Why do insurers fail? A comparison of life and nonlife insurance companies from an international database

<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/MARC21/slim http://www.loc.gov/standards/marcxml/schema/MARC21slim.xsd">
  <record>
    <leader>00000cab a2200000   4500</leader>
    <controlfield tag="001">MAP20220034135</controlfield>
    <controlfield tag="003">MAP</controlfield>
    <controlfield tag="005">20221118134912.0</controlfield>
    <controlfield tag="008">221118e20221205usa|||p      |0|||b|eng d</controlfield>
    <datafield tag="040" ind1=" " ind2=" ">
      <subfield code="a">MAP</subfield>
      <subfield code="b">spa</subfield>
      <subfield code="d">MAP</subfield>
    </datafield>
    <datafield tag="084" ind1=" " ind2=" ">
      <subfield code="a">7</subfield>
    </datafield>
    <datafield tag="100" ind1=" " ind2=" ">
      <subfield code="0">MAPA20170003199</subfield>
      <subfield code="a">Bandt, Olivier de</subfield>
    </datafield>
    <datafield tag="245" ind1="1" ind2="0">
      <subfield code="a">Why do insurers fail? A comparison of life and nonlife insurance companies from an international database</subfield>
      <subfield code="c">Olivier de Bandt, George Overton</subfield>
    </datafield>
    <datafield tag="520" ind1=" " ind2=" ">
      <subfield code="a">This paper tests the claim that insurers often engage in risk-shifting years before the materialization of a failure. It compares the mechanisms of insurance insolvency across different jurisdictions, using a first-of-its-kind international database assembled by the authors, merging individual financial data together with information on impairments over the last 30 years in four of the largest insurance markets in the world (France, Japan, the UK, and the United States). Results show evidence that low profitability is a leading indicator of failures. Further, there is an asymmetry between life insurance, where bond investment is highly significant, and nonlife insurance sectors, where operating inefficiency plays a larger role. Moreover, this paper highlights differences across countries: a stronger reaction to operating inefficiency in nonlife insurance in France and a less positive impact of bond investment in life insurance in Japan. Both results are linked to differences in the functioning of insurance markets.

</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080591182</subfield>
      <subfield code="a">Gerencia de riesgos</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080570590</subfield>
      <subfield code="a">Seguro de vida</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080586294</subfield>
      <subfield code="a">Mercado de seguros</subfield>
    </datafield>
    <datafield tag="773" ind1="0" ind2=" ">
      <subfield code="w">MAP20077000727</subfield>
      <subfield code="g">05/12/2022 Volumen 89 Número 4 - diciembre 2022 , p. 871-905</subfield>
      <subfield code="x">0022-4367</subfield>
      <subfield code="t">The Journal of risk and insurance</subfield>
      <subfield code="d">Nueva York : The American Risk and Insurance Association, 1964-</subfield>
    </datafield>
  </record>
</collection>