市场纪律和政府担保：来自保险业的证据

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

Journal of Risk and Insurance Pub Date : 2024-10-09 DOI:10.1111/jori.12493

Yiling Deng, J. Tyler Leverty, Kenny Wunder, George Zanjani

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引用次数: 0

摘要

我们通过利用美国各州对财产-意外保险公司义务的担保的变化来确定公共担保对市场纪律的影响。我们发现，担保资金对保险公司融资的风险敏感性总体上影响不大，除了在A.M.的关键阈值水平上的评级变化Best的A -评级。对于评级被下调前为A -的保险公司，我们发现，不受国家担保覆盖的业务保费增长相对于受国家担保覆盖的业务增长有所下降。我们估计商业保险公司的这一增长差异高达14.9%。

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Market discipline and government guarantees: Evidence from the insurance industry

We identify the effect of public guarantees on market discipline by exploiting the variation in US state guarantees of property–casualty insurer obligations. We find that guaranty funds have little effect on the risk-sensitivity of insurer financing overall, with the exception of rating changes at the key threshold level of A.M. Best's A− rating. For insurers rated A− before a downgrade, we find that premium growth in business not covered by state guarantees falls in relation to growth in business covered by state guarantees. We estimate this difference in growth to be as high as 14.9% for commercial insurers.

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来源期刊

Journal of Risk and Insurance Multiple-

CiteScore

3.50

自引率

15.80%

发文量

期刊介绍： The Journal of Risk and Insurance (JRI) is the premier outlet for theoretical and empirical research on the topics of insurance economics and risk management. Research in the JRI informs practice, policy-making, and regulation in insurance markets as well as corporate and household risk management. JRI is the flagship journal for the American Risk and Insurance Association, and is currently indexed by the American Economic Association’s Economic Literature Index, RePEc, the Social Sciences Citation Index, and others. Issues of the Journal of Risk and Insurance, from volume one to volume 82 (2015), are available online through JSTOR . Recent issues of JRI are available through Wiley Online Library. In addition to the research areas of traditional strength for the JRI, the editorial team highlights below specific areas for special focus in the near term, due to their current relevance for the field.