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Investigating Risk Disclosure Practices in the European Insurance Industry


  • Dirk Höring

    (School of Business and Economics, Humboldt-Universit&aauml;t zu Berlin, Dr Wolfgang Schieren Chair for Insurance and Risk Management, Spandauer Str. 1, 10999 Berlin, Germany)

  • Helmut Gründl

    () (Faculty of Economics and Business Administration, Chair of Insurance and Regulation, International Center for Insurance Regulation, Goethe-Universit&aauml;t Frankfurt am Main, Grüneburgplatz 1, 60323 Frankfurt am Main, Germany.)


In light of the upcoming Solvency II Pillar 3 disclosure regulation for the insurance industry, this paper explores the risk disclosure practices in annual reports of European primary insurers in the Dow Jones Stoxx 600 Insurance Index between 2005 and 2009. On the basis of a self-constructed risk disclosure index, the study examines the relation between the extent of risk disclosure and insurance companies’ characteristics such as size, risk, profitability, ownership dispersion, cross-listing, home country and type of insurance sold, to draw inferences regarding motives for enhanced risk disclosure based on positive accounting theory.

Suggested Citation

  • Dirk Höring & Helmut Gründl, 2011. "Investigating Risk Disclosure Practices in the European Insurance Industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 36(3), pages 380-413, July.
  • Handle: RePEc:pal:gpprii:v:36:y:2011:i:3:p:380-413

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    References listed on IDEAS

    1. Philip M. Linsley & Philip J. Shrives, 2005. "Examining risk reporting in UK public companies," Journal of Risk Finance, Emerald Group Publishing, vol. 6(4), pages 292-305, August.
    2. Hirtle, Beverly, 2016. "Public disclosure and risk-adjusted performance at bank holding companies," Economic Policy Review, Federal Reserve Bank of New York, issue Aug, pages 151-173.
    3. Philip M. Linsley & Michael J. Lawrence, 2007. "Risk reporting by the largest UK companies: readability and lack of obfuscation," Accounting, Auditing & Accountability Journal, Emerald Group Publishing, vol. 20(4), pages 620-627, July.
    4. Pérignon, Christophe & Smith, Daniel R., 2010. "The level and quality of Value-at-Risk disclosure by commercial banks," Journal of Banking & Finance, Elsevier, vol. 34(2), pages 362-377, February.
    5. Christophe Perignon & D. Smith, 2009. "The Level and Quality of Value-at-Risk Disclosure by Commercial Banks," Post-Print hal-00496102, HAL.
    6. Martin Eling, 2012. "What Do We Know About Market Discipline in Insurance?," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 15(2), pages 185-223, September.
    7. Philip M. Linsley & Philip J. Shrives, 2005. "Transparency and the disclosure of risk information in the banking sector," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 13(3), pages 205-214, July.
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    Cited by:

    1. Dominika Paula Gałkiewicz, 2015. "Loss Potential and Disclosures Related to Credit Derivatives – A Cross-Country Comparison of Corporate Bond Funds under U.S. and German Regulation," SFB 649 Discussion Papers SFB649DP2015-017, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
    2. Gaganis, Chrysovalantis & Liu, Liuling & Pasiouras, Fotios, 2015. "Regulations, profitability, and risk-adjusted returns of European insurers: An empirical investigation," Journal of Financial Stability, Elsevier, vol. 18(C), pages 55-77.

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