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政大機構典藏 > 商學院 > 風險管理與保險學系 > 期刊論文 > Item 140.119/112115

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題名:	Reinsurance and Liquidity: Evidence from the United Kingdom General Insurance Industry
作者:	許永明 Liu, Hui Hsuan Shiu, Yung Ming Liu, Tsung-Chi
貢獻者:	風管系
關鍵詞:	reinsurance;liquidity;general insurers;cash-constraint argument;substitution argument
日期:	2016-04
上傳時間:	2017-08-23 11:21:38 (UTC+8)
摘要:	This paper aims to simultaneously examine the effect of liquidity on reinsurance use and the reverse causality of reinsurance on liquidity. Using a sample of U.K. general insurers from 1994 to 2011, we find that insurers with higher liquidity tend to purchase more reinsurance, and those with higher reinsurance dependence tend to maintain higher liquidity. Our data indicates that the cash-constraint argument dominates the substitution argument. We further find an inverted U-shaped relation between reinsurance and liquidity. Particular attention should be paid to the less liquid insurers that purchase less reinsurance because they have both less underwriting and liquidity risk management, and thus are exposed to a higher level of insolvency risk.
關聯:	Geneva Papers on Risk and Insurance: Issues and Practice, 41(2), 307-324
資料類型:	article
DOI 連結:	http://dx.doi.org/10.1057/gpp.2015.23
DOI:	10.1057/gpp.2015.23
顯示於類別:	[風險管理與保險學系] 期刊論文

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