On the Impact of the Financial Crisis on the Dividend Policy of the European Insurance Industry

Sebastian Reddemann, Tobias Basse and Johann Graf von der Schulenburg
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Sebastian Reddemann: Center for Risk and Insurance, Leibniz Universit&aauml;t Hannover, Königsworther Platz 1, Hannover D-30167, Germany
Tobias Basse: Norddeutsche Landesbank (NORD/LB), Friedrichswall 10, Hannover D-30159, Germany.

The Geneva Papers on Risk and Insurance - Issues and Practice, 2010, vol. 35, issue 1, 53-62

Abstract: The financial crisis has led to controversial discussions about the capital base of the European insurance industry. Dividend cuts have been suggested to preserve capital. However, some observers seem to fear that investors could interpret a reduction of dividends as a sign of future problems. The empirical evidence reported here does not indicate that dividend smoothing or dividend signalling are relevant economic phenomena examining the dividend policy of the European insurance industry. Therefore, insurance companies should not be too concerned about the negative consequences of dividend cuts.

Date: 2010
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