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Insurer Profitability in Different Regulatory and Legal Environments

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  • Born, Patricia H

Abstract

This paper examines the variation in insurance company financial performance across states with different legal and regulatory environments. These environments are distinguished by a diverse set of measures created by the states to address problems in the insurance area. Using firm-level financial data for the period 1984-91, quantile regression methodology is used to describe the differential relationships between profitability and these measures. The results indicate that the distribution of profitability is only weakly related to insurers' regulatory and legal environments, and is significantly related to other factors, such as the size of the firm and the effective number of competitors. Copyright 2001 by Kluwer Academic Publishers

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  • Born, Patricia H, 2001. "Insurer Profitability in Different Regulatory and Legal Environments," Journal of Regulatory Economics, Springer, vol. 19(3), pages 211-237, July.
    • Handle: RePEc:kap:regeco:v:19:y:2001:i:3:p:211-37
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    Cited by:

    1. Boyer, M. Martin & Cowins, Elicia P. & Reddic, Willie D., 2019. "Portfolio rebalancing behavior with operating losses and investment regulation," International Review of Economics & Finance, Elsevier, vol. 63(C), pages 313-328.
    2. Oetzel, Jennifer M. & Banerjee, Sudeshna Ghosh, 2008. "A case of the tortoise versus the hare? Deregulation process, timing, and firm performance in emerging markets," International Business Review, Elsevier, vol. 17(1), pages 54-77, February.
    3. Patricia Born & W. Kip Viscusi & Tom Baker, 2009. "The Effects of Tort Reform on Medical Malpractice Insurers' Ultimate Losses," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 76(1), pages 197-219, March.
    4. Bojan Srbinoski & Klime Poposki & Gorazd Čibej, 2021. "An empirical investigation of determinants of life insurers’ performance: Evidence from selected countries in Central, Eastern, and Southeastern Europe (CESEE)," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 24(3), pages 293-310, September.
    5. Derrick W. H. Fung & Charles C. Yang & Jason J. H. Yeh, 2024. "The market price to embedded value gap: an analysis of European life insurers," Review of Quantitative Finance and Accounting, Springer, vol. 62(1), pages 69-96, January.
    6. Jhonni Sinaga & Adler Haymans Manurung & Nera Marinda Machdar & John Edward Harly Jacob FoEh, 2023. "Internal and External Determinants of Risk Based Capital," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 13(2), pages 1-5.
    7. Patricia Born & W. Viscusi, 2006. "The catastrophic effects of natural disasters on insurance markets," Journal of Risk and Uncertainty, Springer, vol. 33(1), pages 55-72, September.
    8. Killins, Robert N., 2020. "Firm-specific, industry-specific and macroeconomic factors of life insurers’ profitability: Evidence from Canada," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
    9. Giovanni Bartolomeo & Paolo Canofari, 2015. "Interlocking Directorates and Concentration in the Italian Insurance Market," Journal of Industry, Competition and Trade, Springer, vol. 15(4), pages 351-362, December.
    10. Sang Youl Kim & Sang-Bum Park, 2019. "An Empirical Study on Determinants of Business Performance of Korean Non-life Insurance Companies (Focused on ROA)," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(10), pages 118-129, October.
    11. Gaganis, Chrysovalantis & Liu, Liuling & Pasiouras, Fotios, 2015. "Regulations, profitability, and risk-adjusted returns of European insurers: An empirical investigation," Journal of Financial Stability, Elsevier, vol. 18(C), pages 55-77.
    12. Fung, Derrick W.H. & Lee, Wing Yan & Yang, Charles C. & Yeh, Jason J.H., 2024. "Risk taking, performance, and resilience to the COVID-19 pandemic: Evidence from public property-casualty insurers," International Review of Financial Analysis, Elsevier, vol. 91(C).
    13. Patrycja Chodnicka -Jaworska & Piotr Jaworski, 2019. "Insurance Companies – What Determinates Their Credit Ratings," Faculty of Management Working Paper Series 52019, University of Warsaw, Faculty of Management.
    14. Giesecke, James A. & Horridge, J. Mark & Scaramucci, José A., 2008. "Brazilian structural adjustment to rapid growth in fuel ethanol demand," Conference papers 331670, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    15. Patricia H Born & Alice M Zawacki, 2003. "Manufacturing Firms' Decisions Regarding Retiree Health Insurance," Working Papers 03-14, Center for Economic Studies, U.S. Census Bureau.

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