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The Impact of introducing insurance guaranty schemes on pricing and capital structure

Recurso electrónico / electronic resource
MARC record
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1001 ‎$0‎MAPA20080147648‎$a‎Schmeiser, Hato
24514‎$a‎The Impact of introducing insurance guaranty schemes on pricing and capital structure‎$c‎Hato Schmeiser, Joël Wagner
520  ‎$a‎The introduction of an insurance guaranty scheme can have significant influence on the pricing and capital structures in a competitive market. The aim of this article is to study this effect on competitive equity-premium combinations while considering a framework with policyholders and equity holders where guaranty fund charges are volume-based, as levied in existing schemes. Several settings with regard to the origin of the fund contributions are assessed and the immediate effects on the incentives of the policyholders and equity holders are analyzed through a one-period contingent claim approach. One result is that introducing a guaranty scheme in a market with competitive conditions entails a shift of equity capital towards minimum solvency requirements. Hence, adverse incentives may arise with regard to the overall security level of the industry.
650 4‎$0‎MAPA20080551001‎$a‎Garantías
650 4‎$0‎MAPA20080586294‎$a‎Mercado de seguros
650 4‎$0‎MAPA20080623432‎$a‎Prestaciones complementarias
650 4‎$0‎MAPA20080552701‎$a‎Solvencia
650 4‎$0‎MAPA20080598358‎$a‎Productos de seguros
650 4‎$0‎MAPA20080564322‎$a‎Tarificación
650 4‎$0‎MAPA20100019443‎$a‎Requerimientos financieros
7001 ‎$0‎MAPA20120025585‎$a‎Wagner, Joël
7730 ‎$w‎MAP20077000727‎$t‎The Journal of risk and insurance‎$d‎Nueva York : The American Risk and Insurance Association, 1964-‎$x‎0022-4367‎$g‎03/06/2013 Volumen 80 Número 2 - junio 2013 , p. 273-308