Is the market classification of risk always efficient? evidence from German third party motor insurance
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Is the market classification of risk always efficient? evidence from German third party motor insurance. / Schwarze, Reimund; Wein, Thomas.
Lüneburg : Institut für Volkswirtschaftslehre der Universität Lüneburg, 2005. (Working paper series in economics; Nr. 3).Publikation: Arbeits- oder Diskussionspapiere und Berichte › Arbeits- oder Diskussionspapiere
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RIS
TY - UNPB
T1 - Is the market classification of risk always efficient?
T2 - evidence from German third party motor insurance
AU - Schwarze, Reimund
AU - Wein, Thomas
N1 - Literaturverz. S. 27 - 29
PY - 2005/3/1
Y1 - 2005/3/1
N2 - This paper studies the empirical effects of risk classification in the mandatory thirdparty motor insurance of Germany following the European Union’s directive to deregulate insurance tariffs of 1994. We find evidence that inefficient risk categories had been selected while potentially efficient information was dismissed. Risk classification did generally not improve the efficiency of contracting or the composition of insureds in this market. These findings are partly explained by the continuing existence of institutional restraints in this market such as compulsory fixed coverage and unitary owner insurance.
AB - This paper studies the empirical effects of risk classification in the mandatory thirdparty motor insurance of Germany following the European Union’s directive to deregulate insurance tariffs of 1994. We find evidence that inefficient risk categories had been selected while potentially efficient information was dismissed. Risk classification did generally not improve the efficiency of contracting or the composition of insureds in this market. These findings are partly explained by the continuing existence of institutional restraints in this market such as compulsory fixed coverage and unitary owner insurance.
KW - Economics
KW - Kfz-Haftpflichversicherung
KW - Risikodifferenzierung
KW - Markteffizienz
KW - Automobile Insurance
KW - Risk Classification
KW - Market Efficiency
M3 - Working papers
T3 - Working paper series in economics
BT - Is the market classification of risk always efficient?
PB - Institut für Volkswirtschaftslehre der Universität Lüneburg
CY - Lüneburg
ER -