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Large-scale disasters and the insurance industry

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We investigate the impact of the 20 largest in terms of insured losses man-made or natural disasters on various insurance industry stock indices. We show via an event study that insurance sectors worldwide are quite resilient, in a market value sense, to unexpected losses to capital: our data provide evidence that equity market investors believe that insurance companies will on average be able to make losses back over the foreseeable future, i.e. that the adverse shocks to equity which have resulted from these catastrophes will be compensated by either an outward shift of the demand curve or an ability to raise premiums, or both.

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Walter Krämer, Sebastian T. Schich

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Adapt according to the presented license agreement and reference the original author.