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Regulation and efficiency in European insurance markets

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  • Ray Rees
  • Ekkehard Kessner
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    Abstract

    "With a series of directives completed in 1994 the European Commission tried to open and harmonize national European insurance markets. This has led to considerable deregulation in several countries. This paper surveys pre-1994 regulation in Germany and the UK and the Commission's policy. It argues that it is unlikely that the policy will have a significant impact on direct international competition between European insurance markets, until there is standardization of insurance law. However, the tightly regulated markets will become more like the loosely regulated UK market. The paper evaluates this outcome and concludes that the European Commission's policy may thereby have improved the welfare of insurance buyers in the previously highly regulated countries such as Germany. The paper also uses efficiency-frontier estimation to compare the dispersion of firm efficiencies in the German and British life insurance market. The results support the hypothesis that tighter solvency regulation allows the survival of a larger proportion of higher-cost firms." Copyright Centre for Economic Policy Research, Center for Economic Studies, Maison des Sciences de l'homme, 1999.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1468-0327.00053
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    Bibliographic Info

    Article provided by CEPR & CES & MSH in its journal Economic Policy.

    Volume (Year): 14 (1999)
    Issue (Month): 29 (October)
    Pages: 363-398

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    Handle: RePEc:bla:ecpoli:v:14:y:1999:i:29:p:363-398

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    Cited by:
    1. Hickson, Allister, 2006. "Motor vehicle insurance rating with pseudo emissions coverage," Ecological Economics, Elsevier, vol. 58(1), pages 146-159, June.
    2. Kesternich, Iris & Schumacher, Heiner, 2009. "On the Use of Information in Repeated Insurance Markets," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 280, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    3. Amel, Dean & Barnes, Colleen & Panetta, Fabio & Salleo, Carmelo, 2004. "Consolidation and efficiency in the financial sector: A review of the international evidence," Journal of Banking & Finance, Elsevier, vol. 28(10), pages 2493-2519, October.
    4. Kai A. Konrad & Marcel Thum, 2012. "The Role of Economic Policy in Climate Change Adaptation," CESifo Working Paper Series 3959, CESifo Group Munich.
    5. Mälkönen , Ville, 2004. "Capital adequacy regulation and financial conglomerates," Research Discussion Papers 10/2004, Bank of Finland.

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