An Empirical Analysis of Property-Liability Insurance Distribution Systems: Market Shares Across Lines of Business
Tobit regression is used to analyze market shares for a cross section of 273 insurers operating in 1990. Lines of business analyzed include personal auto liability and physical damage insurance, homeowners’ multiperil, commercial general liability, workers compensation, and commercial multiperil. After controlling for size and other factors, evidence indicates that direct writing insurers have consistently higher market shares in personal auto insurance, while independent agency insurers have higher shares in general liability. However, controlling for expense ratio, there is no significant difference in market shares for homeowners, commercial multiperil, or workers compensation across insurers using different distribution systems.
Volume (Year): 21 (1998)
Issue (Month): 2 ()
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