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Title:Large-scale disasters and the insurance industry PDF Logo
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 market–value 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.
insurance industry
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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