The Impact of diversification on performance in the insurance industry : the roles of globalisation, financial reforms and global crisis

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<title>Impact of diversification on performance in the insurance industry</title>
<subTitle>: the roles of globalisation, financial reforms and global crisis</subTitle>
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<namePart>Meng-Fen, Hsieh</namePart>
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<namePart>Chien-Chiang, Lee</namePart>
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<namePart>Shih-Jui, Yang</namePart>
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<abstract displayLabel="Summary">This paper builds on the diversity performance relation in the cross-country literature by examining the property-liability insurance industry across 62 countries. It is, to the best of our knowledge, the first paper to explore the heterogeneity across countries over time by utilising the dynamic panel generalised method of moments approach, thus connecting directly with the current debates on the diversityperformance relation. The results show that a higher level of diversification leads to higher returns and insurers' risk, while intending to decrease the degree of leverage. Furthermore, globalisation and financial reforms have more significant impacts on performance in non-high-income countries. The results indicate that income diversity can improve an insurer's performance under the condition of financial reforms, but liberalisation with direct credit and interest rate control variables leads to higher competition and erodes an insurer's profitability. During global crisis periods, insurers in high-income countries that are well diversified are able to adjust their leverage ratio faster than insurers in non-high-income countries</abstract>
<note type="statement of responsibility">Hsieh Meng-Fen,Lee Chien-Chiang, Yang Shih-Jui </note>
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<topic>Seguros</topic>
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<topic>Mercado de seguros</topic>
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<topic>Globalización de la economía</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080587369">
<topic>Reforma financiera</topic>
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<topic>Diversificación empresarial</topic>
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<title>Geneva papers on risk and insurance : issues and practice</title>
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<publisher>Geneva : The Geneva Association, 1976-</publisher>
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<identifier type="issn">1018-5895</identifier>
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<text>05/10/2015 Volumen 40 Número 4 - octubre 2015 , p. 585-631</text>
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