We investigate the impact of the 20 largest - in terms of insured losses - man-made or natural disasters on various insurance industry stock indices. We show via an event study that insurance sectors worldwide are quite resilient, in a market-value sense, to unexpected losses to capital: our...

We investigate the impact of the 20 largest – in terms of insured losses – man-made or natural disasters on various insurance industry stock indices. We show via an event study that insurance sectors worldwide are quite resilient, in a market–value sense, to unexpected losses to capital:...