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Efficient Monopolies: The Limits of Competition in the European Property Insurance Market

Thomas von Ungern-Sternberg

Abstract

Compares the market for property insurance in five European countries, Britain, Spain, France, Switzerland, and Germany. The comparisons are of particular interest, as the regulatory frameworks vary widely from country to country and so do the market outcomes, both in terms of premium level and in terms of available insurance cover. In particular, the state insurance monopolies in Spain and parts of Switzerland permit property owners to obtain global cover against a wide range of natural damages (including floods) at a very low premium rate. The premiums of private insurance companies are much ... More

Keywords: adverse selection, catastrophe insurance, deregulation, premium rate, prevention, property insurance, regulatory capture, state monopoly

Bibliographic Information

Print publication date: 2004 Print ISBN-13: 9780199268818
Published to Oxford Scholarship Online: April 2004 DOI:10.1093/0199268819.001.0001

Authors

Affiliations are at time of print publication.

Thomas von Ungern-Sternberg, author
Department of Economics, University of Lausanne
Author Webpage

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