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Is the market classification of risk always efficient? Evidence from German third party motor insurance

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  • Schwarze, Reimund
  • Wein, Thomas

Abstract

Dieses Papier untersucht die empirischen Effekte der Deregulierung der Kfz-Versicherungstarife durch die 3. Sachversicherungsrichtlinie der EU aus dem Jahr 1994 auf die Risikostruktur des deutschen Kfz-Versicherungsmarktes und die Betriebsergebnisse der Kfz-Versicherungsanbieter. Unsere Ergebnisse zeigen, dass die Liberalisierung zu keiner messbaren Verbesserung der Zusammensetzung und der Effizienz des Marktes geführt hat. Es wurden in der Folge sowohl ineffiziente Risikomerkmale eingeführt als auch effiziente Merkmale ausgelassen. Diese Ergebnisse können mit dem System der Pflichtversicherung und institutionellen Barrieren durch die Einheit von Halter- und Fahrerhaftung erklärt werden.

Suggested Citation

  • Schwarze, Reimund & Wein, Thomas, 2005. "Is the market classification of risk always efficient? Evidence from German third party motor insurance," German Risk and Insurance Review (GRIR), University of Cologne, Department of Risk Management and Insurance, vol. 1(4), pages 173-202.
    • Handle: RePEc:zbw:grirej:68735
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    References listed on IDEAS

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    Cited by:

    1. R. Guy Thomas, 2008. "Loss Coverage as a Public Policy Objective for Risk Classification Schemes," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 75(4), pages 997-1018, December.
    2. Deborah Mabbett, 2014. "Polanyi in Brussels or Luxembourg? Social rights and market regulation in European insurance," Regulation & Governance, John Wiley & Sons, vol. 8(2), pages 186-202, June.
    3. David A. Cather, 2020. "Reconsidering insurance discrimination and adverse selection in an era of data analytics," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 45(3), pages 426-456, July.
    4. Deborah Mabbett, 2011. "A Rights Revolution in Europe? Regulatory and judicial approaches to nondiscrimination in insurance," LEQS – LSE 'Europe in Question' Discussion Paper Series 38, European Institute, LSE.
    5. Donatella Porrini, 2015. "Risk Classification Efficiency and the Insurance Market Regulation," Risks, MDPI, vol. 3(4), pages 1-10, September.

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    More about this item

    Keywords

    Kfz-Haftpflichtversicherung; Risikodifferenzierung; Markteffizienz; automobile Insurance; risk classification; market efficiency;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets

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