The Impact of the 2003 Regulatory Reform in the Canadian Property-Casualty Insurance Industry on Insurers' Surplus Levels
Bibliographic record
Abstract
Canada modified the capital adequacy test for property/casualty insurers to align regulatory surplus and firm risk. We explore the impact of this change on insurer surplus holdings. We find firms have not changed the level of surplus in response to risk characteristics in the capital adequacy test. However, firms have reduced surplus holdings in jurisdictions in which automobile insurance reform has been successful, and increased surplus holdings in jurisdictions with escalating automobile insurance claims. Overall, larger firms have increased their surplus holdings since 2003, whereas smaller insurers report surplus-to-net-premium-written ratios that have been declining over time. In addition, insurers that are part of a larger financial conglomerate have consistently held more surplus than their counterparts. We conjecture that these higher levels may be related more to the conglomerate’s future strategic opportunities than the insurer’s level of risk.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.004 | 0.001 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.000 | 0.001 |
| Science and technology studies | 0.001 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.001 | 0.000 |
| Research integrity | 0.000 | 0.002 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".