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

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      <subfield code="a">Gambling for market recovery? European insurers' corporate bond investments during market stress</subfield>
      <subfield code="c">Marcel Beyer</subfield>
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      <subfield code="a">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</subfield>
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      <subfield code="g">17/11/2025 Volumen 92 Número 4 - noviembre 2025 , p. 857 - 908</subfield>
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      <subfield code="t">The Journal of risk and insurance</subfield>
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