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On the Impact of the Financial Crisis on the Dividend Policy of the European Insurance Industry

Author

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  • Sebastian Reddemann

    (Center for Risk and Insurance, Leibniz Universit&aauml;t Hannover, Königsworther Platz 1, Hannover D-30167, Germany)

  • Tobias Basse

    (Norddeutsche Landesbank (NORD/LB), Friedrichswall 10, Hannover D-30159, Germany.)

  • Johann-Matthias Graf von der Schulenburg

    (Institute for Risk and Insurance, Leibniz Universit&aauml;t Hannover, Königsworther Platz 1, Hannover D-30167, Germany)

Abstract

The financial crisis has led to controversial discussions about the capital base of the European insurance industry. Dividend cuts have been suggested to preserve capital. However, some observers seem to fear that investors could interpret a reduction of dividends as a sign of future problems. The empirical evidence reported here does not indicate that dividend smoothing or dividend signalling are relevant economic phenomena examining the dividend policy of the European insurance industry. Therefore, insurance companies should not be too concerned about the negative consequences of dividend cuts.

Suggested Citation

  • Sebastian Reddemann & Tobias Basse & Johann-Matthias Graf von der Schulenburg, 2010. "On the Impact of the Financial Crisis on the Dividend Policy of the European Insurance Industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 35(1), pages 53-62, January.
    • Handle: RePEc:pal:gpprii:v:35:y:2010:i:1:p:53-62
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    Cited by:

    1. Rihanat Idowu Abdulkadir & Nur Adiana Hiau Abdullah & Wong Woei-Chyuan, 2015. "Dividend Policy Changes in The Pre-, Mid-, and Post-Financial Crisis: Evidence from The Nigerian Stock Market," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 11(2), pages 103-126.
    2. Basse, Tobias & Klein, Tony & Vigne, Samuel A. & Wegener, Christoph, 2021. "U.S. stock prices and the dot.com-bubble: Can dividend policy rescue the efficient market hypothesis?," Journal of Corporate Finance, Elsevier, vol. 67(C).
    3. Al-Malkawi, Husam-Aldin Nizar & Bhatti, M. Ishaq & Magableh, Sohail I., 2014. "On the dividend smoothing, signaling and the global financial crisis," Economic Modelling, Elsevier, vol. 42(C), pages 159-165.

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