全球智库信息集成服务系统(G2TT): Corporate Demand for Insurance: New Evidence from the U.S. Terrorism and Property Markets

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w19532
来源ID	Working Paper 19532
	Corporate Demand for Insurance: New Evidence from the U.S. Terrorism and Property Markets
	Erwann Michel-Kerjan; Paul Raschky; Howard Kunreuther
发表日期	2013-10-17
出版年	2013
语种	英语
摘要	Since the passage of the Terrorism Risk Insurance Act of 2002, corporate terrorism insurance is sold as a separate policy from commercial property coverage. In this paper, we determine whether companies differ in their demand for property and terrorism insurance. Using a unique dataset of insurance policies purchased by large U.S. firms, combined with financial information of the corporate clients and of the insurance provider, we apply a two-stage least squares (2SLS) approach to obtain consistent estimates of premium elasticity of corporate demand for property and terrorism coverage. Our findings suggest that both are rather price inelastic and that corporate demand for terrorism insurance is significantly more price inelastic than demand for property insurance. We further find a negative relation between the solvency ratios of both property and terrorism risk coverage, with a stronger effect on the latter, indicating that companies use their ability to self-insure as a substitute for market insurance. Our results are robust to the application of alternative estimators as well as changes in the econometric specifications.
主题	Financial Economics ; Financial Institutions ; Public Economics ; National Fiscal Issues
URL	https://www.nber.org/papers/w19532
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/577207
推荐引用方式 GB/T 7714	Erwann Michel-Kerjan,Paul Raschky,Howard Kunreuther. Corporate Demand for Insurance: New Evidence from the U.S. Terrorism and Property Markets. 2013.