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The impact of wildfires on US insurance firms: evidence for the costliest wildfire in California

2026-06Artigo científico Acesso aberto
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datacite.subject.fosCiências Sociais::Economia e Gestão
dc.contributor.authorMartins, António Miguel
dc.contributor.authorAlbuquerque, Bruno
dc.contributor.authorSardinha, Luís
dc.contributor.authorMoutinho, Nuno
dc.contributor.authorMartins, António Miguel
dc.contributor.authorAlbuquerque, Bruno
dc.contributor.authorSardinha, Luís
dc.date.accessioned2026-09-22T10:43:19Z
dc.date.available2026-09-22T10:43:19Z
dc.date.issued2026-06
dc.description.abstractThis research study the short-term effect of the costliest wildfire in California (January 2025) on the US insurance industry. Employing an event study, we find a negative impact for Property & Casualty Insurance firms. This result agrees with damage hypothesis or claim effect, which argues that damage caused by catastrophic events results in a reduction of insurer market value due to insufficient ex ante premium to absorb the damage claims. Our study also shows that the level of loss, premiums, underwriting exposure, profitability, and leverage are significant determinants in the magnitude of the insurer’s stock market reaction.eng
dc.identifier.citationMartins, A. M., Albuquerque, B., Sardinha, L., & Moutinho, N. (2026). The impact of wildfires on US insurance firms: evidence for the costliest wildfire in California. The Quarterly Review of Economics and Finance, 102160.
dc.identifier.doi10.1016/j.qref.2026.102160
dc.identifier.issn1062-9769
dc.identifier.urihttp://hdl.handle.net/10400.13/7961
dc.language.isoeng
dc.peerreviewedyes
dc.publisherElsevier BV
dc.relationUID/03182/2025
dc.relationUID/04007/2025
dc.relation.ispartofThe Quarterly Review of Economics and Finance
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectWildfires
dc.subjectInsurance
dc.subjectMarket reaction
dc.subjectFinancial impacts
dc.subjectEvent study
dc.subject.
dc.subjectFaculdade de Ciências Sociais
dc.titleThe impact of wildfires on US insurance firms: evidence for the costliest wildfire in Californiaeng
dc.typejournal article
dspace.entity.typePublication
oaire.citation.titleThe Quarterly Review of Economics and Finance
oaire.citation.volume107
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.affiliation.nameUniversidade da Madeira
person.affiliation.nameUniversidade da Madeira
person.familyNameMartins
person.familyNameAlbuquerque
person.familyNameSardinha
person.givenNameAntónio Miguel
person.givenNameBruno
person.givenNameLuís
person.identifier.orcid0000-0001-7082-5460
person.identifier.orcid0009-0000-8448-6826
person.identifier.orcid0009-0005-3595-6170
relation.isAuthorOfPublication3adb669d-826c-43e7-8df7-8e28bad5eed1
relation.isAuthorOfPublication9416fc0e-d63f-49aa-9cba-f308a2b0878c
relation.isAuthorOfPublicationb136a1e2-5c53-494f-8ff1-fce214ede98b
relation.isAuthorOfPublication.latestForDiscovery3adb669d-826c-43e7-8df7-8e28bad5eed1

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