This paper investigates whether corporations purchase insurance for the real services that insurers provide. We examine the real-service efficiency hypothesis in the insurance industry by exploiting within firm-year variation in reinsurance usage and experience at the line of business level. Our results show that insurers purchase reinsurance to access reinsurers’ expertise and specialized knowledge. We find that, within the same year, the average multi-line insurer purchases 2.4%–3.3% points more reinsurance for new lines relative to existing lines. The demand for reinsurance declines by 0.55%–0.80% points with each additional year of experience. The size of these effects differs by the line of business, indicating that the development of internal expertise and specialized knowledge varies by line.

中文翻译：

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为专业知识付费：经验对保险需求的影响

本文调查公司是否为保险公司提供的实际服务购买保险。我们通过利用公司年度内再保险使用和业务线层面经验的变化来检验保险业的实际服务效率假设。我们的结果表明，保险公司购买再保险是为了获得再保险公司的专业知识和专业知识。我们发现，在同一年内，与现有线路相比，多线保险公司平均为新线路购买的再保险多出 2.4% 至 3.3 个百分点。随着经验的增加，再保险需求下降 0.55%–0.80%。这些影响的大小因业务线而异，表明内部专业知识和专业知识的发展因业务线而异。