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Financial crises, globalization, and insurer performance: Some international evidence

Pei-Fen Chen, Chun-Wei Lin and Chien-Chiang Lee ()

The North American Journal of Economics and Finance, 2019, vol. 48, issue C, 835-856

Abstract: This study provides empirical evidence regarding the impact of measures concerning insurance activity on the likelihood of financial crises. Based on a large dataset covering insurance firms from 30 selected OECD countries and a probit model that regresses a crisis variable on firm-specific and country-specific factors, the results show that a higher level of insurance firm’s performance is associated with a lower likelihood of a financial crisis. However, higher degrees of financial liberalization and public governance increase such a likelihood. The findings herein are particularly relevant for policymakers and life insurance supervisors.

Keywords: Financial crisis; Financial liberalization; Insurance performance; Panel data (search for similar items in EconPapers)
JEL-codes: G22 C25 E44 O16 (search for similar items in EconPapers)
Date: 2019
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Handle: RePEc:eee:ecofin:v:48:y:2019:i:c:p:835-856