Does reinsurance purchasing enhance insurers' competitiveness? Evidence from the U.S. property-liability insurance industry

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      <subfield code="a">Does reinsurance purchasing enhance insurers' competitiveness? Evidence from the U.S. property-liability insurance industry</subfield>
      <subfield code="c">Vincent Y. Chang</subfield>
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      <subfield code="a">This study investigates whether firms that purchase more strategic reinsurance ex ante could enhance their competitiveness in the output market ex post for the U.S. property-liability insurance industry. The empirical results show that reinsurance purchasing does not increase insurers' competitiveness ex post, which contradicts the prediction of the strategic commitment hypothesis. A plausible explanation is that the U.S. property-liability industry tends to be a completely competitive market and not an oligopoly. In addition, reinsurance purchasing seems to be regarded as an insurer's operational characteristic and not to be treated as a strategic demand for sending an aggressive signal on the output market to its competitors</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.595-623</subfield>
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