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...

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Detalles Bibliográficos
Autores: Gutiérrez González, Pablo, Pons Pons, Jerònia
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2022
País:España
Institución:Universidad de Sevilla (US)
Repositorio:idUS. Depósito de Investigación de la Universidad de Sevilla
OAI Identifier:oai:idus.us.es:11441/140670
Acceso en línea:https://hdl.handle.net/11441/140670
https://doi.org/10.1344/rhiihr.v31i84.31954
Access Level:acceso abierto
Palabra clave:Insurance
Risk management
Reinsurance
Regulation
Spain
Seguro
Gestión de riesgos
Reaseguro
Regulación
España
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spelling Risk management regulation and corporate demand for reinsurance in the Spanish autarky (1940-1952)La regulación de la gestión de riesgos y la demanda empresarial de reaseguro en la Autarquía española (1940-1952)Gutiérrez González, PabloPons Pons, JeròniaInsuranceRisk managementReinsuranceRegulationSpainSeguroGestión de riesgosReaseguroRegulaciónEspañaThis 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.Este artículo examina los cambios en la regulación del reaseguro implementados durante la Autarquía en España, con el objetivo de analizar cómo la restricción a las importaciones de servicios financieros afecta al funcionamiento del sector del seguro y de la gestión de riesgos. A través de una nueva base de datos de aseguradores y reaseguradores españoles, indagamos en la naturaleza de las barreras impuestas al acceso al reaseguro extranjero, en sus efectos en las estrategias corporativas y, en definitiva, en los determinantes de la demanda de reaseguro. Encontramos que, a pesar de la dependencia crónica del seguro español de las redes internacionales de intercambio de riesgos, las compañías españolas afrontaron este período de aislamiento mediante el uso intensivo de reaseguradoras cautivas. Esta estrategia contribuyó a aliviar los desequilibrios financieros del sector y a la sustitución de reaseguradores extranjeros por compañías nacionales, al menos mientras la regulación restrictiva se mantuvo en vigor.Universitat de BarcelonaEconomía e Historia Económica2022info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://hdl.handle.net/11441/140670https://doi.org/10.1344/rhiihr.v31i84.31954reponame:idUS. Depósito de Investigación de la Universidad de Sevillainstname:Universidad de Sevilla (US)InglésRevista de historia industrial, 31 (84), 175-203.https://doi.org/10.1344/rhiihr.v31i84.31954info:eu-repo/semantics/openAccessoai:idus.us.es:11441/1406702026-06-17T12:51:07Z
dc.title.none.fl_str_mv Risk management regulation and corporate demand for reinsurance in the Spanish autarky (1940-1952)
La regulación de la gestión de riesgos y la demanda empresarial de reaseguro en la Autarquía española (1940-1952)
title Risk management regulation and corporate demand for reinsurance in the Spanish autarky (1940-1952)
spellingShingle Risk management regulation and corporate demand for reinsurance in the Spanish autarky (1940-1952)
Gutiérrez González, Pablo
Insurance
Risk management
Reinsurance
Regulation
Spain
Seguro
Gestión de riesgos
Reaseguro
Regulación
España
title_short Risk management regulation and corporate demand for reinsurance in the Spanish autarky (1940-1952)
title_full Risk management regulation and corporate demand for reinsurance in the Spanish autarky (1940-1952)
title_fullStr Risk management regulation and corporate demand for reinsurance in the Spanish autarky (1940-1952)
title_full_unstemmed Risk management regulation and corporate demand for reinsurance in the Spanish autarky (1940-1952)
title_sort Risk management regulation and corporate demand for reinsurance in the Spanish autarky (1940-1952)
dc.creator.none.fl_str_mv Gutiérrez González, Pablo
Pons Pons, Jerònia
author Gutiérrez González, Pablo
author_facet Gutiérrez González, Pablo
Pons Pons, Jerònia
author_role author
author2 Pons Pons, Jerònia
author2_role author
dc.contributor.none.fl_str_mv Economía e Historia Económica
dc.subject.none.fl_str_mv Insurance
Risk management
Reinsurance
Regulation
Spain
Seguro
Gestión de riesgos
Reaseguro
Regulación
España
topic Insurance
Risk management
Reinsurance
Regulation
Spain
Seguro
Gestión de riesgos
Reaseguro
Regulación
España
description 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.
publishDate 2022
dc.date.none.fl_str_mv 2022
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv https://hdl.handle.net/11441/140670
https://doi.org/10.1344/rhiihr.v31i84.31954
url https://hdl.handle.net/11441/140670
https://doi.org/10.1344/rhiihr.v31i84.31954
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Revista de historia industrial, 31 (84), 175-203.
https://doi.org/10.1344/rhiihr.v31i84.31954
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv Universitat de Barcelona
publisher.none.fl_str_mv Universitat de Barcelona
dc.source.none.fl_str_mv reponame:idUS. Depósito de Investigación de la Universidad de Sevilla
instname:Universidad de Sevilla (US)
instname_str Universidad de Sevilla (US)
reponame_str idUS. Depósito de Investigación de la Universidad de Sevilla
collection idUS. Depósito de Investigación de la Universidad de Sevilla
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,301603

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