Wpływ determinant na credit rating ubezpieczycieli – zobowiązania wyrażone w walucie krajowej i zagranicznej
Impact of determinants on insurance companies’ credit ratings – domestic and foreing currency liabilities

Summary/Abstract: The aim of the paper is to examine the impact of financial indicators and macroeconomic conditions on the insurers’ credit ratings, taking into account the currency in which liabilities were expressed. Literature research was carried out and based on them, two hypotheses were put out: 1) The insurance companies’ credit ratings are conditioned by statistically significant impact of capital adequacy ratios, asset quality, management quality, profitability and liquidity ratios; 2) The country’s credit ratings and macroeconomic conditions have a significant impact on the insurance companies’ credit ratings of liabilities expressed in foreign currency, and are irrelevant in the assessment of credit ratings related to liabilities denominated in the national currency. The ordered logit panel data models were used. Data were collected from the Thomson Reuters database for the years 1995–2016. The long-term foreign and domestic issuer’s credit ratings were used as the dependent variable.

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