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An Investigation of market concentration and financial stability in property-liability insurance industry

Recurso electrónico / Electronic resource
Registro MARC
Tag12Valor
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001  MAP20170019534
003  MAP
005  20170621143807.0
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040  ‎$a‎MAP‎$b‎spa‎$d‎MAP
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100  ‎$0‎MAPA20100054109‎$a‎Shim, Jeungbo
24513‎$a‎An Investigation of market concentration and financial stability in property-liability insurance industry‎$c‎Jeungbo Shim
520  ‎$a‎The article investigates whether the market concentration is associated with an insurer's financial stability in the U.S. property-liability insurance industry over the period 1992-2010. We employ two-stage least squares techniques with instrumental variables to address likely endogeneity problems. The results show that higher market concentration is associated with lower financial stability of insurance firms, consistent with the concentration-fragility view. Our results indicate that firm-specific characteristics including firm size, underwriting leverage, organizational form, product and geographical diversification, along with the exposure to natural catastrophes and macroeconomic conditions are important determinants in ensuring a safe and sound insurance system. Robustness tests using various estimation methods and alternative measures of financial stability present consistent results.
650 4‎$0‎MAPA20110021238‎$a‎Estabilidad financiera
650 4‎$0‎MAPA20080616328‎$a‎Concentración de mercados
650 4‎$0‎MAPA20080586294‎$a‎Mercado de seguros
7730 ‎$w‎MAP20077000727‎$t‎The Journal of risk and insurance‎$d‎Nueva York : The American Risk and Insurance Association, 1964-‎$x‎0022-4367‎$g‎05/06/2017 Volumen 84 Número 2 - junio 2017 , p. 567-597