Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/23444
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dc.contributor.authorLaux, Christianen_US
dc.contributor.authorMuermann, Alexanderen_US
dc.date.accessioned2009-01-29T16:05:46Z-
dc.date.available2009-01-29T16:05:46Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/23444-
dc.description.abstractMutual insurance companies and stock insurance companies are different forms oforganized risk sharing: policyholders and owners are two distinct groups in a stock insurer,while they are one and the same in a mutual. This distinction is relevant to raising capital,selling policies, and sharing risk in the presence of financial distress. Up-front capital isnecessary for a stock insurer to offer insurance at a fair premium, but not for a mutual. Inthe presence of an owner-manager conflict, holding capital is costly. Free-rider andcommitment problems limit the degree of capitalization that a stock insurer can obtain. Themutual form, by tying sales of policies to the provision of capital, can overcome theseproblems at the potential cost of less diversified owners.en_US
dc.language.isoengen_US
dc.relation.ispartofseries|aWorking paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting |x180en_US
dc.subject.jelG22en_US
dc.subject.jelG32en_US
dc.subject.ddc330en_US
dc.subject.keywordownership structureen_US
dc.subject.keywordinsuranceen_US
dc.subject.keywordowner-manager conflicten_US
dc.subject.keywordcapitalen_US
dc.subject.keyworddefaulten_US
dc.subject.stwVersicherung , Privatversicherung , Eigentümerstruktur , Versicherungsprämie , Eigenkapital , Betriebliche Liquidität , Theorieen_US
dc.titleMutual versus Stock Insurers: Fair Premium, Capital, and Solvencyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn54353345Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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