The Effects of business mix on internal and external reinsurance usage

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      <subfield code="a">The Effects of business mix on internal and external reinsurance usage</subfield>
      <subfield code="c">Ching-Yuan Hsiao, Yung-Ming Shiu</subfield>
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      <subfield code="a">Our overali aim in this research is to identify the effects of the business mix of insurers on their overail reinsurance usage, based on the use of  the Cragg (Econometrica39: 829-844, 1971) model, for our analysis of the reinsurance decisions made by insurers in the U.K. life insurance industry between 2005 and 2014. Our findings reveal a positive (negative) correlation between with-profit (unit-linked) business and reinsurance, thereby indicating that insurers underwriting riskier product mixes have a higher demand for reinsurance. We go on to separate total reinsurance into internal and external reinsurance before carrying out further analyses. Our results reveal that insurers underwriting more with-profit business appear to use more internal reinsurance, which would seem to imply that internal reinsurance could be more cost effective for those reinsurance transactions involving greater managerial discretion.</subfield>
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      <subfield code="t">Geneva papers on risk and insurance : issues and practice</subfield>
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      <subfield code="g">01/10/2019 Volumen 44 Número 4 - octubre 2019 , p. 624-652</subfield>
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