The CEO Overconfidence and the Demand of Reinsurance in USA Property-Liability Insurance Industry

• Main Authors: Ruei-Shiuan Jian, 簡瑞萱
• Other Authors: Yi-Hsun Lai
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/rc2cef

碩士 === 國立雲林科技大學 === 財務金融系 === 103 === This study investigates the impact of the CEO overconfidence on reinsurance in USA property-liability insurance industry. We use the sample over period from1995 to 2012. The findings show that the CEO overconfidence have less reinsurance and internal reinsurance ratio. Moreover, insurers with smaller size, larger volatility of underwriting loss, higher ratio of underwriting leverage, higher proportions of underwriting long-tail lines, commercial lines and property lines, and higher product diversification have more reinsurance and internal reinsurance. Finally, the impact of CEO overconfidence on reinsurance is not different during the period of financial crisis, hard market, and after SOX.