Reinsurance and Systemic Risk: The Impact of Reinsurer Downgrading on Property-Casualty Insurers

Sojung Carol Park; Xiaoying Xie

首页> 外文期刊>The journal of risk and insurance >Reinsurance and Systemic Risk: The Impact of Reinsurer Downgrading on Property-Casualty Insurers

【24h】

Reinsurance and Systemic Risk: The Impact of Reinsurer Downgrading on Property-Casualty Insurers

机译：再保险和系统性风险：再保险公司降级对财产险公司的影响

获取原文

获取原文并翻译 | 示例

掌桥外文数据库（机构版） >>

开具论文收录证明 >>

文献代查 >>

页面导航

摘要
著录项
相似文献
相关主题

摘要

This article analyzes the interconnectedness between reinsurers and U.S. property-casualty (P/C) insurers and presents the first detailed examination on the likely impact of major global reinsurer insolvency on the U.S. P/C insurance industry, in order to illustrate the potential systemic risk caused by the interconnectedness of the insurance sector through reinsurance. We find that the likelihood of a primary insurer's downgrade increases with its reinsurance default risk exposure from downgraded reinsurers. Counterparty primary insurers' stocks also react negatively to their reinsurers' downgrades. The negative effects also spill over to insurers that are not directly exposed to the credit risk of downgraded reinsurers. Despite the close interconnectedness, worst-case scenario analyses show that the likelihood of systemic risk caused by reinsurance transactions is relatively small for the U.S. P/C insurance industry.

机译：本文分析了再保险公司与美国财产/意外险（P / C）保险公司之间的相互联系，并就全球主要再保险公司破产对美国P / C保险业的可能影响进行了首次详细检查，以说明潜在的系统性风险。是由于保险业通过再保险而相互联系造成的。我们发现，主要保险公司降级的可能性随着降级再保险公司的再保险违约风险敞口而增加。交易对手一级保险公司的股票也对其再保险公司的降级产生负面反应。负面影响还会蔓延到未直接承受降级再保险公司信用风险的保险公司。尽管存在紧密的联系，但最坏情况分析表明，对于美国P / C保险行业而言，由再保险交易引起的系统性风险的可能性相对较小。

著录项

来源
《The journal of risk and insurance》 |2014年第3期|587-621|共35页
作者
Sojung Carol Park; Xiaoying Xie;
展开▼
作者单位

College of Business Administration, Seoul National University, 1 Gwanak-ro, Gwanak-gu, Seoul 151-916, Korea;

Mihaylo College of Business and Economics, California State University, Fullerton, Fullerton, CA 92834-6848;

展开▼
收录信息
原文格式 PDF
正文语种 eng
中图分类
关键词

相似文献

外文文献
中文文献
专利

1. THE REINSURANCE NETWORK AMONG U.S. PROPERTY-CASUALTY INSURERS: MICROSTRUCTURE, INSOLVENCY RISK, AND CONTAGION [J] . Chen Hua, Cummins J. David, Sun Tao, The journal of risk and insurance . 2020,第2期

机译：在美国伤亡保险公司中的再保险网络：微观结构，破产风险和传染
2. OPTIMAL REINSURANCE FROM THE VIEWPOINTS OF BOTH AN INSURER AND A REINSURER UNDER THE CVAR RISK MEASURE AND VAJDA CONDITION [J] . Yanhong Chen Astin bulletin . 2021,第2期

机译：从保险公司和Reinsurs下的CVAR风险衡量和VAJDA条件的角度来看，最佳再保险
3. Optimal reinsurance from the perspectives of both insurers and reinsurers under the VaR risk measure and Vajda condition [J] . Chen Yanhong, Hu Yijun Communications in Statistics . 2021,第13a15期

机译：从VAR风险衡量和VAJDA条件下的保险公司和再保险公司的角度来看，最佳再保险
4. The Contribution of Insurers and Reinsurers to Risk Management [C] . Bruno PORRO International Conference on Safety, Risk and Reliability - Trends in Engineering, Mar 21-23, 2001, Malta . 2001

机译：保险公司和再保险公司对风险管理的贡献
5. Insurer risk management and optimal reinsurance. [D] . Krvavych, Yuriy. 2005

机译：保险公司的风险管理和最佳再保险。
6. Minimizing Lundberg inequality for ruin probability under correlated risk model by investment and reinsurance [O] . Lin Xu, Minghan Wang, Bin Zhang -1

机译：通过投资和再保险在相关风险模型下最小化Lundberg不等式的破产概率
7. How Does Reinsurance Create Value to an Insurer? A Cost-Benefit Analysis Incorporating Default Risk [O] . Ambrose Lo 2016

机译：再保险如何为保险公司创造价值？包含违约风险的成本效益分析

Reinsurance and Systemic Risk: The Impact of Reinsurer Downgrading on Property-Casualty Insurers

摘要

著录项

相似文献

相关主题

期刊订阅