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Three Essays On Insurance Asset Management, Xin Che

Electronic Theses and Dissertations

The insurance industry manages a large amount of financial assets. In recent years, a growing number of investment companies are providing insurance asset management solutions, and the use of external asset management by the insurance industry is increasing over time. Therefore, understanding insurance asset management is important for academics and practitioners in both insurance and general finance. In the first essay, we investigate industrial portfolio tilt (referred to as “industry bias”) in the U.S. property liability insurers’ comstock portfolios. We find that U.S. property-liability insurers exhibit a negative industry bias by tilting their portfolios away from their own industry. We …