Gambling for market recovery? European insurers' corporate bond investments during market stress

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<dc:creator>Beyer, Marcel</dc:creator>
<dc:creator>American Risk and Insurance Association</dc:creator>
<dc:date>2025-11-17</dc:date>
<dc:description xml:lang="es">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</dc:description>
<dc:identifier>https://documentacion.fundacionmapfre.org/documentacion/publico/es/bib/189579.do</dc:identifier>
<dc:language>eng</dc:language>
<dc:rights xml:lang="es">InC - http://rightsstatements.org/vocab/InC/1.0/</dc:rights>
<dc:subject xml:lang="es">Inversiones financieras</dc:subject>
<dc:subject xml:lang="es">Bonos</dc:subject>
<dc:subject xml:lang="es">Gerencia de riesgos</dc:subject>
<dc:subject xml:lang="es">Riesgo financiero</dc:subject>
<dc:subject xml:lang="es">Solvencia II</dc:subject>
<dc:subject xml:lang="es">Estabilidad financiera</dc:subject>
<dc:subject xml:lang="es">Mercado de seguros</dc:subject>
<dc:subject xml:lang="es">Riesgo crediticio</dc:subject>
<dc:type xml:lang="es">Artículos y capítulos</dc:type>
<dc:title xml:lang="es">Gambling for market recovery? European insurers' corporate bond investments during market stress</dc:title>
<dc:relation xml:lang="es">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</dc:relation>
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