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Derivative Hedging and Insurer Solvency: Evidence from Taiwan

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  • Yung-Ming Shiu

    () (Department of Business Administration, National Cheng Kung University, 1, University Road, Tainan 701, Taiwan.)

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    Abstract

    Using company-level panel data (2001–2003), this paper empirically examines whether Taiwanese insurers' use of derivatives for hedging purposes is significantly related to their solvency (as measured by solvency ratio). Contrary to the public's perception that firms with derivative programmes have a higher level of solvency if derivatives are employed for hedging purposes, our results indicate that life insurers' derivative hedging generally is not associated with solvency, while non-life insurers using derivative hedging have a lower level of solvency.

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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): 3 (July)
    Pages: 469-483

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    Handle: RePEc:pal:gpprii:v:35:y:2010:i:3:p:469-483

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