Authors: Mühlnickel, Janina
Weiß, Gregor N.F.
Title: Why do some insurers become systemically relevant?
Language (ISO): en
Abstract: Are some insurers relevant for the stability of the financial system? And if yes, what firm fundamentals and aspects of insurers’ business models cause them to destabilize an entire financial sector? We find that several insurers did indeed contribute significantly to the instability of the U.S. financial sector during the recent financial crisis. We empirically confirm that insurers that were most exposed to systemic risk were larger, relied more heavily on non-policyholder liabilities and had higher ratios of investment income to net revenues on average. Contrary to current conjectures of insurance regulators, we find that the contribution of insurers to systemic risk is only driven by insurer size.
Subject Headings: financial crises
insurance industry
systemic risk
URI: http://hdl.handle.net/2003/30411
http://dx.doi.org/10.17877/DE290R-5512
Issue Date: 2013-07-04
Appears in Collections:Sonderforschungsbereich (SFB) 823

Files in This Item:
File Description SizeFormat 
DP_2613_SFB823_Weiß_Mühlnickel.pdfDNB500.42 kBAdobe PDFView/Open


This item is protected by original copyright



All resources in the repository are protected by copyright.