Analysis shows greater stock price volatility during COVID-19 than Brexit in insurers led by female CEOs, suggesting gender-diverse leadership enhances risk management strategies.
Purpose The objective of the research is analyzing the behavior of volatility in insurers during two very different situations, COVID-19 and Brexit, and evaluating how the chief executive officer's (CEO) gender influences their capacity to cope with these events. Design/methodology/approach The sample includes the listed insurers in the EUROSTOXX 600 from 2013 to 2024, on a daily basis, with a total of 3,047 observations per insurer by using a FIEGARCH-X model. Findings The findings indicate that insurers experienced an increase in stock price volatility during crisis periods. Additionally, volatility was greater during the COVID-19 pandemic than during Brexit. Finally, during the Brexit and COVID-19 crises, volatility increases, but the rise is lower in insurers led by female CEOs. Research limitations/implications This research underscores the importance of gender-diverse leadership in implementing prudent risk management strategies that foster stability. In this sense, insurers have been chosen as sample due to the limited literature published on this area, despite the importance it holds for the economic stability and financial protection of society. Originality/value The novelty of this article lies first in its analysis of the insurers, which has been scarcely examined in literature despite its importance in the macroeconomic context. Moreover, the influence of female CEOs during economic crises has not been explored within this sector. The data were obtained from Bloomberg, which is rarely used in this type of research.
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Vega et al. (2025) studied this question.
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