Alternative Markets/self Insurance
Author | : Casualty Actuarial Society (Arlington, Va.) |
Publisher | : |
Total Pages | : 296 |
Release | : 1996 |
Genre | : |
ISBN | : |
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Author | : Casualty Actuarial Society (Arlington, Va.) |
Publisher | : |
Total Pages | : 296 |
Release | : 1996 |
Genre | : |
ISBN | : |
Author | : Conning & Company |
Publisher | : |
Total Pages | : 40 |
Release | : 1989 |
Genre | : Insurance companies |
ISBN | : |
Author | : Casualty Actuarial Society. Spring Meeting |
Publisher | : |
Total Pages | : 296 |
Release | : 1995 |
Genre | : Casualty insurance |
ISBN | : |
Author | : David A. North |
Publisher | : |
Total Pages | : 128 |
Release | : 2002 |
Genre | : Self-insurance |
ISBN | : 9780972620703 |
Author | : Georges Dionne |
Publisher | : Springer Science & Business Media |
Total Pages | : 748 |
Release | : 1992 |
Genre | : Business & Economics |
ISBN | : 0792392043 |
Economic and financial research on insurance markets has undergone dramatic growth since its infancy in the early 1960s. Our main objective in compiling this volume was to achieve a wider dissemination of key papers in this literature. Their significance is highlighted in the introduction, which surveys major areas in insurance economics. While it was not possible to provide comprehensive coverage of insurance economics in this book, these readings provide an essential foundation to those who desire to conduct research and teach in the field. In particular, we hope that this compilation and our introduction will be useful to graduate students and to researchers in economics, finance, and insurance. Our criteria for selecting articles included significance, representativeness, pedagogical value, and our desire to include theoretical and empirical work. While the focus of the applied papers is on property-liability insurance, they illustrate issues, concepts, and methods that are applicable in many areas of insurance. The S. S. Huebner Foundation for Insurance Education at the University of Pennsylvania's Wharton School made this book possible by financing publication costs. We are grateful for this assistance and to J. David Cummins, Executive Director of the Foundation, for his efforts and helpful advice on the contents. We also wish to thank all of the authors and editors who provided permission to reprint articles and our respective institutions for technical and financial support.
Author | : Isaac Ehrlich |
Publisher | : |
Total Pages | : 0 |
Release | : 2009 |
Genre | : |
ISBN | : |
The article develops a theory of demand for insurance that emphasizes the interaction between market insurance, self-insurance, and self- rotection. The effects of changes in prices, income, and other variables on the demand for these alternative forms of insurance are analyzed using the state preference approach to behavior under uncertainty. Market insurance and self-insurance are shown to be substitutes, but market insurance and self-protection can be complements. The analysis challenges the notion that moral hazard is an inevitable consequence of market insurance, by showing that under certain conditions the latter may lead to a reduction in the probabilities of hazardous events.
Author | : Mu-Sheng Chang |
Publisher | : |
Total Pages | : 136 |
Release | : 2008 |
Genre | : |
ISBN | : |
My dissertation consists of three essays. The first paper explores the determinants of the share of workers' compensation benefits provided by self-insured employers over the period 1983-2000. We examine hypotheses that the self-insurers' share is determined by industry affiliation, price level, firm size, along with statewide levels of loss severity and frequency. Prior studies have produced mixed results concerning whether self-insurers are primarily high-risk or low-risk. Our panel regression analysis indicates that a positive and statistically reliable relationship exists between self-insurance and the health services sector which is characterized by high nonfatal incidence rates. Our findings put forth evidence that employers in the high-risk health industry are very likely to self-insure. The second article explores the determinants of self-insurance for workers' compensation liability by hospitals. Using cross-sectional hospital data in Pennsylvania, this study examines firm-specific characteristics of self-insurers. The logistic regressions suggest a link between the control type of a hospital and self-insurance. Nonprofit hospitals are more likely to self-insure, while for-profit hospitals prefer market insurance. Aside from large size, self-insured hospitals are associated with concentration of businesses within a state and the self-insurance pattern of their competitors. The prevalence of self-insurance among hospitals provides evidence that high-risk employers tend to choose alternative risk transfer. The decision to self-insure can be isolated from residual market arguments. The third investigates whether insurance activities (underwriting and agency) enhance the financial performance of financial holding companies (FHCs). Stiroh and Rumble (2006) and Yeager et al. (2007) have argued that extension of banking to non-banking activities provides no diversification benefits for FHCs eligible to consolidate banking and insurance services. Using quarterly panel observations of 510 FHCs over the period 2003-2005, we obtain two main results: First, when we employ the aggregate non-interest income as a measure of expansion, risk-adjusted return of FHCs is positively associated with a shift toward non-interest activities. Second, when we disaggregate the sample by FHC size, risk-adjusted return is positively associated with insurance agency activities in small-sized FHCs and positively associated with insurance underwriting activities in large-sized FHCs. An implication of our finding is that both small and large FHCs can reap diversification benefits as long as they choose the right niche.