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Gambling for market recovery? European insurers' corporate bond investments during market stress
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MAP20260003474
Beyer, Marcel ‌
Gambling for market recovery? European insurers' corporate bond investments during market stress / Marcel Beyer
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 persists
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 - 908
1. Inversiones financieras ‌. 2. Bonos ‌. 3. Gerencia de riesgos ‌. 4. Riesgo financiero ‌. 5. Solvencia II ‌. 6. Estabilidad financiera ‌. 7. Mercado de seguros ‌. 8. Riesgo crediticio ‌. I. American Risk and Insurance Association ‌. II. Título.