Asymmetric Information In The Market For Automobile Insurance
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Asymmetric Information and Learning
Author | : Alma Cohen |
Publisher | : |
Total Pages | : 0 |
Release | : 2005 |
Genre | : |
ISBN | : |
This paper tests the predictions of adverse selection models using data from the automobile insurance market. I find that, in contrast to what recent research has suggested, the evidence is consistent with the presence of informational asymmetries in this market: new customers choosing higher insurance coverage are associated with more accidents. Consistent with the presence of learning by policyholders about their risk type, such a coverage-accident correlation exists only for policyholders with three or more years of driving experience prior to joining their insurer. The informational advantage that new customers with driving experience have over the insurer appears to arise in part from under-reporting of past claim history. I find evidence that policyholders switching to new insurers are disproportionately ones with a poor claims history and that new customers under-report their past claims history when joining a new insurer.
Asymmetric Information and Learning in the Automobile Insurance Market
Author | : Alma Cohen |
Publisher | : |
Total Pages | : 38 |
Release | : 2002 |
Genre | : Adverse selection (Insurance) |
ISBN | : |
Automobile Insurance: Road Safety, New Drivers, Risks, Insurance Fraud and Regulation
Author | : Georges Dionne |
Publisher | : Springer Science & Business Media |
Total Pages | : 388 |
Release | : 1999 |
Genre | : Business & Economics |
ISBN | : 9780792383949 |
Motor vehicle accidents are still a leading cause of death, even if the trend has somewhat declined over the past 20 years. Indeed, motor vehicle accidents are a significant cause of death in comparison with air and space transport accidents, homicides and even HIV infections, causes which are more often highlighted in the media. As shown in this book, motor vehicle accidents are particularly damaging to very young drivers. The assessment of driving risks is a common concern for road transportation safety and the automobile insurance industry. In both cases, there is an awareness of the great losses resulting from the deaths, injuries and property damage caused by traffic accidents. Research is essential to counteract this public health threat, to assess the success or failure of countermeasures, and to solve the problems it generates in the insurance industry. This book is for people concerned about road crashes (prevention and compensation) and about the insurance problems they pose - namely private and public institutional authorities, consultants, administrators, practitioners, and researchers interested in sharing the authors' experience in this domain. The book presents original contributions related to motor vehicle insurance and road safety. All papers have been evaluated by external referees. Four subjects are covered: 1) Automobile Insurance Pricing, Risks and Asymmetric Information; 2) Insurance Fraud; 3) Young Drivers: Licensing Policies, Evaluation and Risks; and 4) Road Insurance Regulation.
Automobile Insurance: Road Safety, New Drivers, Risks, Insurance Fraud and Regulation
Author | : Georges Dionne |
Publisher | : Springer Science & Business Media |
Total Pages | : 369 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 1461540585 |
Motor vehicle accidents are still a leading cause of death, even if the trend has somewhat declined over the past 20 years. Indeed, motor vehicle accidents are a significant cause of death in comparison with air and space transport accidents, homicides and even HIV infections, causes which are more often highlighted in the media. As shown in this book, motor vehicle accidents are particularly damaging to very young drivers. The assessment of driving risks is a common concern for road transportation safety and the automobile insurance industry. In both cases, there is an awareness of the great losses resulting from the deaths, injuries and property damage caused by traffic accidents. Research is essential to counteract this public health threat, to assess the success or failure of countermeasures, and to solve the problems it generates in the insurance industry. This book is for people concerned about road crashes (prevention and compensation) and about the insurance problems they pose - namely private and public institutional authorities, consultants, administrators, practitioners, and researchers interested in sharing the authors' experience in this domain. The book presents original contributions related to motor vehicle insurance and road safety. All papers have been evaluated by external referees. Four subjects are covered: 1) Automobile Insurance Pricing, Risks and Asymmetric Information; 2) Insurance Fraud; 3) Young Drivers: Licensing Policies, Evaluation and Risks; and 4) Road Insurance Regulation.
Asymmetric Information in the Market for Yield and Revenue Insurance Products
Author | : Shiva S. Makki |
Publisher | : |
Total Pages | : 44 |
Release | : 2001 |
Genre | : Adverse selection (Insurance) |
ISBN | : |
Testing for Asymmetric Information in Insurance Markets
Author | : Pierre-Andre Chiappori |
Publisher | : |
Total Pages | : 0 |
Release | : 2000 |
Genre | : |
ISBN | : |
The first goal of this paper is to provide a simple and general test of the presence of asymmetric information in contractual relationships within a competitive context. We also argue that insurance data are particularly well suited to such empirical investigations. To illustrate this claim, we use data on contracts and accidents to investigate the extent of asymmetric information in the French market for automobile insurance. Using various parametric and nonparametric methods, we find no evidence for the presence of asymmetric information in this market.
Price Variability in the Automobile Insurance Market, Its Extent, Causes and Relationships to High Risk and Other Problems
Author | : Calvin H. Brainard |
Publisher | : |
Total Pages | : 292 |
Release | : 1970 |
Genre | : Automobile insurance |
ISBN | : |
The Price and Availability of Automobile Liability Insurance in the Nonstandard Market
Author | : Douglas G. Olson |
Publisher | : |
Total Pages | : 136 |
Release | : 1971 |
Genre | : Automobile insurance |
ISBN | : |