Search Results
Working Paper
Is it true that insurers benefit from a catastrophic event? Market reactions to the 1995 Hanshin-Awaji earthquake
Previous studies, investigating how the market in general viewed the impact of a big earthquake (e.g., the 1989 Loma Prieta earthquake in the San Francisco Bay Area) on insurance firm values, found a positive reaction of insurers' stock prices. This "gaining from loss" may be caused by the subsequent increased demand for insurance coverage. This paper investigates the impact of the 1995 Hanshin-Awaji earthquake on Japanese insurers' value. Contrary to the results for U.S. earthquakes, we find significant negative stock price reactions. Furthermore, our results demonstrate that Japanese ...
Newsletter
What do U.S. life insurers invest in?
Researchers at the Chicago Fed Insurance Initiative are analyzing the role that the insurance industry plays in financial markets and the economy as a whole. This article presents an overview of life insurers? financial asset holdings, the industries they invest in, and how the value of their investments would change if there was a large negative shock to asset values.
Speech
Factors affecting efforts to limit payments to AIG counterparties
Testimony before the Committee on Government Oversight and Reform, U.S. House of Representatives.
Conference Paper
The structure and regulation of insurance markets in Europe
Journal Article
A measured approach to tort reform
Conference Paper
The status and future of the insurance industry