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


Author Info

  • Sebastian Reddemann

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


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.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance Issues and Practice.

Volume (Year): 35 (2010)
Issue (Month): 1 (January)
Pages: 53-62

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Handle: RePEc:pal:gpprii:v:35:y:2010:i:1:p:53-62

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Cited by:
  1. Tom Van Caneghem & Walter Aerts, 2011. "Intra-industry conformity in dividend policy," Managerial Finance, Emerald Group Publishing, vol. 37(6), pages 492-516, June.


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