Do Japanese policyholders care about insurers' credit quality?

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      <subfield code="a">We analyse abnormal growth of premiums surrounding financial strength rating changes for a panel of life insurers in Japan during 2002-2009. Unlike the U.S. market, our regression results indicate that life insurance premiums do not show relevant change in connection with ratings changes in the Japanese market. However, insurance demand is not totally insensitive to the financial strength of insurers. We find that the demand for foreign life insurers has a positive relationship with solvency margin ratio. We also find that consumers cared more about insurers credit quality during the later sample period of 2006-2009 than the earlier sample period of 2002-2005</subfield>
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      <subfield code="g">07/01/2013 Volumen 38 Número 1  - enero 2013 , p. 1-21</subfield>
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