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O Mercado Segurador em Portugal: O Papel dos Gestores na Constituição de Provisões

Author

Listed:
  • Soraia de Sousa Bornett

    (Multicare – Companhia de Seguros SA – Grupo Fidelidade)

  • Carlos Manuel Pinheiro

    (Caixa Geral de Depósitos S.A.; Lisbon Accounting and Business School (LABS-ISCAL); Instituto Universitário de Lisboa (ISCTE-IUL) Business Research Unit (BRU-IUL), Lisboa, Portugal; Universidade Europeia, Laureate International Universities, Portugal)

Abstract

As empresas seguradoras têm que constituir provisões técnicas com vista a assegurar que responsabilidades futuras perante os seus clientes e terceiros são cobertas. Estas provisões baseiam-se em estimativas não só incorporando dados passados, mas incluindo igualmente as expectativas de evolução da economia e da própria empresa. É assim expectável que o grau de otimismo dos diretores financeiros das empresas (Chief Financial Officers, CFOs) e as expectativas que criam estejam associadas às provisões que calculam e registam. Analisando as consequências da racionalidade limitada dos agentes económicos, das suas preferências sociais e na ausência de autocontrolo, Richard Thaler mostrou como estes traços humanos afetam sistematicamente as decisões individuais e os resultados, o que lhe conferiu a atribuição do prémio Nobel da Economia de 2017. O presente artigo encontra uma relação negativa entre o otimismo dos CFOs, e a constituição de provisões no mercado segurador em Portugal, no período compreendido entre 2007 e 2016. Estes resultados que têm impacto no ambiente concorrencial deverão interessar os reguladores, os acionistas e os profissionais do sector.

Suggested Citation

  • Soraia de Sousa Bornett & Carlos Manuel Pinheiro, 2018. "O Mercado Segurador em Portugal: O Papel dos Gestores na Constituição de Provisões," GEE Papers 0112, Gabinete de Estratégia e Estudos, Ministério da Economia, revised Oct 2018.
    • Handle: RePEc:mde:wpaper:0112
    as

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    File URL: https://www.gee.gov.pt//RePEc/WorkingPapers/GEE_PAPERS_112.pdf
    File Function: First version, 2018
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    References listed on IDEAS

    as
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    3. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Indústria Seguradora; Provisões Técnicas; Finanças Comportamentais; Concorrência; Risco; Incerteza;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • F19 - International Economics - - Trade - - - Other
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other

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