Download Efficient Monopolies: The Limits of Competition in the by Thomas von Ungern-Sternberg PDF

By Thomas von Ungern-Sternberg

ISBN-10: 0199268819

ISBN-13: 9780199268818

This booklet offers startling proof that nation monopolies can produce greater results than the loose marketplace. It offers an empirical comparability of the valuables coverage marketplace in 5 ecu nations: Britain, Spain, France, Switzerland, and Germany. The industry and value buildings of insurers in every one kingdom are defined, and specific beneficial properties of every industry and the results for purchasers tested. The regulatory frameworks fluctuate greatly from nation to nation and so do the industry results, either by way of top class point and when it comes to to be had assurance disguise.

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Extra info for Efficient Monopolies: The Limits of Competition in the European Property Insurance Market

Sample text

5 Section 5 describes how the insurance industry withdrew from the island of Montserrat, leaving the house owners to bear their losses themselves. Section 6 ends with some concluding remarks. 2. The cost structure of British insurance companies Many customers do not seem to be aware that private insurance companies regularly spend a substantial share of their premium income on commission and administrative costs. Britain is no exception. 1 shows that these costs total approximately 37 per cent of net written premium, both for domestic and for commercial customers.

Any claims occurring before the expiry of the notice period would be covered, any damage occurring afterwards would be entirely at the owners' risk. It is easy to understand that the property owners were incensed about this behaviour by the insurers. For years they had been paying premiums of a hefty 2 per cent of insurance value (£20 per £1,000 TSI) (Financial Times1997). And now, when most of them had to accept that all their possessions would probably be destroyed, the insurers simply dropped them.

They are afraid that insurers will exploit this situation by increasing premiums excessively or imposing large excesses as a condition of renewal. 8. The problem of house sales As yet no insurer seems to have cancelled (or refused to renew) a contract when it turned out that the building was a bad risk for subsidence. There are probably two reasons for this: The insurance companies fear the bad press that would inevitable follow such a step. The Association of British Insurers tries to maintain a minimum of discipline among its members.

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