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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/26288
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| Title: | | Large-scale disasters and the insurance industry  |
| Authors: | | Krämer, Walter Schich, Sebastian T. |
| Issue Date: | | 2008 |
| Series/Report no.: | | CESifo working paper 2243 |
| Abstract: | | We investigate the impact of the 20 largest in terms of insured losses man-made or natural disasters on various insurance industry stock indices. We show via an event study that insurance sectors worldwide are quite resilient, in a marketvalue sense, to unexpected losses to capital: our data provide evidence that equity market investors believe that insurance companies will on average be able to make losses back over the foreseeable future, i.e. that the adverse shocks to equity which have resulted from these catastrophes will be compensated by either an outward shift of the demand curve or an ability to raise premiums, or both. |
| Subjects: | | disaster insurance industry event-study |
| JEL: | | E44 G14 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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