Is It True that Insurers Benefit from a Catastrophic Event? Market Reactions to the 1995 Hanshin-Awaji Earthquake
AbstractPrevious studies, investigating how the market in general viewed the impact of a big earthquake (e.g. the 1989 Loma Prieta earthquake in the San Francisco Bay Area) on insurance firm values, found a positive reaction of insurers' stock prices. This "gaining from loss" may be caused by the subsequent increased demand for insurance coverage. This paper investigates the impact of the 1995 Hanshin-Awak=ji earthquake on Japanese insurers' value.
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Bibliographic InfoPaper provided by Economisch Institut voor het Midden en Kleinbedrijf- in its series Papers with number pb99-04.
Length: 18 pages
Date of creation: 1999
Date of revision:
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Postal: ECONOMISCH INSTITUT VOOR HET MIDDEN EN KLEINBEDRIJF, RESEARCH INSTITUTE FOR SMALL AND MEDIUM-SIZED BUSINESS IN THE NETHERLANDS, NEUHUYS.
INSURANCE ; RISK;
Other versions of this item:
- Nobuyoshi Yamori & Takeshi Kobayashi, 1999. "Is it true that insurers benefit from a catastrophic event? Market reactions to the 1995 Hanshin-Awaji earthquake," Pacific Basin Working Paper Series 99-04, Federal Reserve Bank of San Francisco.
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
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