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Essays on Insurance Intermediaries.

Ragin, Marc Andrew.

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Essays on Insurance Intermediaries.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on Insurance Intermediaries./
Author:	Ragin, Marc Andrew.
Description:	162 p.
Notes:	Source: Dissertation Abstracts International, Volume: 76-01(E), Section: A.
Contained By:	Dissertation Abstracts International76-01A(E).
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3636200
ISBN:	9781321176735

Essays on Insurance Intermediaries.
Ragin, Marc Andrew.

Essays on Insurance Intermediaries. - 162 p.

Source: Dissertation Abstracts International, Volume: 76-01(E), Section: A.

Thesis (Ph.D.)--The University of Wisconsin - Madison, 2014.

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

This dissertation consists of two essays. In the first essay, I investigate the effect major catastrophes are expected to have on equilibrium price and quantity in the insurance market. In particular, I examine whether investors expect total industry revenue to increase following a disaster's shock to insurers' financial capital. Rather than examine insurers directly, I study insurance brokers, who earn commissions on premium revenue but do not pay losses following a disaster. My test is done through an event study on insurance broker stock returns surrounding the 43 largest insured-loss catastrophes since 1970. I find that brokers earn positive returns on average following these major events. I further observe that returns are positively related to the size of the loss and negatively related to relative insurer capital known at the time of loss. These results lead me to conclude that catastrophe shocks are expected to increase net industry revenue, consistent with economic theories of a negative relationship between capital and insurance prices and price-inelastic demand for commercial insurance.

ISBN: 9781321176735Subjects--Topical Terms:

542899
Finance.

Essays on Insurance Intermediaries.
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245 1 0 $a Essays on Insurance Intermediaries.
300 $a 162 p.
500 $a Source: Dissertation Abstracts International, Volume: 76-01(E), Section: A.
500 $a Adviser: Joan T. Schmit.
502 $a Thesis (Ph.D.)--The University of Wisconsin - Madison, 2014.
506 $a This item must not be sold to any third party vendors.
520 $a This dissertation consists of two essays. In the first essay, I investigate the effect major catastrophes are expected to have on equilibrium price and quantity in the insurance market. In particular, I examine whether investors expect total industry revenue to increase following a disaster's shock to insurers' financial capital. Rather than examine insurers directly, I study insurance brokers, who earn commissions on premium revenue but do not pay losses following a disaster. My test is done through an event study on insurance broker stock returns surrounding the 43 largest insured-loss catastrophes since 1970. I find that brokers earn positive returns on average following these major events. I further observe that returns are positively related to the size of the loss and negatively related to relative insurer capital known at the time of loss. These results lead me to conclude that catastrophe shocks are expected to increase net industry revenue, consistent with economic theories of a negative relationship between capital and insurance prices and price-inelastic demand for commercial insurance.
520 $a In the second essay, I examine how additional information may affect demand for high-load insurance. High-load insurance is expensive relative to the expected risk transfer it provides. These products often are criticized for the large profits they generate at the expense of potentially uninformed consumers. One of the more common proposals to address this issue is to disclose more information with regards to these products. There remains a question as to whether additional information would help consumers make more economically rational choices. In addition, there is not wide agreement as to what information might be best to disclose. In light of existing models of insurance demand, I theorize that disclosing (1) the true probability of loss, (2) the expected loss or "cost of goods sold" of the insurance, or (3) the insurer's profit on the transaction may change purchasing behavior. I conduct a lab experiment to test the effect of each of these disclosures and ultimately find that none has any significant effect on willingness to pay.
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