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Faculty & Research

Financing Insurance - Adriano Rampini

23 May
2019
2:00 pm
Jouy-en-Josas
English

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2019-05-23T14:00:00 2019-05-23T15:15:00 Financing Insurance - Adriano Rampini Finance Speaker : Adriano Rampini Buil. T - Room T105 Jouy-en-Josas

Finance

Speaker : Adriano Rampini

Buil. T - Room T105

Insurance has an intertemporal aspect as insurance premia have to be paid up front. We argue that the financing aspect of insurance is key to understanding basic insurance patterns and insurers' balance sheets. In a model with limited enforcement, we show that insurance is globally monotone increasing in household net worth and income, incomplete, and precautionary. These results hold in economies with income risk, durable goods and collateral constraints, and durable goods price risk that affects asset values, under quite general conditions. In equilibrium, insurers are financial intermediaries with collateralized loans as assets and diversified portfolios of insurance claims as liabilities. Collateral scarcity lowers the interest rate, reduces insurance, and increases inequality.

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2019-05-23T14:00:00 2019-05-23T15:15:00 Financing Insurance - Adriano Rampini Finance Speaker : Adriano Rampini Buil. T - Room T105 Jouy-en-Josas