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Competition Effects of Price Liberalization in Insurance

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  • Barros, Pedro P

Abstract

Insurance services have a prominent role in modern societies. Empirical evaluation of market interactions in insurance is, however, scarce. To fill this gap, two models are proposed. Each captures the main features of either regulated or deregulated markets. Three levels of decisions (reinsurance, sales effort, and prices) generate testable predictions on firm behavior with respect to sales effort choices. Recent evolution of the Portuguese market provides a natural data set for application. Estimation before and after price deregulation reveals a noticeable change in behavior. Coordination has characterized the interaction under price regulation. Competition between firms has increased after deregulation. Copyright 1996 by Blackwell Publishing Ltd.

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  • Barros, Pedro P, 1996. "Competition Effects of Price Liberalization in Insurance," Journal of Industrial Economics, Wiley Blackwell, vol. 44(3), pages 267-287, September.
    • Handle: RePEc:bla:jindec:v:44:y:1996:i:3:p:267-87
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    Cited by:

    1. Brito, Duarte & Pereira, Pedro & Ramalho, Joaquim J.S., 2013. "Mergers, coordinated effects and efficiency in the Portuguese non-life insurance industry," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 554-568.
    2. Strauss, Jason, 2007. "Price Regulation, Market Exit, and Financial Leverage of Canadian Property-Liability Insurers," MPRA Paper 11212, University Library of Munich, Germany, revised 28 Oct 2008.
    3. Gallet, Craig A., 1997. "Public policy and market power in the rayon industry," Journal of Economics and Business, Elsevier, vol. 49(4), pages 369-377.
    4. Przemysław Jeziorski & Elena Krasnokutskaya & Olivia Ceccarini, 2019. "Skimming from the Bottom: Empirical Evidence of Adverse Selection When Poaching Customers," Marketing Science, INFORMS, vol. 38(4), pages 543-566, July.
    5. Craig A. Gallet, 1999. "The effect of the 1971 advertising ban on behavior in the cigarette industry," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 20(6), pages 299-303.
    6. Tulus Suryanto & Darul Dimasqy & Reza Ronaldo & Mahjus Ekananda & Teuku Heru Dinata & Indra Tumbelaka, 2020. "The Influence of Liberalization on Innovation, Performance, and Competition Level of Insurance Industry in Indonesia," Sustainability, MDPI, vol. 12(24), pages 1-25, December.
    7. Domenico SCALERA & Alberto ZAZZARO, 2004. "From regulation to free market: the experience of the European motor insurance market," Working Papers 205, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.

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