Descriptive statistics of the different Z-score metrics
| Zs1 | Zs2 | Zs3 | Zs4 | Zs5 | Zs6 | |
|---|---|---|---|---|---|---|
| Full sample | ||||||
| Mean | 3.787 | 4.232 | 3.772 | 3.780 | 3.693 | 3.085 |
| SD | 1.290 | 1.594 | 1.297 | 1.307 | 1.268 | 0.995 |
| Min | −2.642 | −1.967 | −2.759 | −1.967 | −0.389 | −2.843 |
| Max | 9.817 | 11.927 | 9.833 | 9.817 | 9.825 | 8.168 |
| Mutual | ||||||
| Mean | 4.329 | 4.785 | 4.307 | 4.327 | 4.282 | 3.517 |
| SD | 1.255 | 1.488 | 1.252 | 1.258 | 1.240 | 0.927 |
| Stock companies | ||||||
| Mean | 3.677 | 4.120 | 3.663 | 3.669 | 3.573 | 2.998 |
| SD | 1.269 | 1.593 | 1.280 | 1.290 | 1.241 | 0.985 |
| Nonlife specialized insurers | ||||||
| Mean | 3.786 | 4.200 | 3.768 | 3.776 | 3.651 | 3.059 |
| SD | 1.277 | 1.548 | 1.295 | 1.303 | 1.334 | 1.143 |
| Life specialized insurers | ||||||
| Mean | 3.790 | 4.319 | 3.781 | 3.789 | 3.708 | 3.095 |
| SD | 1.323 | 1.710 | 1.306 | 1.320 | 1.243 | 0.933 |
| 2010 | ||||||
| Mean | 3.585 | 4.004 | 3.610 | 3.598 | 3.521 | 3.007 |
| SD | 1.342 | 1.662 | 1.246 | 1.274 | 1.233 | 1.070 |
| 2011 | ||||||
| Mean | 3.791 | 4.235 | 3.794 | 3.781 | 3.707 | 3.032 |
| SD | 1.311 | 1.588 | 1.302 | 1.340 | 1.283 | 0.972 |
| 2012 | ||||||
| Mean | 3.759 | 4.258 | 3.731 | 3.754 | 3.659 | 3.055 |
| SD | 1.392 | 1.748 | 1.391 | 1.399 | 1.330 | 1.009 |
| 2013 | ||||||
| Mean | 3.751 | 4.277 | 3.696 | 3.724 | 3.614 | 3.108 |
| SD | 1.304 | 1.648 | 1.346 | 1.375 | 1.314 | 0.974 |
| 2014 | ||||||
| Mean | 3.772 | 4.077 | 3.753 | 3.766 | 3.670 | 3.116 |
| SD | 1.197 | 1.444 | 1.244 | 1.228 | 1.229 | 0.926 |
| 2015 | ||||||
| Mean | 3.768 | 4.226 | 3.758 | 3.766 | 3.680 | 3.110 |
| SD | 1.197 | 1.498 | 1.191 | 1.214 | 1.180 | 0.999 |
| 2016 | ||||||
| Mean | 3.939 | 4.352 | 3.929 | 3.933 | 3.854 | 3.131 |
| SD | 1.262 | 1.585 | 1.267 | 1.282 | 1.248 | 1.017 |
| 2017 | ||||||
| Mean | 3.975 | 4.481 | 3.946 | 3.957 | 3.882 | 3.136 |
| SD | 1.282 | 1.532 | 1.375 | 1.323 | 1.309 | 1.002 |
| Mean | 3.787 | 4.232 | 3.772 | 3.780 | 3.693 | 3.085 |
| SD | 1.290 | 1.594 | 1.297 | 1.307 | 1.268 | 0.995 |
| Min | −2.642 | −1.967 | −2.759 | −1.967 | −0.389 | −2.843 |
| Max | 9.817 | 11.927 | 9.833 | 9.817 | 9.825 | 8.168 |
| Mean | 4.329 | 4.785 | 4.307 | 4.327 | 4.282 | 3.517 |
| SD | 1.255 | 1.488 | 1.252 | 1.258 | 1.240 | 0.927 |
| Mean | 3.677 | 4.120 | 3.663 | 3.669 | 3.573 | 2.998 |
| SD | 1.269 | 1.593 | 1.280 | 1.290 | 1.241 | 0.985 |
| Mean | 3.786 | 4.200 | 3.768 | 3.776 | 3.651 | 3.059 |
| SD | 1.277 | 1.548 | 1.295 | 1.303 | 1.334 | 1.143 |
| Mean | 3.790 | 4.319 | 3.781 | 3.789 | 3.708 | 3.095 |
| SD | 1.323 | 1.710 | 1.306 | 1.320 | 1.243 | 0.933 |
| Mean | 3.585 | 4.004 | 3.610 | 3.598 | 3.521 | 3.007 |
| SD | 1.342 | 1.662 | 1.246 | 1.274 | 1.233 | 1.070 |
| Mean | 3.791 | 4.235 | 3.794 | 3.781 | 3.707 | 3.032 |
| SD | 1.311 | 1.588 | 1.302 | 1.340 | 1.283 | 0.972 |
| Mean | 3.759 | 4.258 | 3.731 | 3.754 | 3.659 | 3.055 |
| SD | 1.392 | 1.748 | 1.391 | 1.399 | 1.330 | 1.009 |
| Mean | 3.751 | 4.277 | 3.696 | 3.724 | 3.614 | 3.108 |
| SD | 1.304 | 1.648 | 1.346 | 1.375 | 1.314 | 0.974 |
| Mean | 3.772 | 4.077 | 3.753 | 3.766 | 3.670 | 3.116 |
| SD | 1.197 | 1.444 | 1.244 | 1.228 | 1.229 | 0.926 |
| Mean | 3.768 | 4.226 | 3.758 | 3.766 | 3.680 | 3.110 |
| SD | 1.197 | 1.498 | 1.191 | 1.214 | 1.180 | 0.999 |
| Mean | 3.939 | 4.352 | 3.929 | 3.933 | 3.854 | 3.131 |
| SD | 1.262 | 1.585 | 1.267 | 1.282 | 1.248 | 1.017 |
| Mean | 3.975 | 4.481 | 3.946 | 3.957 | 3.882 | 3.136 |
| SD | 1.282 | 1.532 | 1.375 | 1.323 | 1.309 | 1.002 |
Note(s): This table reports descriptive statistics for six different Z-score measures. Zs1 is defined in Equation [3], Zs2 is defined in Equation [4], Zs3 is defined in Equation [5], Zs4 is defined in Equation [6], Zs5 is defined in Equation [7], and Zs6 is defined in Equation [8]. All of these measures are calculated in logarithms. Our final dataset comprises 183 insurers (1,382 observations) operating in the Spanish insurance sector during the period 2010–2017
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.