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Agent and Broker Intermediaries in Insurance Markets -- An Empirical Analysis of Market Outcomes

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Author Info
Martina Eckardt (University of Rostock)

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Abstract

Insurance markets are characterized by profound market imperfections. Insurance intermediaries reduce transaction costs and information asymmetries. From transaction cost economics, agency theory, and law and economics literature the hypothesis is derived that insurance brokers may provide more high-quality information and advisory services which are better suited for the needs of the consumers than insurance agents. Empirical tests for German insurance intermediaries confirm this thesis. But there are also findings that structural factors like firm size, employment structure and degree of specialization may outweigh the incentives set by different legal settings.

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File URL: http://www.wiwi.uni-rostock.de/fileadmin/Institute/VWL/VWL-Institut/RePEc/pdf/wp34thuenen.pdf
File Format: application/pdf
File Function: First version, 2002
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Publisher Info
Paper provided by University of Rostock, Institute of Economics, Germany in its series Thuenen-Series of Applied Economic Theory with number 34.

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Length: 31 pages
Date of creation: 2002
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Handle: RePEc:ros:wpaper:34

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Find related papers by JEL classification:
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies
L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality

Cited by:
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  1. Lucinda Trigo Gamarra, 2007. "Does the Product Quality Hypothesis Hold True? - Service Quality Differences between Independent and Exclusive Insurance Agents," Thuenen-Series of Applied Economic Theory 76, University of Rostock, Institute of Economics, Germany. [Downloadable!]
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