{"id":"https://openalex.org/W1901123797","doi":"https://doi.org/10.1111/jori.12045","title":"Reinsurance and Systemic Risk: The Impact of Reinsurer Downgrading on Property\u2013Casualty Insurers","display_name":"Reinsurance and Systemic Risk: The Impact of Reinsurer Downgrading on Property\u2013Casualty Insurers","publication_year":2014,"publication_date":"2014-06-06","ids":{"openalex":"https://openalex.org/W1901123797","doi":"https://doi.org/10.1111/jori.12045","mag":"1901123797"},"language":"en","primary_location":{"id":"doi:10.1111/jori.12045","doi":"https://doi.org/10.1111/jori.12045","is_oa":false,"landing_page_url":"https://doi.org/10.1111/jori.12045","pdf_url":null,"source":{"id":"https://openalex.org/S116483603","display_name":"Journal of Risk & Insurance","issn_l":"0022-4367","issn":["0022-4367","1539-6975"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-2","jufo-2","norway-1","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Risk and Insurance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5068875091","display_name":"Sojung Carol Park","orcid":"https://orcid.org/0000-0001-9374-2377","observed_orcids":["https://orcid.org/0000-0001-9374-2377"]},"institutions":[{"id":"https://openalex.org/I142934699","display_name":"California State University, Fullerton","ror":"https://ror.org/02avqqw26","country_code":"US","type":"education","lineage":["https://openalex.org/I142934699"]},{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Sojung Carol Park","raw_affiliation_strings":["University of Pennsylvania - Applied Economics Department, The Wharton School","California State University, Fullerton - Department of Finance"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Pennsylvania - Applied Economics Department, The Wharton School","institution_ids":["https://openalex.org/I79576946"]},{"raw_affiliation_string":"California State University, Fullerton - Department of Finance","institution_ids":["https://openalex.org/I142934699"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5104358028","display_name":"Xiaoying Xie","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I139264467","display_name":"Seoul National University","ror":"https://ror.org/04h9pn542","country_code":"KR","type":"education","lineage":["https://openalex.org/I139264467"]},{"id":"https://openalex.org/I142934699","display_name":"California State University, Fullerton","ror":"https://ror.org/02avqqw26","country_code":"US","type":"education","lineage":["https://openalex.org/I142934699"]}],"countries":["KR","US"],"is_corresponding":true,"raw_author_name":"Xiaoying Xie","raw_affiliation_strings":["Sojung Carol Park is an Assistant Professor of Finance at the College of Business Administration, Seoul National University, 1 Gwanak-ro, Gwanak-gu, Seoul 151-916, Korea. Park can be contacted via e-mail:","California State University (Fullerton)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Sojung Carol Park is an Assistant Professor of Finance at the College of Business Administration, Seoul National University, 1 Gwanak-ro, Gwanak-gu, Seoul 151-916, Korea. Park can be contacted via e-mail:","institution_ids":["https://openalex.org/I139264467"]},{"raw_affiliation_string":"California State University (Fullerton)","institution_ids":["https://openalex.org/I142934699"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5104358028"],"corresponding_institution_ids":["https://openalex.org/I139264467","https://openalex.org/I142934699"],"apc_list":{"value":3400,"currency":"USD","value_usd":3400},"apc_paid":null,"fwci":24.8433,"has_fulltext":false,"cited_by_count":70,"citation_normalized_percentile":{"value":0.99352202,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":94,"max":99},"biblio":{"volume":"81","issue":"3","first_page":"587","last_page":"622"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12394","display_name":"Insurance and Financial Risk Management","score":0.9878000020980835,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12394","display_name":"Insurance and Financial Risk Management","score":0.9878000020980835,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.00419999985024333,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.004100000020116568,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/reinsurance","display_name":"reinsurance","score":0.9750000238418579},{"id":"https://openalex.org/keywords/systemic-risk","display_name":"systemic risk","score":0.9819999933242798},{"id":"https://openalex.org/keywords/property-casualty-insurers","display_name":"property and casualty insurers","score":0.9599999785423279},{"id":"https://openalex.org/keywords/credit-risk","display_name":"credit risk","score":0.5619999766349792},{"id":"https://openalex.org/keywords/stock-market-reaction","display_name":"stock market reaction","score":0.6620000004768372},{"id":"https://openalex.org/keywords/spillover-effects","display_name":"spillover effects","score":0.7009999752044678},{"id":"https://openalex.org/keywords/worst-case-analysis","display_name":"worst-case analysis","score":0.722000002861023}],"concepts":[{"id":"https://openalex.org/C166970017","wikidata":"https://www.wikidata.org/wiki/Q476118","display_name":"Reinsurance","level":2,"score":0.948133647441864},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.6478316783905029},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6085681915283203},{"id":"https://openalex.org/C4163816","wikidata":"https://www.wikidata.org/wiki/Q757382","display_name":"Insolvency","level":2,"score":0.5651056170463562},{"id":"https://openalex.org/C144587487","wikidata":"https://www.wikidata.org/wiki/Q1369234","display_name":"Systemic risk","level":3,"score":0.5340316295623779},{"id":"https://openalex.org/C2984333267","wikidata":"https://www.wikidata.org/wiki/Q43183","display_name":"Insurance industry","level":2,"score":0.5011281967163086},{"id":"https://openalex.org/C2779628075","wikidata":"https://www.wikidata.org/wiki/Q1253258","display_name":"Downgrade","level":2,"score":0.4825422167778015},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.48012781143188477},{"id":"https://openalex.org/C5891342","wikidata":"https://www.wikidata.org/wiki/Q2868302","display_name":"Property insurance","level":4,"score":0.4207509160041809},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.30747315287590027},{"id":"https://openalex.org/C22738907","wikidata":"https://www.wikidata.org/wiki/Q3813256","display_name":"Casualty insurance","level":3,"score":0.25670045614242554},{"id":"https://openalex.org/C68799949","wikidata":"https://www.wikidata.org/wiki/Q977871","display_name":"Insurance policy","level":2,"score":0.22586655616760254},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.22179514169692993},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.08828037977218628},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/jori.12045","doi":"https://doi.org/10.1111/jori.12045","is_oa":false,"landing_page_url":"https://doi.org/10.1111/jori.12045","pdf_url":null,"source":{"id":"https://openalex.org/S116483603","display_name":"Journal of Risk & Insurance","issn_l":"0022-4367","issn":["0022-4367","1539-6975"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-2","jufo-2","norway-1","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Risk and Insurance","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.49000000953674316}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":34,"referenced_works":["https://openalex.org/W111925590","https://openalex.org/W1517590307","https://openalex.org/W1749918841","https://openalex.org/W1988296811","https://openalex.org/W1994368223","https://openalex.org/W2003903251","https://openalex.org/W2022220920","https://openalex.org/W2033910434","https://openalex.org/W2037694508","https://openalex.org/W2052144207","https://openalex.org/W2055742636","https://openalex.org/W2067266278","https://openalex.org/W2083657087","https://openalex.org/W2094514178","https://openalex.org/W2101718392","https://openalex.org/W2111656943","https://openalex.org/W2111906441","https://openalex.org/W2130162792","https://openalex.org/W2167309560","https://openalex.org/W2170433190","https://openalex.org/W2317862211","https://openalex.org/W2625572430","https://openalex.org/W2762570342","https://openalex.org/W2798518784","https://openalex.org/W3121134571","https://openalex.org/W3121361868","https://openalex.org/W3121744519","https://openalex.org/W3122204076","https://openalex.org/W3123096632","https://openalex.org/W3123503831","https://openalex.org/W3123539505","https://openalex.org/W3125076105","https://openalex.org/W3125762423","https://openalex.org/W3125902753"],"related_works":["https://openalex.org/W7097562810","https://openalex.org/W3123803740","https://openalex.org/W196788837","https://openalex.org/W2582445598","https://openalex.org/W2791733993","https://openalex.org/W2030580535","https://openalex.org/W2122939275","https://openalex.org/W3125165402","https://openalex.org/W3134736513","https://openalex.org/W2255407997"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"article":[2],"analyzes":[3],"the":[4,15,20,29,38,44,47,55,97,104,112,125],"interconnectedness":[5,45],"between":[6],"reinsurers":[7],"and":[8,13],"U.S.":[9,30,126],"property\u2013casualty":[10],"(P/C)":[11],"insurers":[12,90],"presents":[14],"first":[16],"detailed":[17],"examination":[18],"on":[19,28],"likely":[21],"impact":[22],"of":[23,46,57,100,114],"major":[24],"global":[25],"reinsurer":[26],"insolvency":[27],"P/C":[31,127],"insurance":[32,48,128],"industry,":[33],"in":[34],"order":[35],"to":[36,79,89,96],"illustrate":[37],"potential":[39],"systemic":[40,115],"risk":[41,67,99,116],"caused":[42,117],"by":[43,118],"sector":[49],"through":[50],"reinsurance.":[51],"We":[52],"find":[53],"that":[54,91,111],"likelihood":[56,113],"a":[58],"primary":[59,73],"insurer's":[60],"downgrade":[61],"increases":[62],"with":[63],"its":[64],"reinsurance":[65,119],"default":[66],"exposure":[68],"from":[69],"downgraded":[70,101],"reinsurers.":[71,102],"Counterparty":[72],"insurers'":[74],"stocks":[75],"also":[76,86],"react":[77],"negatively":[78],"their":[80],"reinsurers'":[81],"downgrades.":[82],"The":[83],"negative":[84],"effects":[85],"spill":[87],"over":[88],"are":[92],"not":[93],"directly":[94],"exposed":[95],"credit":[98],"Despite":[103],"close":[105],"interconnectedness,":[106],"worst\u2010case":[107],"scenario":[108],"analyses":[109],"show":[110],"transactions":[120],"is":[121],"relatively":[122],"small":[123],"for":[124],"industry.":[129]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":7},{"year":2023,"cited_by_count":6},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":5},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":7},{"year":2016,"cited_by_count":12},{"year":2015,"cited_by_count":3},{"year":2014,"cited_by_count":8},{"year":2013,"cited_by_count":3}],"updated_date":"2026-10-18T09:31:52.927876","created_date":"2016-06-24T00:00:00"}