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The Impact of Introducing Insurance Guaranty Schemes on Pricing and Capital Structure

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Kurzfassung The introduction of an insurance guaranty scheme can have significant influence on the pricing and capital structures in a competitive market. The aim of this paper is to study this effect on competitive equity-premium combinations while considering a framework with policyholders and equity holders where guaranty fund charges are volume-based, as levied in existing schemes. Several settings with regard to the origin of the fund contributions are assessed and the immediate effects on the incentives of the policyholders and equity holders are analyzed through a one-period contingent claim approach. One result is that introducing a guaranty scheme in a market with competitive conditions entails a shift of equity capital towards minimum solvency requirements. Hence adverse incentives may arise with regard to the overall security level of the industry.
   
Typ Artikel (wissenschaftliche Zeitschrift)
   
Schlagwörter (Tags)
   
Sprache Englisch
Art des Artikels Journal Artikel
Erscheinungsdatum 6-2012
Zeitschrift The Journal of Risk and Insurance
Verlag Wiley-Blackwell (Malden, Mass. USA)
ISSN 0022-4367
ISSN (online) 1539-6975
DOI 10.1111/j.1539-6975.2012.01474.x
Jahrgang bzw. Volume 80
Nummer bzw. Issue 2
Seite(n) 273-308
Review Double-Blind Review
   
Profilbereich SoM - Responsible Corporate Competitiveness (RoCC)
Zitation Schmeiser, Hato ; Wagner, Joël: The Impact of Introducing Insurance Guaranty Schemes on Pricing and Capital Structure. In: The Journal of Risk and Insurance 80 (2012), Nr. 2, S. 273-308, DOI:10.1111/j.1539-6975.2012.01474.x.