Asset Management for Regulated Enterprise Under Conditions of Uncertain Price Change: The Case of the Property-Casualty Company
This paper assesses the interaction among losses and expenses on insurance written, leverage employed and investment performance for a sample of 25 property-casualty companies during the decade ending 1976 and evaluates the impact of regulation and other factors upon internal profitability and market performance and risk. The period in question witnessed the concurrent emergence of double-digit inflation and adverse stock market behavior. In a single year, 1974, the property-casualty industry lost some 26% of its total surplus.
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