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Safety versus affordability as targets of insurance regulation in an opaque market: A welfare approach

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  • Stoyanova, Rayna
  • Schlütter, Sebastian

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  • Stoyanova, Rayna & Schlütter, Sebastian, 2012. "Safety versus affordability as targets of insurance regulation in an opaque market: A welfare approach," ICIR Working Paper Series 10/12, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR).
    • Handle: RePEc:zbw:icirwp:1012
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    References listed on IDEAS

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    1. Rustam Ibragimov & Dwight Jaffee & Johan Walden, 2010. "Pricing and Capital Allocation for Multiline Insurance Firms," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 77(3), pages 551-578, September.
    2. Dasgupta, Sudipto & Nanda, Vikram, 1993. "Bargaining and brinkmanship : Capital structure choice by regulated firms," International Journal of Industrial Organization, Elsevier, vol. 11(4), pages 475-497.
    3. Steven W. Pottier & David W. Sommer, 2006. "Opaqueness in the Insurance Industry: Why Are Some Insurers Harder to Evaluate than Others?," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 9(2), pages 149-163, September.
    4. Cummins, J. David & Danzon, Patricia M., 1997. "Price, Financial Quality, and Capital Flows in Insurance Markets," Journal of Financial Intermediation, Elsevier, vol. 6(1), pages 3-38, January.
    5. Kenneth A. Froot, 2007. "Risk Management, Capital Budgeting, and Capital Structure Policy for Insurers and Reinsurers," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 74(2), pages 273-299, June.
    6. Gatzert, Nadine & Schmeiser, Hato, 2008. "Combining fair pricing and capital requirements for non-life insurance companies," Journal of Banking & Finance, Elsevier, vol. 32(12), pages 2589-2596, December.
    7. Robert Klein & Richard Phillips & Wenyan Shiu, 2002. "The Capital Structure of Firms Subject to Price Regulation: Evidence from the Insurance Industry," Journal of Financial Services Research, Springer;Western Finance Association, vol. 21(1), pages 79-100, February.
    8. Yossef Spiegel & Daniel F. Spulber, 1994. "The Capital Structure of a Regulated Firm," RAND Journal of Economics, The RAND Corporation, vol. 25(3), pages 424-440, Autumn.
    9. Doherty, Neil A & Garven, James R, 1986. "Price Regulation in Property-Liability Insurance: A Contingent-Claims Approach," Journal of Finance, American Finance Association, vol. 41(5), pages 1031-1050, December.
    10. Yow, Shaun & Sherris, Michael, 2008. "Enterprise Risk Management, Insurer Value Maximisation, and Market Frictions," ASTIN Bulletin, Cambridge University Press, vol. 38(1), pages 293-339, May.
    11. Ray Rees & Hugh Gravelle & Achim Wambach, 1999. "Regulation of Insurance Markets," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 24(1), pages 55-68, June.
    12. Taggart, Robert A, Jr, 1981. "Rate-of-Return Regulation and Utility Capital Structure Decisions," Journal of Finance, American Finance Association, vol. 36(2), pages 383-393, May.
    13. Donald P. Morgan, 2002. "Rating Banks: Risk and Uncertainty in an Opaque Industry," American Economic Review, American Economic Association, vol. 92(4), pages 874-888, September.
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    Cited by:

    1. Schlütter, Sebastian & Gründl, Helmut, 2011. "Who benefits from building insurance groups? A welfare analysis of optimal group capital management," ICIR Working Paper Series 08/11, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR).

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    Keywords

    Insurance Regulation; Regulatory Targets; Welfare; Opaqueness;
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