自然災害是常見的現象，儘管有些文獻已探討自然災害對保險公司的影響，大部分的研究都聚焦在保險公司的股價反映。然而，這樣的研究存有限制，即無法確認所謂的「成長效果」是否存在。為了要彌補投資人預期和實際狀況的差距，我測試自然災害對於保費成長的影響。我發現天災和保費成長有顯著的負相關，該實證結果和Winter的理論一致，即不支持成長效果的存在。除此之外，有文獻提及保險經紀人掌握更多資訊，因此他們可以幫忙消除保險市場的逆選擇。然而，沒有實證文獻證明過該論述，藉由比較保險公司和保險經紀人在天災後的收入變化，我的文章可以貢獻此論述。我發現天災對於保險公司的收入造成的負面影響，比保險經紀人還大。實證結果支持保險經紀人確實能幫忙消除逆選擇的論述。

Natural disasters are relatively common events. Though some literature has investigated the impact of catastrophes on the insurance companies, most of them focus mainly on the stock market reaction to catastrophes. However, this may have many limitations, including an inability to determine whether “growth effect” exists. In order to bridge the gap between investors’ expectation and practice, I test the impact of catastrophes on the premium growth of property-casualty insurance companies. I find a significant and negative relation between catastrophes and premium growth. These results are consistent with Winter’s theory of capacity constraint and do not support for the well-known growth effect. In addition, prior literature has argued that insurance brokers hold more information and thus can help mitigate adverse selection in the insurance markets. However, no empirical research provides evidence to support this argument. By comparing the revenue change between insurers and brokers following catastrophes, I can contribute to this statement. I find premiums of insurers decrease more than commissions of brokers after natural disasters. The results support for the argument that brokers can help mitigate adverse selection in the insurance markets.

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