Competing Models of Organizational Form: Risk Management Strategies and Underwriting Profitability in the Swedish Fire Insurance Market Between 1903 and 1939
研究了1903至1939年瑞典火灾保险市场中，股份制与互助保险公司在风险管理策略和承保盈利上的差异，发现股份制公司通过再保险中介运营高风险业务，互助公司则依靠储备或社会信任应对风险。
Mutual and stock insurers have coexisted and competed against each other in insurance markets for centuries. In this article, we examine the risk management strategies and underwriting profitability of the different organizational forms in Sweden's property fire insurance market between 1903 and 1939. We demonstrate that stock insurers acted as intermediaries between policyholders and reinsurers to operate effectively in the potentially high-risk segments of the fire insurance market. In contrast, nationwide mutual insurers kept larger reserves to balance fluctuations in claims experiences, while local insurance pools relied on social obligation and trust to mobilize capital after adverse fire events.