INSURANCE COMPANIES – WHAT DETERMINATES THEIR CREDIT RATINGS

Patrycja Chodnicka -Jaworska () and Piotr Jaworski
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Patrycja Chodnicka -Jaworska: Faculty of Management, University of Warsaw
Piotr Jaworski: Faculty of Management, University of Warsaw, Poland

No 52019, Faculty of Management Working Paper Series from University of Warsaw, Faculty of Management

Abstract: The aim of the paper has been to analyse factors’ influence on insurance companies’ credit ratings. It has been made a literature review, and as a result there have been put the following hypotheses. The first one is: Insurance companies’ credit ratings are determined by capital adequacy, assets quality, management quality, efficiency and liquidity factors. The second one states: Countries’ credit ratings influence statistically significantly on insurance notes. To the analysis there have been used long-term issuer credit ratings proposed by small and big credit rating agencies. To verify the presented hypotheses there have been used ordered logit panel data models. The research has been prepared on quarterly data for all assessed insurance companies from all of the world. Data have been collected from Thomson Reuters Database from 1995 to 2016.

Keywords: credit rating; insurance companies; panel data models (search for similar items in EconPapers)
JEL-codes: C23 G22 G24 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2019-03
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Persistent link: https://EconPapers.repec.org/RePEc:sgm:fmuwwp:52019

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