The Combined effect of enterprise risk management and diversification on property and casualty insurer performance

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      <subfield code="a">The Combined effect of enterprise risk management and diversification on property and casualty insurer performance</subfield>
      <subfield code="c">Jing Ai, Vickie Bajtelsmit, TianyangWang</subfield>
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      <subfield code="a">In a well-designed enterprise risk management (ERM) program, the firm integrates risk management into the strategic planning process, addressing strategic, financial, operational, and hazard risks under a single overarching process. This is particularly important to large financial firms, such as property and casualty (P&C) insurers, which face a diverse set of risks. Using a sample of P&C insurers with S&P ERM quality ratings from 2006 to 2013, we find that the quality of a firm's ERM is a significant determinant of P&C insurer performance and that, for firms with high-quality ERM programs, product line diversification has a significant positive effect on performance</subfield>
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      <subfield code="t">The Journal of risk and insurance</subfield>
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      <subfield code="g">01/06/2018 Volumen 85 Número 2 - junio 2018 , p. 513-543</subfield>
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