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24. Notes

Author

Witt, Robert C.

Published
1914

27. The competition for markets: reinsurers vs. primary insurers

Author

Brockett, Patrick L., Witt, Robert C., and Aird, Paul R.

Subjects
Reinsurance -- Analysis, Insurance industry -- Analysis, Business, Human resources and labor relations, Insurance
Abstract

Some insurance experts charge that reinsurers can dictate conditions in the primary insurance market. The reinsurance market, however, is international and has many competitors, including the reinsurance departments of some major primary insurers. Reinsurance can provide protection against catastrophic losses, increase capacity, provide accounting and cash-flow benefits to growing insurers and stabilize profits., UNTIL RECENTLY, PUBLIC IGNORANCE of the reinsurance market allowed reinsurers to work discretely behind the scenes as an 'invisible hand' hidden from the scrutiny of consumers and insurance regulators. The [...]

Published
1992

28. Contestable markets for property-liability insurance: is rate and form regulation necessary?

Author

Witt, Robert C. and Aird, Paul R.

Subjects
Deregulation -- Insurance industry, Property and casualty insurance -- Economic aspects, Surplus lines (Insurance) -- Economic aspects, Business, Insurance
Abstract

The commercial property liability insurance industry is markedly competitive and contestable. The main benefit of such a market structure is the tendency toward efficiency wherein the product is made available at the lowest cost at optimal quality. The current rate and form regulation of insurance markets could be removed without affecting the industry's competitive status. In fact, such a deregulation would even make the industry more efficient. To make the market more contestable, entry and exit barriers should be eliminated and sunk costs should be reduced.

Published
1992

35. Letters and Comments

Author

Roos, Nestor, Athearn, James, Goshay, Robert, Launie, Joe, Witt, Robert C., Johnston, Will, and Rubin, Harvey W.

Published
1977

39. DISCUSSION.

Author

WITT, ROBERT C.

Subjects
LIFE insurance, YIELD to maturity, GOVERNMENT securities, STOCK prices, BOND prices, INVESTMENT interest, INTEREST rates, INHERITANCE & transfer tax, ACADEMIC debating, TAXATION
Abstract

The article presents a response to the article "Death and Taxes: The Market for Flower Bonds," by David Mayers and Clifford W. Smith. The author expresses his views on theoretical and empirical analysis of the demand for flower bonds and the incentives for holding them made by Mayers and Smith. As the authors of the original article suggest, when market interest rates exceed the coupon rate, a flower bond is equivalent to a straight bond plus a term life insurance policy. The author considers the effect of estate taxes among individuals with different levels of taxable wealth.

Published
1987
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44. Underwriting cycles in property and liability insurance: an empirical analysis of industry and byline data

Author

Fung, Hung-Gay, Lai, Gene C., Patterson, Gary A., and Witt, Robert C.

Subjects
Liability insurance -- Analysis, Property and casualty insurance -- Analysis, Business, Insurance, Analysis
Abstract

INTRODUCTION Recent studies have observed the presence of cyclical underwriting returns within the property-liability industry and have proposed competing theories to explain the insurance underwriting cycle. Important proposals include: (1) [...]

Published
1998

48. Turmoil in the Texas auto insurance market

Author

Witt, Robert C., Brockett, Patrick L., and Aird, Paul

Subjects
Automobile insurance -- Texas, Automobile insurance -- Evaluation, Texas -- Insurance
Abstract

The market for personal automobile insurance in Texas has encountered some hurricane force winds in recent years. The first major problem began when increased enforcement of the revised financial responsibility […]

Published
1993

49. Underwriting Cycles in Property and Liability Insurance: An Empirical Analysis of Industry and By-Line Data.

Author

Hung-Gay Fung, Lai, Gene C., Patterson, Gary A., and Witt, Robert C.

Subjects
PROPERTY insurance, LIABILITY insurance, AUTOREGRESSION (Statistics), INSURANCE premiums, INVESTMENT income, EXTRAPOLATION, INSTRUMENTAL variables (Statistics), STATISTICAL hypothesis testing, INTEREST rates
Abstract

Using industry and by-line data, we examine the causes of insurance cycles in a vector autoregressive model. Some of the important findings are summarized below. First, the uncertainty variable explains significant portions of forecast errors of premiums. Second, the significant factors that determine premiums are different for different lines. Third, investment incomes in general are more important for long-tail lines than short-tail lines. Evidence on the response of premiums to shocks suggests that all one-time shocks to variables tend to be relatively permanent. The overall results seem to imply that no single hypothesis is able to explain the insurance cycle. [ABSTRACT FROM AUTHOR]

Published
1998
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50. The Evolution of Risk Management and Insurance: Change and Challenge.

Author

Witt, Robert C.

Subjects
RISK management in business, INSURANCE, ASSOCIATIONS, institutions, etc.
Abstract

Presents a speech given by Robert C. Witt, president of the American Risk and Insurance Association (ARIA), delivered in the U.S. in August 1985. Challenges and changes facing the ARIA; Questions about accomplishments and goals of the ARIA; Economic and financial aspects of risk management and insurance.

Published
1986
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