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

Reimund Schwarze; Thomas Wein

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

Titel in Übersetzung: Führt eine Risikodifferenzierung durch den Markt immer zu Effizienz?: Evidenz aus dem deutschen Kfz-Haftpflichtversicherungsmarkt.

Reimund Schwarze
, Thomas Wein

Deutsches Institut für Wirtschaftsforschung (DIW)

Publikation: Beiträge in Zeitschriften › Zeitschriftenaufsätze › Forschung › Begutachtung

Abstract

Dieses Papier untersucht die empirischen Effekte der Deregulierung der Kfz-Versicherungstarife durch die 3. Sachversicherungsrichtlinie der EU aus dem Jahr 1994 auf die Risikostruktur des deutschen Kfz-Versicherungsmarktes und die Betriebsergebnisse der Kfz-Versicherungsanbieter. Unsere Ergebnisse zeigen, dass die Liberalisierung zu keiner messbaren Verbesserung der Zusammensetzung und der Effizienz des Marktes geführt hat. Es wurden in der Folge sowohl ineffiziente Risikomerkmale eingeführt als auch effiziente Merkmale ausgelassen ...

Titel in Übersetzung	Führt eine Risikodifferenzierung durch den Markt immer zu Effizienz?: Evidenz aus dem deutschen Kfz-Haftpflichtversicherungsmarkt.
Originalsprache	Englisch
Zeitschrift	German Risk and Insurance Review
Jahrgang	1
Seiten (von - bis)	173-203
Seitenumfang	31
Publikationsstatus	Erschienen - 2005

Bibliographische Notiz

Literaturverz. S. 200 - 203
http://www.risk-insurance.de/

Fachgebiete und Schlagwörter

Volkswirtschaftslehre
Kraftfahrzeughaftpflichtversicherung
Haftpflichtrisiko
Markteffizienz

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Dieses zitieren

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title = "Is the market classification of risk always efficient?: evidence from German third party motor insurance",

abstract = "This paper studies the empirical effects of risk classification in the mandatory third-party motor insurance of Germany following the European Union{\textquoteright}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. ",

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N2 - 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.

AB - 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.

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