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Lazarus A. Angbazo, Ranga Narayanan, Catastrophic Shocks in the Property-Liability Insurance Industry: Evidence on Regulatory and Contagion Effects, The Journal of Risk and Insurance, Vol. 63, No. 4, Symposium on Catastrophic Risk (Dec., 1996), pp. 619-637
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Angbazo et al. (1996) studied this question.
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