Risk management regulation and corporate demand for reinsurance in the Spanish autarky (1940-1952)
This paper examines the changes to reinsurance regulation implemented during the Spanish autarky to analyze how the restriction of imports of financial services affects the performance of the insurance and risk management industry. We build a novel dataset on domestic insurers and reinsurers to iden...
| Autores: | , |
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| Formato: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2022 |
| País: | España |
| Recursos: | Universidad de Sevilla (US) |
| Repositorio: | idUS. Depósito de Investigación de la Universidad de Sevilla |
| OAI Identifier: | oai:idus.us.es:11441/140670 |
| Acesso em linha: | https://hdl.handle.net/11441/140670 https://doi.org/10.1344/rhiihr.v31i84.31954 |
| Access Level: | acceso abierto |
| Palavra-chave: | Insurance Risk management Reinsurance Regulation Spain Seguro Gestión de riesgos Reaseguro Regulación España |
| Resumo: | This paper examines the changes to reinsurance regulation implemented during the Spanish autarky to analyze how the restriction of imports of financial services affects the performance of the insurance and risk management industry. We build a novel dataset on domestic insurers and reinsurers to identify the effects of the barriers to purchasing foreign reinsurance on corporate strategies and ultimately, on the determinants of reinsurance demand. We find that, in spite of a chronic dependence on foreign risk exchange networks, Spanish insurers faced this period of isolation by means of an intensive use of captive reinsurance. This strategy helped to alleviate financial distress and resulted in the substitution of foreign reinsurers by domestic companies, as far as the restrictive regulation was in force. |
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