PeriodicalIF":1.9,"publicationDate":"2022-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48534415","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Executive compensation and corporate risk management 高管薪酬和公司风险管理
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2022-12-12 DOI: 10.1111/jori.12412
Jiyeon Yun, James M. Carson, David L. Eckles
{"title":"Executive compensation and corporate risk management","authors":"Jiyeon Yun,&nbsp;James M. Carson,&nbsp;David L. Eckles","doi":"10.1111/jori.12412","DOIUrl":"10.1111/jori.12412","url":null,"abstract":"<p>We provide the first evidence on the effects of executive compensation on corporate risk management for insurers. Our unique data set allows the construction of a new, more complete measure of corporate risk management behavior. Specifically, we include hedging-driven usage of not only derivatives but also insurance. To address potential endogeneity, we utilize a difference-in-differences approach, based on the implementation of FAS 123R that required firms to expense stock-based compensation at fair value. We find that the decline in the convexity of executive compensation following FAS 123R led firms to significantly increase corporate risk management, primarily through increased demand for insurance.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"90 2","pages":"521-557"},"PeriodicalIF":1.9,"publicationDate":"2022-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47965697","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Are health insurers in multiple lines of business less profitable? An examination of scope economies in health insurance 多业务领域的健康保险公司盈利能力下降了吗?对健康保险范围经济的考察
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2022-11-21 DOI: 10.1111/jori.12408
Patricia Born, Amanda Cook, Tice Sirmans, Charles Yang
{"title":"Are health insurers in multiple lines of business less profitable? An examination of scope economies in health insurance","authors":"Patricia Born,&nbsp;Amanda Cook,&nbsp;Tice Sirmans,&nbsp;Charles Yang","doi":"10.1111/jori.12408","DOIUrl":"10.1111/jori.12408","url":null,"abstract":"<p>In markets where companies can offer multiple products or services, production costs may decline, and profitability may increase as business scope expands. Using a sample of health insurers from 2015 to 2018 with data reported in the annual NAIC Supplemental Health Care Exhibit, we test whether scope economies exist among health insurers. We evaluate the relationship between scope and four profitability metrics—the medical loss ratio, the expense ratio, the underwriting profit ratio, and a profit efficiency measure obtained using a data envelopment analysis technique. We test two competing hypotheses from prior literature on scope economies in insurance. The strategic focus hypothesis states performance is higher for insurers that specialize in one line of business. The conglomeration hypothesis states performance is higher for insurers that operate in multiple lines of business. Our results provide evidence in support of the strategic focus hypothesis among US health insurers.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"90 1","pages":"185-212"},"PeriodicalIF":1.9,"publicationDate":"2022-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47803959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Issue Information: Journal of Risk and Insurance 4/2022 发行信息:Journal of Risk and Insurance 4/2022
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2022-11-09 DOI: 10.1111/jori.12351
{"title":"Issue Information: Journal of Risk and Insurance 4/2022","authors":"","doi":"10.1111/jori.12351","DOIUrl":"https://doi.org/10.1111/jori.12351","url":null,"abstract":"","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"89 4","pages":"867-870"},"PeriodicalIF":1.9,"publicationDate":"2022-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12351","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137496653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Data Policy 数据策略
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2022-11-09 DOI: 10.1111/jori.12411
{"title":"Data Policy","authors":"","doi":"10.1111/jori.12411","DOIUrl":"https://doi.org/10.1111/jori.12411","url":null,"abstract":"","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"89 4","pages":"1163-1164"},"PeriodicalIF":1.9,"publicationDate":"2022-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12411","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137496656","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Capital requirements and claims recovery: A new perspective on solvency regulation 资本要求与索赔回收：偿付能力监管的新视角
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2022-10-08 DOI: 10.1111/jori.12405
Cosimo Munari, Stefan Weber, Lutz Wilhelmy
{"title":"Capital requirements and claims recovery: A new perspective on solvency regulation","authors":"Cosimo Munari,&nbsp;Stefan Weber,&nbsp;Lutz Wilhelmy","doi":"10.1111/jori.12405","DOIUrl":"https://doi.org/10.1111/jori.12405","url":null,"abstract":"<p>Protection of creditors is a key objective of financial regulation. Where the protection needs are high, that is, in banking and insurance, regulatory solvency requirements are an instrument to prevent that creditors incur losses on their claims. The current regulatory requirements based on value at risk (V@R) and average value at risk (AV@R) limit the probability of default of financial institutions, but they fail to control the size of recovery on creditors' claims in the case of default. We resolve this failure by developing a novel risk measure, recovery V@R. Our conceptual approach is flexible and allows the construction of general recovery risk measures for various risk management purposes. We provide detailed case studies and applications. We show that recovery risk measures can be used for performance-based management of business divisions of firms and discuss how to calibrate recovery risk measures to historical regulatory standards. Finally, we analyze how recovery risk measures react to the joint distributions of assets and liabilities on firms' balance sheets and compare the corresponding capital requirements with the current regulatory benchmarks based on V@R and AV@R.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"90 2","pages":"329-380"},"PeriodicalIF":1.9,"publicationDate":"2022-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12405","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50125558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Trading and liquidity in the catastrophe bond market 灾难债券市场的交易和流动性
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2022-10-03 DOI: 10.1111/jori.12407
Markus Herrmann, Martin Hibbeln
{"title":"Trading and liquidity in the catastrophe bond market","authors":"Markus Herrmann,&nbsp;Martin Hibbeln","doi":"10.1111/jori.12407","DOIUrl":"https://doi.org/10.1111/jori.12407","url":null,"abstract":"<p>We provide first insights into secondary market trading, liquidity determinants, and the liquidity premium of catastrophe bonds. Based on transaction data from TRACE (Trade Reporting and Compliance Engine), we find that cat bonds are traded less frequently during the hurricane season and more often close to maturity. Trading activity indicates that the market is dominated by brokers without a proprietary inventory. Liquidity is high in periods of high trading activity in the overall market and for bonds with low default risk or close to maturity, which results from lower order processing costs. Finally, using realized bid–ask spreads as a liquidity measure, we find that on average, 21% of the observable yield spread on the cat bond market is attributable to the liquidity premium, with a magnitude of up to 141 bps for high-risk bonds.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"90 2","pages":"283-328"},"PeriodicalIF":1.9,"publicationDate":"2022-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12407","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50119892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
On the cost-of-capital rate under incomplete market valuation 论不完全市场估值下的资本成本率
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2022-09-27 DOI: 10.1111/jori.12406
Hansjörg Albrecher, Karl-Theodor Eisele, Mogens Steffensen, Mario V. Wüthrich
{"title":"On the cost-of-capital rate under incomplete market valuation","authors":"Hansjörg Albrecher,&nbsp;Karl-Theodor Eisele,&nbsp;Mogens Steffensen,&nbsp;Mario V. Wüthrich","doi":"10.1111/jori.12406","DOIUrl":"10.1111/jori.12406","url":null,"abstract":"<p>In this paper we discuss the concept of the cost-of-capital (CoC) rate for an insurance company as an equilibrium in the economic triangle of policyholders, shareholders, and the regulator. This provides a possible rationalization and an economic foundation for a quantity that is widely used in practice but whose value is typically neither technically nor economically well justified. We show how it can be well founded in such a triangular equilibrium. Under a simple one-period model and a valuation procedure of a two-price economy for illiquid assets we provide a corresponding economic-theoretical quantification for the CoC rate. The resulting rates are illustrated by a number of concrete numerical examples.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"89 4","pages":"1139-1158"},"PeriodicalIF":1.9,"publicationDate":"2022-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jori.12406","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44928555","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Encouraging resiliency through autoenrollment in supplemental flood insurance coverage 通过自动注册补充洪水保险来鼓励抗灾能力
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2022-09-08 DOI: 10.1111/jori.12404
Lynn Conell-Price, Carolyn Kousky, Howard Kunreuther
{"title":"Encouraging resiliency through autoenrollment in supplemental flood insurance coverage","authors":"Lynn Conell-Price,&nbsp;Carolyn Kousky,&nbsp;Howard Kunreuther","doi":"10.1111/jori.12404","DOIUrl":"10.1111/jori.12404","url":null,"abstract":"<p>Flooding is the most common and costly natural disaster, with losses escalating due to climate change. For millions of US homes exposed to flood risk, property-level investments in flood resilience offer an attractive strategy to manage losses. But financing such investments remains a challenge. One option is to harness insurance. We use field data of residential flood insurance purchases from a private insurer that offered a supplemental policy (<i>FloodReady</i>) to cover the costs of rebuilding with flood-resilient materials. We exploit a change in the default purchase option to estimate how default enrollment in <i>FloodReady</i> influences take-up. We estimate that autoenrollment increases take-up from 12% to 32%. This dramatic increase suggests that behavioral interventions can be used to improve the financial capacity of homeowners to reduce future flood losses. That said, the fact that most policyholders still actively opt-out even under autoenrollments indicates the limits of default effects in this context. We discuss potential moderators and implications for default effects across settings.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"89 4","pages":"1109-1137"},"PeriodicalIF":1.9,"publicationDate":"2022-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43998794","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Personal taxes, cost of insurer equity capital, and the case of offshore hedge fund reinsurers 个人税收，保险公司股本成本，以及离岸对冲基金再保险公司的案例
IF 1.9 3区 经济学
Journal of Risk and Insurance Pub Date : 2022-09-03 DOI: 10.1111/jori.12403
Greg Niehaus
{"title":"Personal taxes, cost of insurer equity capital, and the case of offshore hedge fund reinsurers","authors":"Greg Niehaus","doi":"10.1111/jori.12403","DOIUrl":"10.1111/jori.12403","url":null,"abstract":"<p>Insurer investment returns are taxed in the United States at the corporate level and at the personal level when they are distributed to shareholders. This paper examines the implications of personal taxes for the tax cost on insurers equity capital and how these tax costs have varied over time under different tax regimes and with different asset portfolios. The paper also discusses how personal taxes provide tax incentives to form offshore hedge fund reinsurers, which provide an interesting case study illustrating the relevance of personal taxes. Finally, the paper discusses the tax treatment of alternative capital arrangements, such as collateralized reinsurance and sidecars.</p>","PeriodicalId":51440,"journal":{"name":"Journal of Risk and Insurance","volume":"90 2","pages":"249-281"},"PeriodicalIF":1.9,"publicationDate":"2022-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46411956","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
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