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Underwriting Cycles: A Synthesis and Further Directions

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  • Mary A. Weiss

Abstract

Underwriting cycles are associated with a mystique that few topics in the area of risk and insurance share. Many explanations and theories have focused on underwriting cycles, but little research exists to discern the relative importance of these theories in explaining insurance pricing and profitability. This research provides an intuitive review of the existing literature on underwriting cycles in the context of a demand and supply model. Specific, unaddressed issues about underwriting cycles are raised in the literature reviewed.

Suggested Citation

  • Mary A. Weiss, 2007. "Underwriting Cycles: A Synthesis and Further Directions," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 30(1), pages 31-46.
    • Handle: RePEc:wri:journl:v:30:y:2007:i:1:p:31-46
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    Cited by:

    1. J. David Cummins & Georges Dionne & Robert Gagné & Abdelhakim Nouira, 2021. "The costs and benefits of reinsurance," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 46(2), pages 177-199, April.
    2. Chia-Ling Ho & Gene Lai & Sangyong Han & Licheng Jin, 2022. "Organisational structure, corporate governance and reinsurance decisions in the U.S. property-liability insurance industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(4), pages 737-784, October.
    3. John A. Major, 2019. "Methodological Considerations in the Statistical Modeling of Catastrophe Bond Prices," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 22(1), pages 39-56, March.
    4. Eling, Martin & Jia, Ruo, 2018. "Business failure, efficiency, and volatility: Evidence from the European insurance industry," International Review of Financial Analysis, Elsevier, vol. 59(C), pages 58-76.
    5. Iqbal Owadally & Feng Zhou & Douglas Wright, 2018. "The Insurance Industry as a Complex Social System: Competition, Cycles and Crises," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 21(4), pages 1-2.
    6. Degryse, Hans & Van Hulle, Cynthia & Smedts, Kristien, 2017. "Risk-sharing benefits and the capital structure of insurance companies," CEPR Discussion Papers 11838, C.E.P.R. Discussion Papers.
    7. Dorina Lazar & Michel Denuit, 2011. "New evidence for underwriting cycles in US property-liability insurance," Journal of Risk Finance, Emerald Group Publishing, vol. 13(1), pages 4-12, December.
    8. Sabine Lemoyne de Forges & Ruben Bibas & Stéphane Hallegatte, 2001. "A dynamic model of extreme risk coverage : Resilience and e fficiency in the global reinsurance market," CIRED Working Papers halshs-00800460, HAL.
    9. Julien Hardelin & Sabine Lemoyne de Forges, 2012. "Raising Capital in an Insurance Oligopoly Market," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 37(1), pages 83-108, March.
    10. Heni Boubaker & Nadia Sghaier, 2014. "How Do the Interest Rate and the Inflation Rate Affect the Non-Life Insurance Premiums ?," Working Papers 2014-282, Department of Research, Ipag Business School.
    11. Dutang, Christophe & Albrecher, Hansjoerg & Loisel, Stéphane, 2013. "Competition among non-life insurers under solvency constraints: A game-theoretic approach," European Journal of Operational Research, Elsevier, vol. 231(3), pages 702-711.
    12. Koen van der Veer, 2015. "Loss shocks and the quantity and price of private export credit insurance: Evidence from a global insurer," DNB Working Papers 462, Netherlands Central Bank, Research Department.
    13. Feng Frank Y. & Powers Michael R., 2019. "Ordinary and Markov-Switching Autoregressive Models for Firm-Level Underwriting Data," Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 13(2), pages 1-16, July.
    14. Tarasov, Arthur, 2013. "Impact of interest rates on the decision to insure in agricultural production," Studies in Agricultural Economics, Research Institute for Agricultural Economics, vol. 115(1), pages 1-7, February.

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