| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6043 |
| 来源ID | Working Paper 6043 |
| The Pricing of U.S. Catastrophe Reinsurance | |
| Kenneth A. Froot; Paul G. J. O'; Connell | |
| 发表日期 | 1997-05-01 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | We explore two theories that have been advanced to explain the patterns in U.S. catastrophe reinsurance pricing. The first is that price variation is tied to demand shocks, driven in effect by changes in actuarially expected losses. The second holds that the supply of capital to the reinsurance industry is less than perfectly elastic, with the consequence that prices are bid up whenever existing funds are depleted by catastrophe losses. Using detailed reinsurance contract data from Guy Carpenter & Co. over a 25-year period, we test these two theories. Our results suggest that capital market imperfections are more important than shifts in actuarial valuation for understanding catastrophe reinsurance pricing. Supply, rather than demand, shifts seem to explain most features of the market in the aftermath of a loss. |
| 主题 | International Economics |
| URL | https://www.nber.org/papers/w6043 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563548 |
| 推荐引用方式 GB/T 7714 | Kenneth A. Froot,Paul G. J. O',Connell. The Pricing of U.S. Catastrophe Reinsurance. 1997. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6043.pdf（415KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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