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Essays in the Economics of U.S. Prop...

Ju, Rui .

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Essays in the Economics of U.S. Property-liability Insurance Industry.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays in the Economics of U.S. Property-liability Insurance Industry./
Author:	Ju, Rui .
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
Description:	119 p.
Notes:	Source: Dissertations Abstracts International, Volume: 81-09, Section: A.
Contained By:	Dissertations Abstracts International81-09A.
Subject:	Business administration. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=27542898
ISBN:	9781392494875

Essays in the Economics of U.S. Property-liability Insurance Industry.
Ju, Rui .

Essays in the Economics of U.S. Property-liability Insurance Industry. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 119 p.

Source: Dissertations Abstracts International, Volume: 81-09, Section: A.

Thesis (Ph.D.)--Temple University, 2019.

This item must not be sold to any third party vendors.

This dissertation consists of two topics. Chapter 1 examines the relationship between contingent commission use and underwriting performance as well as underwriting risk using data from 2005 to 2016. Top brokers were banned from receiving contingent commissions following the inquiry in 2004 led by Eliot Spitzer, former New York Attorney-General. But the ban raised concerns about whether it created a level playing field across the industry, as smaller brokers continued taking them. In addition, despite the possible conflicts of interest, contingent commissions have also been recognized as a way to better align agent and insurer incentives. Regulators agreed to relax the terms for the leading brokers in 2010, resulting in a less onerous compliance regime for contingent commission use. It is important to study the effectiveness of contingent commission use on improving underwriting performance. This study finds strong evidence supporting the hypothesis that contingent commissions' usage is associated with better underwriting performance as well as lower underwriting risk. This study also finds a curvilinear relationship between underwriting performance and the level of contingent commission use.Chapter 2 investigates the impact of executive overconfidence on capital structure decisions and reinsurance purchases using a sample of 37 publicly-traded property-liability insurance groups for the period 2002 to 2016. This study finds that insurance firms with overconfident executives have significantly higher leverage ratios than those without overconfident executives. This study also finds evidence that insurance firms with overconfident executives cede more reinsurance, and this evidence is stronger for insurers with more limited business capacity than those with ample business capacity. The results of this study also indicate that overconfident executives prefer internal reinsurance to external reinsurance. This research provides evidence that personality traits of executive impact capital structure decisions and reinsurance purchases for insurance firms, which should be of interest to policyholders and regulators.

ISBN: 9781392494875Subjects--Topical Terms:

3168311
Business administration.
Subjects--Index Terms:

Capital structure

Essays in the Economics of U.S. Property-liability Insurance Industry.
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300 $a 119 p.
500 $a Source: Dissertations Abstracts International, Volume: 81-09, Section: A.
500 $a Advisor: Weiss, Mary A.
502 $a Thesis (Ph.D.)--Temple University, 2019.
506 $a This item must not be sold to any third party vendors.
506 $a This item must not be added to any third party search indexes.
520 $a This dissertation consists of two topics. Chapter 1 examines the relationship between contingent commission use and underwriting performance as well as underwriting risk using data from 2005 to 2016. Top brokers were banned from receiving contingent commissions following the inquiry in 2004 led by Eliot Spitzer, former New York Attorney-General. But the ban raised concerns about whether it created a level playing field across the industry, as smaller brokers continued taking them. In addition, despite the possible conflicts of interest, contingent commissions have also been recognized as a way to better align agent and insurer incentives. Regulators agreed to relax the terms for the leading brokers in 2010, resulting in a less onerous compliance regime for contingent commission use. It is important to study the effectiveness of contingent commission use on improving underwriting performance. This study finds strong evidence supporting the hypothesis that contingent commissions' usage is associated with better underwriting performance as well as lower underwriting risk. This study also finds a curvilinear relationship between underwriting performance and the level of contingent commission use.Chapter 2 investigates the impact of executive overconfidence on capital structure decisions and reinsurance purchases using a sample of 37 publicly-traded property-liability insurance groups for the period 2002 to 2016. This study finds that insurance firms with overconfident executives have significantly higher leverage ratios than those without overconfident executives. This study also finds evidence that insurance firms with overconfident executives cede more reinsurance, and this evidence is stronger for insurers with more limited business capacity than those with ample business capacity. The results of this study also indicate that overconfident executives prefer internal reinsurance to external reinsurance. This research provides evidence that personality traits of executive impact capital structure decisions and reinsurance purchases for insurance firms, which should be of interest to policyholders and regulators.
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653 $a Managerial bias
653 $a Reinsurance
653 $a Underwriting performance
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