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美國產險業
CEO
更迭與再保險需求
282
Variable
Definition
Control variables
Ln(na)
i.t
Ln(na) is proxy for firm size which is the natural logarithm of net admitted
assets.
Herfindahl
i.t
Herfindahl index = Σ(
PW
i
/
TPW
)
2
, where
PW
i
is the value of written
premiums in line
i
and
TPW
is the insurer’s total written premiums.
Geoherfindahl
i.t
Geographic Herfindahl index is defined as Σ(
PW
i
/
TPW
)
2
where
PW
i
is
the value of written premiums in state
i
, and
TPW
is the insurer’s total
written premiums.
Leverage
i.t
1 minus the surplus-to-assets ratio.
UnderwritingRisk
i.t
Underwriting risk is measured as the standard deviation of the loss ratio.
2
year_Loss_Development
i.t
Two year loss development is defined as the development in estimated
losses and loss expenses incurred two years before the current year and
prior year scaled by policyholders’ surplus.
Coastal_prem
i.t
Coastal premium is measured as the percentage of sum of the premium
when the insurer is domiciled in a hurricane-prone state (Alabama,
Arkansas, Connecticut, Delaware, Florida, Georgia, Louisiana, Maine,
Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey,
New York, North Carolina, Pennsylvania, Rhode Island, South Carolina,
Texas, Vermont, and Virginia) divided by total net written premium.
Long–tail
i.t
Percentage of long-tail lines is the premiums of long-tail lines divided by
total net written premiums. Long-tail lines or short-tail lines are
determined by the length of the loss payout period, as defined by
Schedule P of the NAIC annual financial statement.
Tax_ex
i.t
Tax-exempt is measured as the ratio of tax-exempt investment income to
total investment income.
ROA
i.t
ROA is net income on admitted assets.
Group
i.t
Group is an indicator variable, 1 if the firm is a member of a group, 0
otherwise.
SOX
SOX is a binary variable, 1 = if year is 2005 to 2011, 0 = otherwise.