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Is It True that Insurers Benefit from a Catastrophic Event? Market Reactions to the 1995 Hanshin-Awaji Earthquake

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Author Info

  • Yamori, N.
  • Kobayashi, T.

Abstract

Previous 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 Info

Paper provided by Economisch Institut voor het Midden en Kleinbedrijf- in its series Papers with number pb99-04.

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Length: 18 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:midkle:pb99-04

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Postal: ECONOMISCH INSTITUT VOOR HET MIDDEN EN KLEINBEDRIJF, RESEARCH INSTITUTE FOR SMALL AND MEDIUM-SIZED BUSINESS IN THE NETHERLANDS, NEUHUYS.

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Keywords: INSURANCE ; RISK;

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