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Determinants of participatory rights insurance: evidence from the New Zealand life insurance industry

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  • M. B. Adams

Abstract

Drawing a framework from the financial economics literature, this study examines the determinants of participatory rights policies in the New Zealand (NZ) life insurance industry. Using data for the period 1988-1993, a fixed-effects regression model was estimated. Consistent with expectations, the empirical results indicate that participatory rights life insurance are associated with mutuals, large and lowly leveraged life insurance companies, and entities with less underwriting risk. A sensitivity test also indicated that participatory rights insurance was related to the age of life insurance firms. The predictions of contracting theory thus receive empirical support.

Suggested Citation

  • M. B. Adams, 1999. "Determinants of participatory rights insurance: evidence from the New Zealand life insurance industry," Applied Financial Economics, Taylor & Francis Journals, vol. 9(5), pages 483-490.
    • Handle: RePEc:taf:apfiec:v:9:y:1999:i:5:p:483-490
    DOI: 10.1080/096031099332140
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    Cited by:

    1. Hong Zou & Min-Ming Wen & Charles Yang & Mulong Wang, 2012. "Underwriting and investment risks in the property-liability insurance industry: evidence prior to the 9–11 event," Review of Quantitative Finance and Accounting, Springer, vol. 38(1), pages 25-46, January.

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