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Reducing medical malpractice loss reserve volatility through tort reform

Recurso electrónico / Electronic resource
MARC record
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008  201228e20201201usa|||p |0|||b|eng d
040  ‎$a‎MAP‎$b‎spa‎$d‎MAP
084  ‎$a‎33
1001 ‎$0‎MAPA20080186180‎$a‎Born, Patricia H.
24510‎$a‎Reducing medical malpractice loss reserve volatility through tort reform‎$c‎Patricia H. Born, Evan M. Eastman, W. Kip Viscusi
520  ‎$a‎This study examines how tort reform affects uncertainty in insurance markets by testing whether noneconomic damage caps influence reserving volatility for medical malpractice insurers. Using a panel of insurers from 1986 to 2009, we estimate the determinants of loss reserve error volatility and focus on how this volatility is influenced by the percent of premiums an insurer writes that are subject to noneconomic damage caps. We find empirical evidence that tort reform reduces reserve volatility over the subsequent 3- and 5-year periods, consistent with tort reform improving insurers' loss forecasting ability. Our findings address outcomes of tort reform that are prominent concerns of legislators, regulators, and policyholders. This article contributes both to the literature examining the insurance market effects of tort reform and to the literature examining loss reserving practices.
650 4‎$0‎MAPA20100048047‎$a‎Negligencia
650 4‎$0‎MAPA20080603588‎$a‎Responsabilidad civil
650 4‎$0‎MAPA20080590567‎$a‎Empresas de seguros
650 4‎$0‎MAPA20080586294‎$a‎Mercado de seguros
700  ‎$0‎MAPA20210029998‎$a‎Eastman, Evan M
7001 ‎$0‎MAPA20080151294‎$a‎Viscusi, W. Kip
7730 ‎$w‎MAP20077000239‎$t‎North American actuarial journal‎$d‎Schaumburg : Society of Actuaries, 1997-‎$x‎1092-0277‎$g‎01/12/2020 Tomo 24 Número 4 - 2020 , p. 626-646