English, Article edition: Adverse Selection and the Opaqueness of Insurers Tao Zhang; Larry A. Cox; Robert A. Van Ness

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Adverse Selection and the Opaqueness of Insurers
Author
  • Tao Zhang
  • Larry A. Cox
  • Robert A. Van Ness
Physical Description
  • article
Notes
  • While adverse selection problems between insureds and insurers are well known to insurance researchers, few explore adverse selection in the insurance industry from a capital markets perspective. This study examines adverse selection in the quoted prices of insurers' common stocks with a particular focus on the opacity of both asset portfolios and underwriting liabilities. We find that more opaque underwriting lines result in greater adverse selection costs for property-casualty (P-C) insurers. A similar effect is not apparent for life-health (L-H) insurers and we find no effect of asset opaqueness on adverse selection for either L-H or P-C insurers. Copyright (c) The Journal of Risk and Insurance, 2009.
  • RePEc:bla:jrinsu:v:76:y:2009:i:2:p:295-321
Language
  • English
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