The costs and benefits of reinsurance
نویسندگان
چکیده
Purchasing reinsurance reduces insurers’ insolvency risk by stabilising loss experience, increasing capacity, limiting liability on specific risks and/or protecting against catastrophes. Consequently, purchasing should reduce capital costs. However, transferring to reinsurers is expensive. The cost of for an insurer can be much larger than the actuarial price transferred. In this article, we analyse empirically costs and benefits a sample U.S. property–liability insurers. results show that purchase significantly increases but volatility ratio. With reinsurance, insurers accept pay higher insurance production their underwriting risk.
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ژورنال
عنوان ژورنال: Geneva Papers on Risk and Insurance-issues and Practice
سال: 2021
ISSN: ['1018-5895', '1468-0440']
DOI: https://doi.org/10.1057/s41288-021-00216-8