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https://hdl.handle.net/10419/25492
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Laux, Christian | en |
dc.contributor.author | Muermann, Alexander | en |
dc.date.accessioned | 2007-04-20 | - |
dc.date.accessioned | 2009-07-24T13:48:04Z | - |
dc.date.available | 2009-07-24T13:48:04Z | - |
dc.date.issued | 2006 | - |
dc.identifier.pi | urn:nbn:de:hebis:30-38003 | en |
dc.identifier.uri | http://hdl.handle.net/10419/25492 | - |
dc.description.abstract | Mutual 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 |
dc.language.iso | eng | en |
dc.publisher | |aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M. | en |
dc.relation.ispartofseries | |aCFS Working Paper |x2006/26 | en |
dc.subject.jel | G22 | en |
dc.subject.jel | G32 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Ownership Structure | en |
dc.subject.keyword | Insurance | en |
dc.subject.keyword | Qwner-Manager Conflict | en |
dc.subject.keyword | Capital, Default | en |
dc.subject.stw | Versicherung | en |
dc.subject.stw | Privatversicherung | en |
dc.subject.stw | Eigentümerstruktur | en |
dc.subject.stw | Versicherungsprämie | en |
dc.subject.stw | Eigenkapital | en |
dc.subject.stw | Betriebliche Liquidität | en |
dc.subject.stw | Theorie | en |
dc.title | Mutual versus stock insurers: Fair premium, capital, and solvency | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 527428841 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:cfswop:200626 | en |
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