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Evidence on the Time Series Properties of Insurance Premiums and Causes of the Underwriting Cycle: New Support for the Capital Market Imperfection Hypothesis
Greg Niehaus and Andy Terry
The Journal of Risk and Insurance
Vol. 60, No. 3 (Sep., 1993), pp. 466-479
Published by: American Risk and Insurance Association
Stable URL: http://www.jstor.org/stable/253038
Page Count: 14
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Time series causality tests are used to examine hypotheses about the determinants of insurance premiums and causes of the underwriting cycle. The evidence supports the hypothesis that underwriting cycles are partially due to costly external capital as predicted by Winter (1989), Cummins and Danzon (1992), and Gron (1992).
The Journal of Risk and Insurance © 1993 American Risk and Insurance Association