Is the market classification of risk always efficient? evidence from German third party motor insurance

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This paper studies the empirical effects of risk classification in the mandatory third-party motor insurance of Germany following the European Union’s directive to de-regulate insurance tariffs of 1994. We find evidence that inefficient risk categories had been selected while potentially efficient information was dismissed. Risk classifi-cation did generally not improve the efficiency of contracting or the composition of insureds in this market. These findings are partly explained by the continuing exis-tence of institutional restraints in this market such as compulsory fixed coverage and unitary owner insurance.
Translated title of the contributionFührt eine Risikodifferenzierung durch den Markt immer zu Effizienz?: Evidenz aus dem deutschen Kfz-Haftpflichtversicherungsmarkt.
Original languageEnglish
JournalGerman Risk and Insurance Review
Volume1
Pages (from-to)173-203
Number of pages31
Publication statusPublished - 2005

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