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  • 1.
    Abdul Kader, Hale
    et al.
    Centre for Risk and Insurance Studies, University of Nottingham, Nottingham,.
    Adams, Michael
    Swansea University, UK.
    Andersson, Lars Fredrik
    Umeå University, Faculty of Social Sciences, Department of Economic History.
    Lindmark, Magnus
    Umeå University, Faculty of Social Sciences, Department of Economic History.
    The determinants of reinsurance in the Swedish property fire insurance market during the interwar years, 1919–392010In: Business History, ISSN 0007-6791, E-ISSN 1743-7938, Vol. 52, no 2, p. 268-284Article in journal (Refereed)
    Abstract [en]

    Drawing a framework from agency theory, we use a panel data design to examine the factors motivating the level of demand for reinsurance in the rapidly developing Swedish property fire insurance market during the interwar period 1919–39. We find that as hypothesised, reinsurance enabled Swedish fire insurers to mitigate underwriting and solvency risks and thus increased their capacity to underwrite new business in uncertain economic times. This in turn helped to increase the supply of indemnity coverage for property (buildings) fire risks in the Swedish insurance market. We also find that as expected, investment earnings are inversely related to reinsurance purchases. However, contrary to what was hypothesised, reinsurance appears to be positively related to liquidity levels, suggesting that over our period of analysis, fire insurers could have been reinsuring to ‘protect’ earnings and accumulated cash reserves therefore enabling investment opportunities to be realised. Analysis of the sub-period 1919–28 further supports this contention, while our results for the economic depression years after 1929 show that reinsurance helped mitigate underwriting and insolvency risks, suggesting that the reinsurance decision of fire insurance companies could be motivated by macroeconomic factors.

  • 2. Adams, Mike
    et al.
    Andersson, Lars Fredrik
    Umeå University, Faculty of Social Sciences, Department of Geography and Economic History.
    Lindmark, Magnus
    Umeå University, Faculty of Social Sciences, Department of Geography and Economic History.
    Eriksson, Liselotte
    Umeå University, Faculty of Social Sciences, Umeå Centre for Gender Studies (UCGS).
    Veprauskaite, Elena
    Managing policy lapse risk in Sweden’s life insurance market between 1915 and 19472018In: Business History, ISSN 0007-6791, E-ISSN 1743-7938Article in journal (Refereed)
    Abstract [en]

    We examine the challenges that Swedish life insurers faced in managing the lapse risk of policies written on the lives of the industrial urban working class between 1915 and 1947. We observe that with the threat of State socialisation of insurance in the 1930s, industrial life insurers modified their business practices to better control policy lapses. Using firm-level data, we also analyse the effect of socio-economic changes, such as rising real wages, interest rate fluctuations and unemployment on life insurance policy lapses. Our results support contemporary tests of the emergency fund and interest rate explanations for the voluntary premature termination of life insurance policies.

  • 3. Adams, Mike
    et al.
    Andersson, Lars Fredrik
    Umeå University, Faculty of Social Sciences, Department of Economic History.
    Yihui Jia, Joy
    Lindmark, Magnus
    Umeå University, Faculty of Social Sciences, Department of Economic History.
    Mutuality as a control for information asymmetry: a historical analysis of the claims experience of mutual and stock fire insur ance companies in Sweden, 1889 to 19392011In: Business History, ISSN 0007-6791, E-ISSN 1743-7938, Vol. 53, no 7, p. 1074-1091Article in journal (Refereed)
    Abstract [en]

    We test two competing arguments regarding the influence of organisational form onunderwritingperformance usingdatafromtheSwedish fireinsuranceindustry for the years 1889 to 1939 – a period of both economic growth and stagnation. Since mutuality is a response to information asymmetry problems, mutual insurers are expected to report lower annual claims relative to premiums than stock insurance companies. However, an alternative view is that stock insurers seek to reduce information asymmetry problems by issuing non-participatory rights insurance contracts with high deductibles that induce risk-sharing between the insurer’s shareholders and policyholders. This implies that stock insurers are likely to report lower annual claims than mutual insurers. Our results show that organisational form is an important determinant of the claims experience of Swedish fire insurers, suggesting that mutuality acts as an effective control for information asymmetries in the market.

  • 4. Adams, Mike
    et al.
    Andersson, Lars-Fredrik
    Umeå University, Faculty of Social Sciences, Department of Geography and Economic History.
    Hardwick, Philip
    Lindmark, Magnus
    Umeå University, Faculty of Social Sciences, Department of Geography and Economic History.
    Firm size and growth in Sweden's life insurance market between 1855 and 1947: A test of Gibrat's law2014In: Business History, ISSN 0007-6791, E-ISSN 1743-7938, Vol. 56, no 6, p. 956-974Article in journal (Refereed)
    Abstract [en]

    Using data for the period from 1855 to 1947 and the two sub-periods, 1855-1902 and 1903-47, the article examines whether the organic growth rates of 38 Swedish life insurance firms are independent of size, as predicted by Gibrat's (1931) Law of Proportionate Effects. Using panel unit root tests and panel Generalised Method of Moments (GMM) regression, the article finds a significant difference between the growth rates of small and large Swedish life insurance firms (with smaller firms tending to grow faster than larger firms), a result that clearly contradicts Gibrat's Law as a long-run tendency in the Swedish life insurance sector. significant influences were also found on firm growth from profitability, organisational form, reinsurance, the real rate of interest and the Swedish regulatory environment.

  • 5.
    Andersson, Lars-Fredrik
    et al.
    Umeå University, Faculty of Social Sciences, Department of Geography and Economic History, Economic history.
    Eriksson, Liselotte
    Umeå University, Faculty of Social Sciences, Umeå Centre for Gender Studies (UCGS).
    Exclusion of women and organizational characteristics: Swedish mutual health insurance 1901-19102019In: Business History, ISSN 0007-6791, E-ISSN 1743-7938, Vol. 61, no 8, p. 1352-1378Article in journal (Refereed)
    Abstract [en]

    Mutual societies have been recognised for their ability to mitigate information asymmetry. Although successful in reducing sickness claims, the exclusion of women was common. Health insurance societies argued the exclusion was a means to reduce adverse selection and moral hazard since women were regarded as higher risk. In this paper, we explore differences in organisational characteristics between societies that excluded and societies that did not exclude women as members between 1901 to 1910. Based on panel data, the study shows that societies that excluded women were less successful in keeping down sickness claims, in relation to benefits, than gendermixed societies

  • 6. Arnberg, Klara
    et al.
    Svanlund, Jonatan
    Umeå University, Faculty of Social Sciences, Department of Geography and Economic History.
    Mad women: gendered divisions in the Swedish advertising industry, 1930–20122017In: Business History, ISSN 0007-6791, E-ISSN 1743-7938, Vol. 59, no 2, p. 268-291Article in journal (Refereed)
    Abstract [en]

    This article constitutes a first attempt to systematically map the presence of women in the greatly changing Swedish advertising industry since 1930. The overarching aim of the study is to analyse how the gendered divisions of labour and business changed in relation to both business structure and the overall labour market in Sweden. While we conclude that women constituted around 40–50% of the workforce over time, we see an increase in the shares of women in higher positions and in women who were self-employed and managers. This upturn, however, stabilised during the 1990s. We argue that the changes in gendered divisions of labour and business coincided with a fast-changing business structure. First, the old cartel broke down in the mid-1960s. Then, the number of firms increased quickly during the 1970s and 1980s, and the market share for the largest firms declined. This, in turn, meant new business opportunities for women at the same time as their overall labour market participation increased. The article stresses the importance of both acknowledging women’s presence in the industry development as well as the structures constituting gender divisions.

  • 7.
    Bergquist, Ann-Kristin
    Umeå University, Faculty of Social Sciences, Department of Geography and Economic History.
    Profits and Sustainability. A History of Green Entrepreneurship2017In: Business History, ISSN 0007-6791, E-ISSN 1743-7938Article, book review (Other academic)
  • 8.
    Bergquist, Ann-Kristin
    et al.
    Umeå University, Faculty of Social Sciences, Department of Geography and Economic History. Harvard Business School.
    Eriksson, Liselotte
    Umeå University, Faculty of Social Sciences, Umeå Centre for Gender Studies (UCGS).
    Sober business: shared value creation between the insurance industry and the temperance movement2019In: Business History, ISSN 0007-6791, E-ISSN 1743-7938, Vol. 61, no 2, p. 322-342Article in journal (Refereed)
    Abstract [en]

    This study examines how the Swedish insurance company Ansvar established and expended an international business from the 1930s to the 1990s with the motives to insure total abstainers while battling against alcohol abuse in society. Anvar represented a for-profit business that aimed at addressing social issues. The case provides a historical example of how shared value was created between the company and the temperance movement for the joint goal of improving society through temperance. The article argues that the company’s decline was due to changing values, where alcohol was no longer seen as a threat to society.

  • 9.
    Bergquist, Ann-Kristin
    et al.
    Umeå University, Faculty of Social Sciences, Department of Geography and Economic History.
    Söderholm, Kristina
    Transition to greener pulp: regulation, industry responses and path dependency2015In: Business History, ISSN 0007-6791, E-ISSN 1743-7938, Vol. 57, no 6, p. 862-884Article in journal (Refereed)
    Abstract [en]

    Although the dioxin alarm broke at the same time in Sweden and the US in the mid-1980s, Swedish pulp and paper (P&P) firms led the way towards the new market for low-chlorine and chlorine-free P&P products. This study explores the transition in the Swedish P&P industry and contrasts the Swedish case to the US experience. We highlight the importance of already established technological paths to deal with pollution, paths which were strongly formed by the different national environmental policies since the 1970s. Thus while US P&P firms were technologically locked-in when the dioxin alarm broke, the strategy of Swedish P&P firms to proactively collaborate in environmental research and development (R&D) together with a national policy that favoured process integrated abatement technology, helped Swedish firms take technological leadership. This article particularly stresses the implications of technological path-dependency and different national regulatory styles in understanding the evolution of different modes of corporate environmental strategies.

  • 10.
    Eriksson, Liselotte
    Umeå University, Faculty of Social Sciences, Umeå Centre for Gender Studies (UCGS).
    Beneficiaries or policyholders?: The role of women in Swedish life insurance 1900-19502014In: Business History, ISSN 0007-6791, E-ISSN 1743-7938, ISSN 0007-6791, Vol. 56, no 8, p. 1335-1360Article in journal (Refereed)
    Abstract [en]

    In the second half of the nineteenth century, women were depicted as dependents and beneficiaries and men as breadwinners and policyholders in Swedish life insurance sales promotions. Furthermore, life insurance was assumed to be a middle-class concern. The notion of the life insurance policyholder as ‘middle class’ and ‘male’ was first contested with the introduction of industrial life insurance, i.e. life insurance for the working classes and also, to a large extent, the rural population in Sweden. The industrial life insurance business contributed to the growth of a large proportion of female life insurance policyholders from the rural and working classes. This article illuminates the contrast between ideological representations of women as the opponents of life insurance in sales promotions and the real actions and roles of women in business history.

  • 11.
    Eriksson, Martin
    Umeå University, Faculty of Social Sciences, Department of Geography and Economic History, Economic history.
    Beyond industrial policy: state intervention in the Swedish electricity supply industry, 1936–19462015In: Business History, ISSN 0007-6791, E-ISSN 1743-7938, Vol. 57, no 6, p. 903-918Article in journal (Refereed)
    Abstract [en]

    As in other Western European countries, the emergence of a national network for electricity transmission in Sweden was accompanied by a greater degree of State intervention in the electricity supply sector. The aim of this article is to elucidate the institutional background to the decision in 1946 by the Social Democratic government to transfer control of the national grid to the Swedish National Power Board. It is demonstrated that this decision not only was linked to a general industrial policy to promote energy supply. It was also linked to the agricultural and cohesion policies which emerged during the 1940s.

  • 12.
    Lyon, Phil
    Umeå University, Faculty of Social Sciences, Department of Food and Nutrition.
    Review of Tyler, N. (2014), Sanders Bros. The Rise and Fall of a British Grocery Giant, The History Press: Stroud2015In: Business History, ISSN 0007-6791, E-ISSN 1743-7938, Vol. 58, no 3-4, p. 603-604Article, book review (Other (popular science, discussion, etc.))
  • 13.
    Lyon, Phil
    Umeå University, Faculty of Social Sciences, Department of Food and Nutrition.
    Review of Tyler, N. (2014), Sanders Bros. The Rise and Fall of a British Grocery Giant, The History Press: Stroud2015In: Business History, ISSN 0007-6791, E-ISSN 1743-7938, Vol. 58, no 3-4, p. 603-604Article, book review (Other academic)
  • 14.
    Lyon, Phil
    Umeå University, Faculty of Social Sciences, Department of Food and Nutrition.
    Review of Tyler, N. (2014) Sanders Bros. The Rise and Fall of a British Grocery Giant. The History Press: Stroud2015In: Business History, ISSN 0007-6791, E-ISSN 1743-7938, Vol. 58, no 3-4, p. 603-604Article, book review (Other academic)
  • 15.
    Näsman, Mattias
    Umeå University, Faculty of Social Sciences, Unit of Economic History.
    Green capitalism? Business and the environment in the twentieth century2018In: Business History, ISSN 0007-6791, E-ISSN 1743-7938Article, book review (Refereed)
1 - 15 of 15
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