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On the Emergence of Private Insurance in Presence of Mutual Agreements

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Author Info
Bourlès, Renaud

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Abstract

The aim of this paper is to analyze the impact of the existence of mutual firms on the behavior of an insurance company and more precisely to study in which situations a private insurance firm may replace mutual agreements. Our approach differs from the existing literature as we integrate the investment choices of the company and the fact that, because it commits on a fixed contract, it can become insolvent. In such a situation we are able to characterize the unique optimal choices of an entrant company and the conditions favoring or preventing its appearance.

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File URL: http://mpra.ub.uni-muenchen.de/5821/
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File URL: http://mpra.ub.uni-muenchen.de/5827/
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File URL: http://mpra.ub.uni-muenchen.de/15374/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5821.

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Date of creation: 11 May 2009
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Handle: RePEc:pra:mprapa:5821

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Related research
Keywords: Insurance market; Mutual firms; Insolvency; Demutualization;

Find related papers by JEL classification:
G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies
D8 - Microeconomics - - Information, Knowledge, and Uncertainty
L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance

This paper has been announced in the following NEP Reports:

References listed on IDEAS
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  1. Smith, Bruce D & Stutzer, Michael J, 1990. "Adverse Selection, Aggregate Uncertainty, and the Role for Mutual Insurance Contracts," Journal of Business, University of Chicago Press, vol. 63(4), pages 493-510, October. [Downloadable!] (restricted)
  2. Lena Nekby, 2004. "Pure Versus Mutual Health Insurance: Evidence From Swedish Historical Data," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 71(1), pages 115-134. [Downloadable!] (restricted)
  3. Lamm-Tennant, Joan & Starks, Laura T, 1993. "Stock versus Mutual Ownership Structures: The Risk Implications," Journal of Business, University of Chicago Press, vol. 66(1), pages 29-46, January. [Downloadable!] (restricted)
  4. Doherty, Neil A & Dionne, Georges, 1993. " Insurance with Undiversifiable Risk: Contract Structure and Organizational Form of Insurance Firms," Journal of Risk and Uncertainty, Springer, vol. 6(2), pages 187-203, April.
  5. Rothschild, Michael & Stiglitz, Joseph E, 1976. "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 630-49, November.
  6. David Mayers & Clifford Smith, 2002. "Ownership Structure and Control: Property-Casualty Insurer Conversion to Stock Charter," Journal of Financial Services Research, Springer, vol. 21(1), pages 117-144, February. [Downloadable!] (restricted)
  7. Hansmann, Henry, 1985. "The Organization of Insurance Companies: Mutual versus Stock," Journal of Law, Economics and Organization, Oxford University Press, vol. 1(1), pages 125-53, Spring.
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This page was last updated on 2009-11-28.

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