An analysis of post-demutualisation in the property-liability insurance industry
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| Tag | 1 | 2 | Value |
|---|---|---|---|
| LDR | 00000cab a2200000 4500 | ||
| 001 | MAP20220011600 | ||
| 003 | MAP | ||
| 005 | 20220419142209.0 | ||
| 008 | 220419e20220404esp|||p |0|||b|spa d | ||
| 040 | $aMAP$bspa$dMAP | ||
| 084 | $a7 | ||
| 100 | 1 | $0MAPA20220003926$aJin, Licheng | |
| 245 | 1 | 0 | $aAn analysis of post-demutualisation in the property-liability insurance industry$cLicheng Jin, Gene Lai, Chia-Ling Ho |
| 520 | $aUsing a quasi-natural experiment, we examine how demutualisation affects demutualised insurers' capital, organisational flexibility and alignment of managerial incentives post-demutualisation. First, our results show demutualised insurers have faster surplus growth than matching insurers post-demutualisation. However, the surplus growth differs between demutualised insurers with and without surplus notes. Specifically, the evidence shows that demutualised insurers with surplus notes experience long-term surplus growth, while demutualised insurers without surplus notes experience short-term surplus increases. Second, we find that increased organisational flexibility facilitates merger and acquisition activities for demutualised insurers and helps them to pursue growth and diversification. We find that 51% of demutualised stock insurers become targets in the conversion year. Finally, we find that demutualised insurers have lower underwriting expenses and underwrite more in commercial lines post-demutualisation. Overall, our evidence shows that demutualisation has a positive impact on surplus growth, organisational flexibility and the alignment between managerial incentives and owners' interests. | ||
| 650 | 4 | $0MAPA20080575588$aDesmutualización | |
| 650 | 4 | $0MAPA20080586294$aMercado de seguros | |
| 700 | 1 | $0MAPA20080048266$aLai, Gene C. | |
| 700 | 1 | $0MAPA20130005157$aHo, Chia-Ling | |
| 773 | 0 | $wMAP20077100215$g04/04/2022 Volumen 47 Número 2 - abril 2022 , p. 279-320$x1018-5895$tGeneva papers on risk and insurance : issues and practice$dGeneva : The Geneva Association, 1976- |