Life and disability insurance, as well as annuities, traditionally have been analyzed as products providing protection against random losses. This article proposes that these products can be viewed as derivative instruments created to address the uncertainties and inadequacies of an...

With large commercial accounts, a small number of insurers negotiate directly with clients on an individual basis and prices are set individually. This paper applies a game theoretic bargaining model to analyze a risk manager’s choice of insurer in a multi-period setting, along with...

This study empirically examines properties of matched-pair versus non matched- pair sampling methods in the context of financial distress for the U.S. life insurance industry. While the majority of prior insurer insolvency studies employed matched-pair sampling techniques to identify important...

This paper utilizes a rank-size function to investigate market concentration in lieu of well-known measures. For comparison, two measures were chosen: Theil’s entropy and the Herfindahl. The empirical results are based on premiums written for twelve lines of property and liability insurance....

This paper explores the impact of deregulation of licensing on an oligopoly insurance market. We show that deregulation of licensing in a Stackelberg-type oligopoly market may not have any impact on the leader’s output if the number of firms increases but the market structure remains. On the...

Recent research has examined the effect of the passage of the Financial Services Modernization Act of 1999, more commonly known as the Gramm-Leach- Bliley Act, on the market value of insurers, commercial banks, securities firms, thrifts, and finance companies. This study differs from previous...

Reinsurance premium receipts from overseas countries to firms domiciled in the United States increased 207% during the years 1987 to 1999. It is important to understand the characteristics of countries that exhibit a rapid increase in imports of U.S. reinsurance services. This study found that...

This paper examines the effect of introducing positive loading factors into insurance premia, in insurance markets consisting of groups of individuals in different risk categories. It is shown that that such loading factors may have far-reaching effects on insurance market equilibria.