L'assurance contre les catastrophes en Espagne
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.
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|Date of creation:||Dec 1997|
|Date of revision:|
|Publication status:||Published in Thomas von Ungern-Sternberg, L'Assurance Immobilière en Europe : les Limites de la Concurrence, Economica, Paris, 2002, pp. 45-62|
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Web page: http://www.hec.unil.ch/deep/publications/cahiers/seriesEmail:
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