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Reflexivity in Competition-Originated Underwriting Cycles

机译:竞争性包销周期中的自反性

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摘要

This article addresses the fundamental observation that aggressive newcomers seeking greater market share trigger the industry response of reducing rates that may gradually fall below marginal cost. In this study, the concept of reflexivity as connection between the participants' thinking and the situation in which they participate is applied. This article suggests applying as an insurance regulation technique, while the competition-originated cycle is in its early stage, the triplets of year-end market share, profit, and solvency indicators. It emphasizes the need for applying all these characteristics together, rather than the first two.
机译:本文阐述了一个基本观点,即激进的新手寻求更大的市场份额会触发行业对降低利率的反应,该利率可能会逐渐降至边际成本以下。在这项研究中,运用了反思性概念,即参与者的思想与他们所处的环境之间的联系。本文建议在竞争起源的周期还处于初期阶段时,应用三元一组的年终市场份额,利润和偿付能力指标作为保险监管技术。它强调需要将所有这些特征一起应用,而不是前两个特征。

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  • 来源
    《The journal of risk and insurance》 |2014年第4期|883-905|共23页
  • 作者

    Vsevolod K. Malinovskii;

  • 作者单位

    Central Economics and Mathematics Institute (CEMI) of the Russian Academy of Science, 117418, Nakhimovskiy prosp., 47, Moscow, Russia;

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  • 正文语种 eng
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