The Sensitivity of reinsurance demand to counterparty risk : evidence from the U.S. property-liability insurance industry
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| 001 | MAP20200001478 | ||
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| 100 | 1 | $0MAPA20130003016$aCarol Park, Sojung | |
| 245 | 1 | 4 | $aThe Sensitivity of reinsurance demand to counterparty risk$b: evidence from the U.S. property-liability insurance industry$cSojung Carol Park Xiaoying Xie Pinghai Rui |
| 520 | $aThis article investigates market discipline in the reinsurance market by examining the sensitivity of reinsurance demand to reinsurer counterparty risk for a sample of U.S. property-liability insurance companies. Using the financial strength rating of reinsurers as a proxy for reinsurance counterparty risk, we find evidence of market discipline that reinsurance demand is sensitive to counterparty risk. Specifically, reinsurance demand reacts negatively to reinsurer rating downgrades, with the reduction being the largest when a weak reinsurer gets weaker, followed by a reinsurer being downgraded below a benchmark rating. The sensitivity is higher for authorized reinsurance than for unauthorized reinsurance. Reinsurance demand sensitivity to counterparty risk is found to be lower for ceding insurers with higher leverage. Ceding insurers with high reinsurer sustainability are less sensitive to noncritical rating downgrades of reinsurers. Additionally, reinsurance demand is found to be less sensitive to reinsurer upgrading than to reinsurer downgrading. | ||
| 650 | 4 | $0MAPA20080602529$aMercado de reaseguros | |
| 650 | 4 | $0MAPA20080624934$aSeguro de daños patrimoniales | |
| 650 | 4 | $0MAPA20080584580$aDemanda de seguros | |
| 650 | 4 | $0MAPA20080627638$aSeguro de responsabilidad civil | |
| 650 | 4 | $0MAPA20080619640$aIncumplimiento de contrato | |
| 651 | 1 | $0MAPA20080638337$aEstados Unidos | |
| 773 | 0 | $wMAP20077000727$tThe Journal of risk and insurance$dNueva York : The American Risk and Insurance Association, 1964-$x0022-4367$g02/12/2019 Volumen 86 Número 4 - diciembre 2019 , p. 915-946 |