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The Satellite Insurance Market and Underwriting Cycles

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  • Piotr Manikowski

    (Insurance Department, Poznań University of Economics, al. Niepodległości 10, Poznań 61-875, Poland.)

  • Mary A Weiss

    (Risk, Insurance, & Healthcare Management Department, Temple University, Alter Hall, Room 624, 1801 Liacouras Walk, Philadelphia, PA 19122, U.S.A.)

Abstract

This research analyses whether underwriting cycles are present in an important but often overlooked line of insurance, satellite insurance. Unlike previous underwriting cycle studies, this study uses rates-on-line and capacity devoted to satellite insurance as well as loss ratios to determine the applicability of cycles. The sample period encompasses virtually the entire history of the satellite insurance industry, 1968–2010. The results indicate that cycles are present in the minimum and average rates-on-line and in capacity, but not the loss ratio. Regression analysis is carried out on the rate-on-line and capacity variables, and the regression results support the rational expectations/institutional intervention hypothesis and the capacity constraint (capital shock) hypothesis.

Suggested Citation

  • Piotr Manikowski & Mary A Weiss, 2013. "The Satellite Insurance Market and Underwriting Cycles," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 38(2), pages 148-182, September.
    • Handle: RePEc:pal:genrir:v:38:y:2013:i:2:p:148-182
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    Cited by:

    1. Christian Biener & Martin Eling & Shailee Pradhan, 2015. "Recent Research Developments Affecting Nonlife Insurance—The CAS Risk Premium Project 2013 Update," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 18(1), pages 129-141, March.

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