| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19568 |
| 来源ID | Working Paper 19568 |
| Shadow Insurance | |
| Ralph S.J. Koijen; Motohiro Yogo | |
| 发表日期 | 2013-10-24 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Life insurers use reinsurance to move liabilities from regulated and rated companies that sell policies to shadow reinsurers, which are less regulated and unrated off-balance-sheet entities within the same insurance group. U.S. life insurance and annuity liabilities ceded to shadow reinsurers grew from $11 billion in 2002 to $364 billion in 2012. Life insurers using shadow insurance, which capture half of the market share, ceded 25 cents of every dollar insured to shadow reinsurers in 2012, up from 2 cents in 2002. By relaxing capital requirements, shadow insurance could reduce the marginal cost of issuing policies and thereby improve retail market efficiency. However, shadow insurance could also reduce risk-based capital and increase expected loss for the industry. We model and quantify these effects based on publicly available data and plausible assumptions. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w19568 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577243 |
| 推荐引用方式 GB/T 7714 | Ralph S.J. Koijen,Motohiro Yogo. Shadow Insurance. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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