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<p>This article examines the resilience of the U.S. insurance market to two once-in-a-lifetime crises by analyzing a dynamic dataset of 54 companies from 2004 to 2023 using the Z-score metric with robustness checks based on return on assets. Insolvency risk, measured by the Z-score, increased moderately by 7.1% during the financial crisis and 10.2% during the pandemic, reflecting the sector’s overall strong solvency position with an average Z-score of 42.4 and only 1% of observations showing non-positive values. A non-linear relationship between firm size and resilience is identified, with peak stability near USD 1.6 billion in total assets. Cluster analysis based on a broad range of financial indicators and multiple time frames consistently grouped insurers according to size-related financial characteristics, with results stable across different periods and aggregation methods. The results support the potential role of public–private partnerships in enhancing systemic resilience by complementing private capital with targeted public support to address vulnerabilities across the sector, particularly against pandemic, catastrophe, and geopolitical risks.</p>

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Weathering storms: a study of the U.S. insurance market resilience against the global financial crisis and Covid-19

  • 期刊论文

  • 发表日期：

    2025年10月10日

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  • Elena Nebolsina

摘要

This article examines the resilience of the U.S. insurance market to two once-in-a-lifetime crises by analyzing a dynamic dataset of 54 companies from 2004 to 2023 using the Z-score metric with robustness checks based on return on assets. Insolvency risk, measured by the Z-score, increased moderately by 7.1% during the financial crisis and 10.2% during the pandemic, reflecting the sector’s overall strong solvency position with an average Z-score of 42.4 and only 1% of observations showing non-positive values. A non-linear relationship between firm size and resilience is identified, with peak stability near USD 1.6 billion in total assets. Cluster analysis based on a broad range of financial indicators and multiple time frames consistently grouped insurers according to size-related financial characteristics, with results stable across different periods and aggregation methods. The results support the potential role of public–private partnerships in enhancing systemic resilience by complementing private capital with targeted public support to address vulnerabilities across the sector, particularly against pandemic, catastrophe, and geopolitical risks.