Why do some insurers become systemically relevant?

dc.contributor.author	Mühlnickel, Janina
dc.contributor.author	Weiß, Gregor N.F.
dc.date.accessioned	2013-07-04T09:13:24Z
dc.date.available	2013-07-04T09:13:24Z
dc.date.issued	2013-07-04
dc.description.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.	en
dc.identifier.uri	http://hdl.handle.net/2003/30411
dc.identifier.uri	http://dx.doi.org/10.17877/DE290R-5512
dc.language.iso	en	de
dc.relation.ispartofseries	Discussion Paper / SFB 823;26/2013	en
dc.subject	financial crises	en
dc.subject	insurance industry	en
dc.subject	systemic risk	en
dc.subject.ddc	310
dc.subject.ddc	330
dc.subject.ddc	620
dc.title	Why do some insurers become systemically relevant?	en
dc.type	Text	de
dc.type.publicationtype	workingPaper	de
dcterms.accessRights	open access

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