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Is It True that Insurers Benefit from a Catastrophic Event? Market Reactions to the 1995 Hanshin-Awaji Earthquake

Nobuyoshi Yamori () and T. Kobayashi

Working Papers from Economisch Institut voor het Midden en Kleinbedrijf-

Abstract: Previous studies, investigating how the market in general viewed the impact of a big earthquake (e.g. the 1989 Loma Prieta earthquake in the San Francisco Bay Area) on insurance firm values, found a positive reaction of insurers' stock prices. This "gaining from loss" may be caused by the subsequent increased demand for insurance coverage. This paper investigates the impact of the 1995 Hanshin-Awak=ji earthquake on Japanese insurers' value.

Keywords: INSURANCE; RISK (search for similar items in EconPapers)
JEL-codes: D81 G22 G10 (search for similar items in EconPapers)
Pages: 18 pages
Date: 1999
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