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dc.contributor.authorLaux, Christianen_US
dc.contributor.authorMuermann, Alexanderen_US
dc.date.accessioned2007-04-20en_US
dc.date.accessioned2009-07-24T13:48:04Z-
dc.date.available2009-07-24T13:48:04Z-
dc.date.issued2006en_US
dc.identifier.piurn:nbn:de:hebis:30-38003-
dc.identifier.urihttp://hdl.handle.net/10419/25492-
dc.description.abstractMutual insurance companies and stock insurance companies are different forms of organized 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 is necessary for a stock insurer to offer insurance at a fair premium, but not for a mutual. In the presence of an ownermanager conflict, holding capital is costly. Free-rider and commitment problems limit the degree of capitalization that a stock insurer can obtain. The mutual form, by tying sales of policies to the provision of capital, can overcome these problems at the potential cost of less diversified owners.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2006/26en_US
dc.subject.jelG22en_US
dc.subject.jelG32en_US
dc.subject.ddc330en_US
dc.subject.keywordOwnership Structureen_US
dc.subject.keywordInsuranceen_US
dc.subject.keywordQwner-Manager Conflicten_US
dc.subject.keywordCapital, Defaulten_US
dc.subject.stwVersicherungen_US
dc.subject.stwPrivatversicherungen_US
dc.subject.stwEigentümerstrukturen_US
dc.subject.stwVersicherungsprämieen_US
dc.subject.stwEigenkapitalen_US
dc.subject.stwBetriebliche Liquiditäten_US
dc.subject.stwTheorieen_US
dc.titleMutual versus stock insurers: Fair premium, capital, and solvencyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn527428841en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cfswop:200626-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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