The Experts below are selected from a list of 25572 Experts worldwide ranked by ideXlab platform
Lars Fredrik Andersson - One of the best experts on this subject based on the ideXlab platform.
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managing financial constraints undercapitalization and underwriting capacity in spanish Fire Insurance
The Economic History Review, 2018Co-Authors: Pablo Gutierrez Gonzalez, Lars Fredrik AnderssonAbstract:ReInsurance is a vital financial device for enhancing underwriting capacity, ceding risks, and mitigating financial distress. By supplying financial resources and services, reInsurance can facilita ...
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the determinants of investment returns in the Fire Insurance industry the case of sweden 1903 1939
Financial History Review, 2013Co-Authors: Lars Fredrik Andersson, Mike Adams, Magnus Lindmark, Vineet UpretiAbstract:Weemploy a panel data research design to examine the determinants of investmentreturns in the Swedish property Fire Insurance industry from 1903 to 1939 – aperiod of great economic and political un ...
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competing models of organizational form risk management strategies and underwriting profitability in the swedish Fire Insurance market between 1903 and 1939
The Journal of Economic History, 2012Co-Authors: Mike Adams, Lars Fredrik Andersson, Magnus Lindmark, Elena VeprauskaiteAbstract:Mutual and stock insurers have coexisted and competed against each other in Insurance markets for centuries. In this article, we examine the risk management strategies and underwriting profitability of the different organizational forms in Sweden's property Fire Insurance market between 1903 and 1939. We demonstrate that stock insurers acted as intermediaries between policyholders and reinsurers to operate effectively in the potentially high-risk segments of the Fire Insurance market. In contrast, nationwide mutual insurers kept larger reserves to balance fluctuations in claims experiences, while local Insurance pools relied on social obligation and trust to mobilize capital after adverse Fire events.
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mutuality as a control for information asymmetry a historical analysis of the claims experience of mutual and stock Fire Insurance companies in sweden 1889 to 1939
Business History, 2011Co-Authors: Mike Adams, Lars Fredrik Andersson, Joy Yihui Jia, Magnus LindmarkAbstract:We test two competing arguments regarding the influence of organisational form onunderwritingperformance usingdatafromtheSwedish fireInsuranceindustry for the years 1889 to 1939 – a period of both ec ...
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the determinants of reInsurance in the swedish property Fire Insurance market during the interwar years 1919 39
Business History, 2010Co-Authors: Hale Abdul Kader, Mike Adams, Lars Fredrik Andersson, Magnus LindmarkAbstract:Drawing a framework from agency theory, we use a panel data design to examine the factors motivating the level of demand for reInsurance in the rapidly developing Swedish property Fire Insurance market during the interwar period 1919–39. We find that as hypothesised, reInsurance enabled Swedish Fire insurers to mitigate underwriting and solvency risks and thus increased their capacity to underwrite new business in uncertain economic times. This in turn helped to increase the supply of indemnity coverage for property (buildings) Fire risks in the Swedish Insurance market. We also find that as expected, investment earnings are inversely related to reInsurance purchases. However, contrary to what was hypothesised, reInsurance appears to be positively related to liquidity levels, suggesting that over our period of analysis, Fire insurers could have been reinsuring to ‘protect’ earnings and accumulated cash reserves therefore enabling investment opportunities to be realised. Analysis of the sub-period 1919–28 further supports this contention, while our results for the economic depression years after 1929 show that reInsurance helped mitigate underwriting and insolvency risks, suggesting that the reInsurance decision of Fire Insurance companies could be motivated by macroeconomic factors.
Gilles Stupfler - One of the best experts on this subject based on the ideXlab platform.
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beyond tail median and conditional tail expectation extreme risk estimation using tail lp optimisation
Scandinavian Journal of Statistics, 2020Co-Authors: Laurent Gardes, Stephane Girard, Gilles StupflerAbstract:The Conditional Tail Expectation is an indicator of tail behaviour that has recently gained traction in actuarial and financial applications. Contrary to the quantile or Value-at-Risk, it takes into account the frequency of a tail event together with the probabilistic behaviour of the variable of interest on this event. However, the asymptotic normality of the empirical Conditional Tail Expectation estimator requires that the underlying distribution possess a finite variance; this can be a strong restriction in heavy-tailed models which constitute the favoured class of models in actuarial and financial applications. One possible solution in very heavy-tailed models where this assumption fails could be to use the more robust Median Shortfall, but this quantity is actually just a quantile, which therefore only gives information about the frequency of a tail event and not about its typical magnitude. We construct a synthetic class of tail L p −medians, which encompasses the Median Shortfall (for p = 1) and Conditional Tail Expectation (for p = 2). We show that, for 1 < p < 2, a tail L p −median always takes into account both the frequency and magnitude of tail events, and its empirical estimator is, within the range of the data, asymptotically normal under a condition weaker than a finite variance. We extrapolate this estimator, along with another technique, to proper extreme levels using the heavy-tailed framework. The estimators are showcased on a simulation study and on a set of real Fire Insurance data showing evidence of a very heavy right tail.
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a moment estimator for the conditional extreme value index
Electronic Journal of Statistics, 2013Co-Authors: Gilles StupflerAbstract:In extreme value theory, the so-called extreme-value index is a parameter that controls the behavior of a distribution function in its right tail. Knowing this parameter is thus essential to solve many problems re- lated to extreme events. In this paper, the estimation of the extreme-value index is considered in the presence of a random covariate, whether the conditional distribution of the variable of interest belongs to the Frechet, Weibull or Gumbel max-domain of attraction. The pointwise weak consis- tency and asymptotic normality of the proposed estimator are established. We examine the finite sample performance of our estimator in a simulation study and we illustrate its behavior on a real set of Fire Insurance data.
Magnus Lindmark - One of the best experts on this subject based on the ideXlab platform.
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the determinants of investment returns in the Fire Insurance industry the case of sweden 1903 1939
Financial History Review, 2013Co-Authors: Lars Fredrik Andersson, Mike Adams, Magnus Lindmark, Vineet UpretiAbstract:Weemploy a panel data research design to examine the determinants of investmentreturns in the Swedish property Fire Insurance industry from 1903 to 1939 – aperiod of great economic and political un ...
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competing models of organizational form risk management strategies and underwriting profitability in the swedish Fire Insurance market between 1903 and 1939
The Journal of Economic History, 2012Co-Authors: Mike Adams, Lars Fredrik Andersson, Magnus Lindmark, Elena VeprauskaiteAbstract:Mutual and stock insurers have coexisted and competed against each other in Insurance markets for centuries. In this article, we examine the risk management strategies and underwriting profitability of the different organizational forms in Sweden's property Fire Insurance market between 1903 and 1939. We demonstrate that stock insurers acted as intermediaries between policyholders and reinsurers to operate effectively in the potentially high-risk segments of the Fire Insurance market. In contrast, nationwide mutual insurers kept larger reserves to balance fluctuations in claims experiences, while local Insurance pools relied on social obligation and trust to mobilize capital after adverse Fire events.
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mutuality as a control for information asymmetry a historical analysis of the claims experience of mutual and stock Fire Insurance companies in sweden 1889 to 1939
Business History, 2011Co-Authors: Mike Adams, Lars Fredrik Andersson, Joy Yihui Jia, Magnus LindmarkAbstract:We test two competing arguments regarding the influence of organisational form onunderwritingperformance usingdatafromtheSwedish fireInsuranceindustry for the years 1889 to 1939 – a period of both ec ...
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the determinants of reInsurance in the swedish property Fire Insurance market during the interwar years 1919 39
Business History, 2010Co-Authors: Hale Abdul Kader, Mike Adams, Lars Fredrik Andersson, Magnus LindmarkAbstract:Drawing a framework from agency theory, we use a panel data design to examine the factors motivating the level of demand for reInsurance in the rapidly developing Swedish property Fire Insurance market during the interwar period 1919–39. We find that as hypothesised, reInsurance enabled Swedish Fire insurers to mitigate underwriting and solvency risks and thus increased their capacity to underwrite new business in uncertain economic times. This in turn helped to increase the supply of indemnity coverage for property (buildings) Fire risks in the Swedish Insurance market. We also find that as expected, investment earnings are inversely related to reInsurance purchases. However, contrary to what was hypothesised, reInsurance appears to be positively related to liquidity levels, suggesting that over our period of analysis, Fire insurers could have been reinsuring to ‘protect’ earnings and accumulated cash reserves therefore enabling investment opportunities to be realised. Analysis of the sub-period 1919–28 further supports this contention, while our results for the economic depression years after 1929 show that reInsurance helped mitigate underwriting and insolvency risks, suggesting that the reInsurance decision of Fire Insurance companies could be motivated by macroeconomic factors.
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all Fired up the growth of Fire Insurance in sweden 1830 1950
Financial History Review, 2010Co-Authors: Magnus Lindmark, Lars Fredrik AnderssonAbstract:In this article we investigate supply and demand factors that have been put forward to explain the growth of Fire Insurance markets in Sweden during the financial revolution. We show that income gr ...
Robin Pearson - One of the best experts on this subject based on the ideXlab platform.
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insuring the industrial revolution Fire Insurance in great britain 1700 1850
2004Co-Authors: Robin PearsonAbstract:Fire had always been one of the greatest threats to an early modern British society that relied on the naked flame as the prime source of heating, lighting and cooking. Yet whilst the danger of Fire had always been taken seriously, it was not until the start of the eighteenth century that a sophisticated system of Insurance became widely available. Whilst a number of high profile Fires during the seventeenth century had drawn attention to the economic havoc a major conflagration could wreak, it was not until the effects of sustained industrialization began to alter the economic and social balance of the nation, that Fire Insurance really took off as a concept. The culmination of ten years of research, this book is the definitive work on early British Fire Insurance. It also provides a foundation for future comparative international studies of this important financial service, and for a greater level of theorising by historians about the relationship between Insurance, perceptions of risk, economic development and social change. Through a detailed study of the archives of nearly 50 English and Scottish Insurance companies founded between 1696 and 1850 - virtually all the records currently available - together with the construction of many new datasets on output, performance and markets, this book presents one of the most comprehensive histories ever written of a financial service. As well as measuring the size, market structure and growth rate of Insurance, and the extent to which the first industrial revolution was insured, it also demonstrates ways in which Insurance can be linked into wider issues of economic and social change in Britain. These range from an examination of the joint-stock company form of organization - to an analysis of changing attitudes towards Fire hazard during the course of the eighteenth century. The book concludes by emphasising the ambivalent character of Fire Insurance in eighteenth and early nineteenth century Britain, contrasting the industry's dynamic long-run rate of growth with its more conservative attitude to product design and diversification.
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mutuality tested the rise and fall of mutual Fire Insurance offices in eighteenth century london
Business History, 2002Co-Authors: Robin PearsonAbstract:There is now a considerable body of theoretical literature on the comparative efficiencies of mutual and stock forms of corporate organisation in financial services. However this question has received comparatively little attention from business historians. This article examines the factors behind the dramatic rise and fall of three large mutual Fire Insurance offices in Georgian London, addressing issues of their financial structure, organisation and governance, in the context of modern theories of mutual formation. It is concluded that changing levels of aggregate uncertainty in the market - rather than internal agency conflicts - provide the best explanation for the early success and subsequent failure of these financial institutions.
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taking risks and containing competition diversification and oligopoly in the Fire Insurance markets of the north of england during the early nineteenth century
The Economic History Review, 1993Co-Authors: Robin PearsonAbstract:In the spring of i824 a wealthy, influential group of Manchester cotton merchants, manufacturers, and calico printers, representatives of the town's business oligarchy, established the Manchester Fire and Life Assurance Company (hereafter M.F.L.A.C.). Within two years this became the third largest provincial Fire office in the kingdom, and the specialist insurer in the most dynamic, competitive, and volatile sector of British industry. Its presence could not be ignored by the large, established London Fire offices during the second quarter of the nineteenth century. It has been suggested that when a firm enters a new market dominated by a few large producers and with high entry barriers, the move may trigger a cycle of increased competition. This is often typified by hostile pricecutting, a shake-out of small or inefficient producers through bankruptcy or acquisition, and the establishment of a new equilibrium, characterized in some markets by oligopolistic cooperation in the form of, for instance, tariff 2 agreements. Such a cycle appears to have occurred in the Insurance industry during the two decades following the diversification of M.F.L.A.C.'s cotton merchants into Fire Insurance. This paper first examines the impact of this diversification on the market for industrial Fire Insurance.3 Secondly, it reassesses the history of the extensive cooperation between London and provincial insurers which emerged from the fierce competition of the i820s and i83os. The underlying issues addressed concern the structure of the Fire Insurance market, and whether this market presents an example of oligopolistic behaviour in this period. This in turn raises wider questions about the significance of oligopoly in the British economy during the early nineteenth century, questions which can only be briefly referred to in the concluding section.
Eric Hilt - One of the best experts on this subject based on the ideXlab platform.
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rogue finance the life and Fire Insurance company and the panic of 1826
Social Science Research Network, 2009Co-Authors: Eric HiltAbstract:In July of 1826, a financial panic on Wall Street caused several companies to fail abruptly and precipitated runs on two of New York City’s fifteen banks. Life and Fire Insurance became the largest of the bankruptcies. In violation of New York’s banking statutes, the firm had engaged in lending on a massive scale during the speculative boom that prevailed in 1824-25. Innovative lending techniques had been developed outside the traditional banking sector - in this case, in the Insurance industry. These lending practices, based on an instrument known as a post note, were initially sound, but were later extended to riskier borrowers and ultimately proved ruinous. In the credit crisis that began in late 1825, the value of the Life and Fire’s assets fell dramatically, and in a desperate effort to raise cash, the directors resorted to fraud.
