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Risk Taking and Performance of Public Insurers: An International Comparison

机译:公共保险公司的风险承担与绩效:国际比较

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摘要

We investigate how investor protection, government quality, and contract en-forcement affect risk taking and performance of insurance companies from around the world. We find that better investor protection results in less risk taking, as do higher quality government and greater contract enforceability. However, we find only limited evidence that these factors influence firm performance. We conclude that better overall operating environments result in less risk taking by insurers without the concomitant decline in performance. These results imply that better investor protection environments benefit policyholders and outside stockholders by preventing corporate insiders from expropriating wealth from policyholders and outside stockholders.
机译:我们研究了投资者保护,政府质量和合同执行如何影响全球保险公司的风险承担和绩效。我们发现,更好的投资者保护可以减少风险承担,更高质量的政府和更高的合同可执行性也可以。但是,我们仅发现有限的证据表明这些因素会影响公司的业绩。我们得出的结论是,更好的总体运营环境可以降低保险公司承担的风险,而不会导致业绩下降。这些结果表明,更好的投资者保护环境可以防止公司内部人员从保单持有人和外部股东手中夺取财富,从而使保单持有人和外部股东受益。

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  • 来源
    《The journal of risk and insurance》 |2012年第4期|931-962|共32页
  • 作者单位

    Department of Finance, Mays Business School, Texas A&M University;

    Department of Finance, Insurance and Real Estate, Virginia Commonwealth University;

    Department of Finance, Insurance and Real Estate, Virginia Commonwealth University;

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