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L'assurance contre les catastrophes en Espagne

Author

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  • Thomas VON UNGERN-STERNBERG

Abstract

This paper studies the state building insurance monopoly in Spain, the Consorcio the Compensacion de Seguros. It is shown that, just like its Swiss counterparts, the Consorcio operates with exceptionally low transactions costs. Furthermore it allows the supply of a very low cost insurance cover in a domain, where competition would usually lead to market failure due to problems of adverse selection. The existence of the Consorcio is in contradiction with the 3rd EU guidelines on the insurance market, however Spain managed to get an exemption.

Suggested Citation

  • Thomas VON UNGERN-STERNBERG, 1997. "L'assurance contre les catastrophes en Espagne," Cahiers de Recherches Economiques du Département d'économie 9718, Université de Lausanne, Faculté des HEC, Département d’économie.
    • Handle: RePEc:lau:crdeep:9718
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    More about this item

    Keywords

    catastrophe insurance; state monopoly; adverse selection; Spain; EU-legislation;
    All these keywords.

    JEL classification:

    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
    • L42 - Industrial Organization - - Antitrust Issues and Policies - - - Vertical Restraints; Resale Price Maintenance; Quantity Discounts
    • L91 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Transportation: General
    • L99 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Other

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