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Title: Credit crunch and insurance consumption : the aftermath of the subprime mortgage crisis
Authors: Kamiya, Shinchi
Keywords: Business::Finance
Issue Date: 2018
Source: Kamiya, S. (2018). Credit crunch and insurance consumption : the aftermath of the subprime mortgage crisis. Journal of Risk and Insurance, 85(3), 721-747.
Journal: Journal of Risk and Insurance
Abstract: Using cross-state panel data of the U.S. personal auto insurance premiums from 2007 to 2012, this study provides evidence that consumer purchases of insurance were reduced by more than expected from losses of risk exposure during and after the subprime mortgage crisis. Analyses show that the credit crunch of auto loans and a deterioration of net worth in housing resulting from the bursting housing bubble contributed to the reduced consumption of auto insurance. This result is robust even after controlling for associated factors, such as the insurance price, personal spending on vehicles, and general consumption. These findings provide evidence for a real effect of the financial crisis.
ISSN: 0022-4367
DOI: 10.1111/jori.12167
Rights: © 2016 The Journal of Risk and Insurance. All rights reserved. This paper was published by Wiley in Journal of Risk and Insurance and is made available with permission of The Journal of Risk and Insurance.
Fulltext Permission: open
Fulltext Availability: With Fulltext
Appears in Collections:NBS Journal Articles

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