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政大機構典藏 > 商學院 > 風險管理與保險學系 > 期刊論文 > Item 140.119/149409

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/149409

Title:	How does actual relative to target leverage affect reinsurance use?
Authors:	許永明 Shiu, Yung-Ming;Li, Xiaoyi
Contributors:	風管系
Keywords:	Reinsurance;Relative leverage;External shocks
Date:	2023-11
Issue Date:	2024-01-29 09:11:57 (UTC+8)
Abstract:	This study investigates the relationship between capital structure deviation and reinsurance use. Prior studies on capital structures and hedging focus on how actual leverage is related to risk management tools. Using a sample of U.S. property–liability insurers from 2002 to 2021 and a simultaneous equations model, we argue and find that for overleveraged (underleveraged) insurers, the higher the actual leverage, the more (less) reinsurance use. Collectively, insurers with more deviations from their target leverages tend to purchase more reinsurance. Our evidence indicates that such capital structure deviations play an important role in dictating reinsurance use. We also find that these relationships are moderated by external shocks, including financial crises, catastrophic and pandemic events. The results imply that regulators may pay close attention to not only insurers’ actual leverages level but also their capital structure deviations, which could potientilly cause financial insolvency.
Relation:	International Review of Economics and Finance, Vol.88, pp.874-890
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.iref.2023.07.028
DOI:	10.1016/j.iref.2023.07.028
Appears in Collections:	[風險管理與保險學系] 期刊論文

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