Economic Theories Of Regulation Applied To The Property Liability Insurance Industry
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The Economics of Insurance Regulation
Author | : Nancy Sommers |
Publisher | : Springer |
Total Pages | : 299 |
Release | : 1986-09-29 |
Genre | : Business & Economics |
ISBN | : 1349183970 |
A Comparative Analysis of Government Regulation of Property-liability Insurance in Selected Countries and the United States
Author | : Samuel H. Weese |
Publisher | : |
Total Pages | : 226 |
Release | : 1980 |
Genre | : Insurance law |
ISBN | : |
Foundations of Insurance Economics
Author | : Georges Dionne |
Publisher | : Springer Science & Business Media |
Total Pages | : 742 |
Release | : 2013-11-11 |
Genre | : Business & Economics |
ISBN | : 9401579571 |
Economic and financial research on insurance markets has undergone dramatic growth since its infancy in the early 1960s. Our main objective in compiling this volume was to achieve a wider dissemination of key papers in this literature. Their significance is highlighted in the introduction, which surveys major areas in insurance economics. While it was not possible to provide comprehensive coverage of insurance economics in this book, these readings provide an essential foundation to those who desire to conduct research and teach in the field. In particular, we hope that this compilation and our introduction will be useful to graduate students and to researchers in economics, finance, and insurance. Our criteria for selecting articles included significance, representativeness, pedagogical value, and our desire to include theoretical and empirical work. While the focus of the applied papers is on property-liability insurance, they illustrate issues, concepts, and methods that are applicable in many areas of insurance. The S. S. Huebner Foundation for Insurance Education at the University of Pennsylvania's Wharton School made this book possible by financing publication costs. We are grateful for this assistance and to J. David Cummins, Executive Director of the Foundation, for his efforts and helpful advice on the contents. We also wish to thank all of the authors and editors who provided permission to reprint articles and our respective institutions for technical and financial support.
Theory and Practice of Insurance
Author | : J. François Outreville |
Publisher | : Springer Science & Business Media |
Total Pages | : 342 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 1461561876 |
Insurance is a concept, a technique, and an economic institution. It is a major tool of risk management, and plays an important role in the economic, social, and political life of all countries. Economic growth throughout the world has even expanded the role of insurance. Theory and Practice of Insurance aims to describe the significance of insurance institutions, the reasons they exist and how they function. The author emphasizes fundamental principles in risk and insurance, using an international frame of reference. This volume begins with an introduction to the concept of risk, then proceeds to cover insurance and its relationship to the economy; the principles of risk management and insurance; and the characteristics and performance of insurance companies.
The Political Economy of Regulation
Author | : Kenneth J. Meier |
Publisher | : SUNY Press |
Total Pages | : 252 |
Release | : 1988-01-01 |
Genre | : Political Science |
ISBN | : 9780887067310 |
This is the first comprehensive study of the history, politics, and economics of the insurance industry in the United States. It is designed as a theoretical challenge to the conventional wisdom in political economy which says that regulation benefits the regulated. In fact, Meier shows that because the insurance industry is far too divided to impose its will on the regulatory system, the political economy of regulation is actually the product of a complex interaction of industry interests, consumer groups, insurance regulations, and political elites. Using both historical and quantitative approaches, the author examines a variety of insurance issues including the development of insurance regulation; the impact of regulation on the availability and price of insurance; the stringency of state regulation; and the product liability insurance crisis of 1985-86. The book concludes with a series of recommendations for reforming the regulation of insurance.
The Economics of Property-Casualty Insurance
Author | : David F. Bradford |
Publisher | : University of Chicago Press |
Total Pages | : 218 |
Release | : 2007-12-01 |
Genre | : Political Science |
ISBN | : 0226070328 |
The Economics of Property-Casualty Insurance presents new research and findings on key aspects of the economics of the property-casualty insurance industry. The volume explores the industrial organization, regulation, financing, and taxation of this business. The first paper, on external financing and insurance cycles, contains a wealth of information on trends and patterns in the industry's financial structure. The last essay, which compares performance of stock and mutual insurance companies, takes a fresh look at the way a company's organizational structure affects its responses to different economic situations. Two papers focus on rate regulation in the auto insurance industry, and provide broad overviews of the structure and economics of the insurance industry as a whole. Also addressed are the system of regulating insurance companies in the United States, who insures the insurers, and the effects of tax law changes in the 1980s on the prices of insurance policies.
Fair Rate of Return in Property-Liability Insurance
Author | : J David Cummins |
Publisher | : Springer |
Total Pages | : 172 |
Release | : 2014-01-15 |
Genre | : |
ISBN | : 9789401577540 |
When Insurers Go Bust
Author | : Guillaume Plantin |
Publisher | : Princeton University Press |
Total Pages | : 111 |
Release | : 2016-06-28 |
Genre | : Business & Economics |
ISBN | : 0691170983 |
In the 1990s, large insurance companies failed in virtually every major market, prompting a fierce and ongoing debate about how to better protect policyholders. Drawing lessons from the failures of four insurance companies, When Insurers Go Bust dramatically advances this debate by arguing that the current approach to insurance regulation should be replaced with mechanisms that replicate the governance of non-financial firms. Rather than immediately addressing the minutiae of supervision, Guillaume Plantin and Jean-Charles Rochet first identify a fundamental economic rationale for supervising the solvency of insurance companies: policyholders are the "bankers" of insurance companies. But because policyholders are too dispersed to effectively monitor insurers, it might be efficient to delegate monitoring to an institution--a prudential authority. Applying recent developments in corporate finance theory and the economic theory of organizations, the authors describe in practical terms how such authorities could be created and given the incentives to behave exactly like bankers behave toward borrowers, as "tough" claimholders.