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https://hdl.handle.net/10419/23444
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Laux, Christian | en |
dc.contributor.author | Muermann, Alexander | en |
dc.date.accessioned | 2009-01-29T16:05:46Z | - |
dc.date.available | 2009-01-29T16:05:46Z | - |
dc.date.issued | 2007 | - |
dc.identifier.uri | http://hdl.handle.net/10419/23444 | - |
dc.description.abstract | Mutual insurance companies and stock insurance companies are different forms of organized risk sharing: policyholders and owners are two distinct groups in a stock insurer, while they are one and the same in a mutual. This distinction is relevant to raising capital, selling policies, and sharing risk in the presence of financial distress. Up-front capital is necessary for a stock insurer to offer insurance at a fair premium, but not for a mutual. In the presence of an owner-manager conflict, holding capital is costly. Free-rider and commitment problems limit the degree of capitalization that a stock insurer can obtain. The mutual form, by tying sales of policies to the provision of capital, can overcome these problems at the potential cost of less diversified owners. | en |
dc.language.iso | eng | en |
dc.publisher | |aJohann Wolfgang Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften |cFrankfurt a. M. | en |
dc.relation.ispartofseries | |aWorking Paper Series: Finance & Accounting |x180 | en |
dc.subject.jel | G22 | en |
dc.subject.jel | G32 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | ownership structure | en |
dc.subject.keyword | insurance | en |
dc.subject.keyword | owner-manager conflict | en |
dc.subject.keyword | capital | en |
dc.subject.keyword | default | en |
dc.subject.stw | Versicherung , Privatversicherung , Eigentümerstruktur , Versicherungsprämie , Eigenkapital , Betriebliche Liquidität , Theorie | en |
dc.title | Mutual versus Stock Insurers: Fair Premium, Capital, and Solvency | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 54353345X | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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