Physicians are traditionally liable under a negligence rule of liability. Economic analysis of
liability rules, including malpractice, assumes that the primary function of liability is injury …

According to conventional theory, insurance premiums should be informationally efficient
predictors of the present value of policy claims and expenses. This paper develops an …

Underwriting cycles are unexpected in a structurally competitive industry where financial
capital is the major determinant of output capacity." Arbitrage" theories explain underwriting …

This paper presents a theoretical and empirical analysis of the capacity of the US property–
liability insurance industry to finance catastrophic property losses in the 100billionrange …

Insurers and rating bureaus often use regression of past costs, or of loss ratios, on time as a
way of estimating future rate requirements. A model of this process suggests that the rates …

This article analyzes alleged underpricing of general liability insurance prior to the mid
1980s liability insurance" crisis." The theoretical analysis considers whether moral hazard …

We analyze the impact of factors related to corporate governance (ie, compensation,
monitoring, and ownership structure) on risk taking in the insurance industry. We measure …

The price of catastrophe reinsurance in the United States has fluctuated markedly in recent
years. These fluctuations are commonly associated with the pattern of catastrophe …

This article identifies a set of factors exogenous to individual property-liability insurers that
are statistically related to the overall rate of insurer insolvencies. This approach represents a …

Traditionally, underwriting performance is considered to be a function of industry-specific
institutions. Using quarterly data from 1974 through 1990, we provide evidence of a long-run …