Centro de Documentacion de Fundación MAPFRE - Gambling for market recovery? European insurers' corporate bond investments during market stress

Notas: Sumario: The study examines how European insurers adjusted the credit risk of their corporate bond portfolios during the COVID-19 market crash. Using daily market data, it shows that insurers initially shifted toward safer assets, such as AAA government bonds and A-rated corporates. As the crisis progressed, however, they began to invest counter-cyclically in high-yield bonds even before markets recovered a pattern not observed among U.S. insurers. The findings suggest that this behavior may support systemic stability by providing market liquidity, although it also increases solvency risk if the downturn persistsRegistros relacionados: En: The Journal of risk and insurance. - Nueva York : The American Risk and Insurance Association, 1964- = ISSN 0022-4367. - 17/11/2025 Volumen 92 Número 4 - noviembre 2025 , p. 857 - 908Materia / lugar / evento: Inversiones financieras Bonos Gerencia de riesgos Riesgo financiero Solvencia II Estabilidad financiera Mercado de seguros Riesgo crediticio Otros autores: American Risk and Insurance Association
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