再保险与可持续性:来自国际保险公司的证据

S. Bressan
{"title":"再保险与可持续性:来自国际保险公司的证据","authors":"S. Bressan","doi":"10.47260/jafb/1368","DOIUrl":null,"url":null,"abstract":"Abstract\n\nReinsurance is an integral transaction to the insurance business and carries real economic consequences. While the previous literature on risk management has examined the effects from reinsurance, in more recent years there is a growing interest on the topic of sustainability and its consequences on corporate risk taking. In this article we analyze a sample of international insurers between 2013 and 2022. We show that the purchase of reinsurance is negatively related to their sustainability, as measured by environmental, social, and governance (ESG) scores. Furthermore, we illustrate that insurers’ losses decrease in higher levels of reinsurance and sustainability. However, while reinsurance brings down insurers’ profitability, sound ESG scores are related to lower expenses and increasing profitability. Our interpretation is that strong ESG profiles may serve as a cheaper alternative to reinsurance in order to mitigate claim risk. These findings support the previous views that sustainability has a positive impact on financing costs and valuation.\n\nJEL classification numbers: G22.\nKeywords: ESG, Reinsurance, Sustainability.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"11 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Reinsurance and Sustainability: Evidence from International Insurers\",\"authors\":\"S. Bressan\",\"doi\":\"10.47260/jafb/1368\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Abstract\\n\\nReinsurance is an integral transaction to the insurance business and carries real economic consequences. While the previous literature on risk management has examined the effects from reinsurance, in more recent years there is a growing interest on the topic of sustainability and its consequences on corporate risk taking. In this article we analyze a sample of international insurers between 2013 and 2022. We show that the purchase of reinsurance is negatively related to their sustainability, as measured by environmental, social, and governance (ESG) scores. Furthermore, we illustrate that insurers’ losses decrease in higher levels of reinsurance and sustainability. However, while reinsurance brings down insurers’ profitability, sound ESG scores are related to lower expenses and increasing profitability. Our interpretation is that strong ESG profiles may serve as a cheaper alternative to reinsurance in order to mitigate claim risk. These findings support the previous views that sustainability has a positive impact on financing costs and valuation.\\n\\nJEL classification numbers: G22.\\nKeywords: ESG, Reinsurance, Sustainability.\",\"PeriodicalId\":330012,\"journal\":{\"name\":\"Journal of Applied Finance & Banking\",\"volume\":\"11 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2023-08-28\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Applied Finance & Banking\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.47260/jafb/1368\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Applied Finance & Banking","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.47260/jafb/1368","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 1

摘要

摘要保险是保险业务的一项整体交易,具有现实的经济后果。虽然以前关于风险管理的文献研究了再保险的影响,但近年来,人们对可持续性及其对公司风险承担的影响的主题越来越感兴趣。在本文中,我们分析了2013年至2022年间国际保险公司的样本。我们发现,通过环境、社会和治理(ESG)得分来衡量,再保险的购买与其可持续性呈负相关。此外,我们还说明了再保险水平和可持续性越高,保险公司的损失就越少。然而,虽然再保险降低了保险公司的盈利能力,但良好的ESG得分与较低的费用和增加的盈利能力有关。我们的解释是,强大的ESG概况可以作为一种更便宜的再保险替代方案,以降低索赔风险。这些发现支持了之前的观点,即可持续性对融资成本和估值有积极影响。JEL分类号:G22。关键词:ESG,再保险,可持续性
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Reinsurance and Sustainability: Evidence from International Insurers
Abstract Reinsurance is an integral transaction to the insurance business and carries real economic consequences. While the previous literature on risk management has examined the effects from reinsurance, in more recent years there is a growing interest on the topic of sustainability and its consequences on corporate risk taking. In this article we analyze a sample of international insurers between 2013 and 2022. We show that the purchase of reinsurance is negatively related to their sustainability, as measured by environmental, social, and governance (ESG) scores. Furthermore, we illustrate that insurers’ losses decrease in higher levels of reinsurance and sustainability. However, while reinsurance brings down insurers’ profitability, sound ESG scores are related to lower expenses and increasing profitability. Our interpretation is that strong ESG profiles may serve as a cheaper alternative to reinsurance in order to mitigate claim risk. These findings support the previous views that sustainability has a positive impact on financing costs and valuation. JEL classification numbers: G22. Keywords: ESG, Reinsurance, Sustainability.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:604180095
Book学术官方微信