Homeowners insurance must be priced in accordance with the insured risk and associated costs. Any legitimate insurance arrangement, public or private, must manage its exposure so that it can satisfy its claims obligations if a disaster occurs. Following the devastating hurricane season that...

This paper investigates whether elections delay regulatory action against failing financial institutions by exploiting the cross-sectional and time-series heterogeneity in the exogenous electoral cycles of U.S. insurance regulators and governors. We find causal evidence that regulators delay...

We evaluate the two main methods to measuring property-liability insurer efficiency: the production and "flow" (or financial intermediation) approaches. The two approaches are not mutually consistent and thus potentially yield different answers to tested hypotheses. The production approach is...

In the U.S. state-based insurance regulatory system, model laws issued by the National Association of Insurance Commissioners (NAIC) create a framework for promoting uniformity among the states. The NAIC has issued 195 model laws to date. The spread of NAIC model laws is a policy diffusion...