Die Versicherungsnachfrage von Unternehmen: Eine Empirische Untersuchung der Sachversicherungsnachfrage deutscher Unternehmen

Abstract

This article presents the results of an empirical analysis regarding the corporate demand for insurance. As several studies before tested the theoretical arguments for the corporate motivation to purchase insurance, this article provides the fist empirical analysis focussing on the insurance demand of German corporations. The empirical evidence, found in the data of corporate clients of a German insurance company, supports the hypotheses regarding the relation between the demand for insurance and the size of the corporation, insolvency costs and real services of the insurer as well as the influence of the ownership structure of a stock corporation. Conflicting results were found regarding regulation

Firm's demand for insurance: An explorative approach

“…Numerous empirical studies have aimed at testing these factors influencing if and how much insurance is demanded by corporations. Most of the studies focus on commercial property insurance (i.e., Aunon‐Nerin & Ehling, ; Hoyt & Khang, ; Krummaker & Schulenburg, ; Regan & Hur, ; Yamori, ; Zou, Adams, & Buckle, ), but there is also work on other lines of business such as directors and officers insurance (Boyer & Delvaux‐Derome, ; Core, ), reinsurance (Cole & McCullough, ; Garven & Lamm‐Tennant, ; Mayers & Smith, ; Reißaus, ), terrorism insurance (Michel‐Kerjan, Raschky, & Kunreuther, ; Thomann, Pascalau, & Schulenburg, ), export credit insurance (Klasen, ), and business interruption insurance (Hoppe, Gatzert, & Gruner, ). Besides focusing directly on insurance demand by firms, there are also various empirical studies and surveys in the wider area of risk management and the use of derivatives (e.g., Bodnar, Giambona, Graham, & Harvey, ; Bodnar, Giambona, Graham, Harvey, & Marston, ; Fatemi and Glaum, ; Liebenberg & Hoyt, ; Nance, Smith, & Smithson, ).…”