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Capital issuances and premium growth in the property-liability insurance industry : evidence from the financial crisis and COVID-19 recession

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100  ‎$0‎MAPA20080648787‎$a‎Berry-Stölzle, Thomas R.
24500‎$a‎Capital issuances and premium growth in the property-liability insurance industry : evidence from the financial crisis and COVID-19 recession‎$c‎Thomas R. Berry-Stolzle and Meghan Irene Esson
520  ‎$a‎The COVID-19-driven stock market crash in early 2020, as well as the recession following the financial crisis, generated sizeable operating losses for property-liability insurance companies. However, property-liability insurers were able to hold their capitalisation levels relatively stable during both recessions, issuing new capital and reducing dividends. We use these two recent recessions to empirically examine the determinants and consequences of capital issuances by property-liability insurance companies. We find that property-liability insurers raise capital to restore depleted levels due to operating losses and to fund business growth, and these determinants do not change during recessions. We further examine whether capitalisation levels constrain insurers' ability to meet demand during recessions and find no evidence this occurs. We rather find that new capital is associated with premium growth in subsequent time periods. There seem to be fewer frictions affecting property-liability insurers to recapitalise and accommodate demand compared to other financial services firms
650 4‎$0‎MAPA20080586294‎$a‎Mercado de seguros
650 4‎$0‎MAPA20080581886‎$a‎Primas de seguros
650 4‎$0‎MAPA20080627638‎$a‎Seguro de responsabilidad civil
650 4‎$0‎MAPA20080579814‎$a‎Crisis financiera
650 4‎$0‎MAPA20090040410‎$a‎Recesión económica
650 4‎$0‎MAPA20200005599‎$a‎COVID-19
650 4‎$0‎MAPA20080624934‎$a‎Seguro de daños patrimoniales
650 4‎$0‎MAPA20080590567‎$a‎Empresas de seguros
7001 ‎$0‎MAPA20240000103‎$a‎Esson, Meghan Irene
7730 ‎$w‎MAP20077100215‎$g‎02/01/2024 Volumen 49 Número 1 - enero 2024 , 25 p.‎$x‎1018-5895‎$t‎Geneva papers on risk and insurance : issues and practice‎$d‎Geneva : The Geneva Association, 1976-
856  ‎$u‎https://link.springer.com/article/10.1057/s41288-022-00283-5
85600‎$y‎MÁS INFORMACIÓN