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Property Insurance in Britain

Author

Listed:
  • Thomas VON UNGERN-STERNBERG

Abstract

The paper studies property insurance in Britain. It emphasises the following points. In the case of terrorism insurance the government decided to provide cost free stop loss insurance, to prevent the market from breaking down. When the country was hit by subsidence damages, the premiums and excesses for the owners concerned rose dramatically. The fact that contracts can be renegotiated every year, means that the owners have only a very incomplete insurance cover. In Montserrat the insurance companies simply decided to cancel all their policies, when it became clear that the volcano might well destroy every building on the island.

Suggested Citation

  • Thomas VON UNGERN-STERNBERG, 1998. "Property Insurance in Britain," Cahiers de Recherches Economiques du Département d'économie 9814, Université de Lausanne, Faculté des HEC, Département d’économie.
    • Handle: RePEc:lau:crdeep:9814
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    More about this item

    Keywords

    Britain; property insurance; terrorism; risk selection; subsidence; duration of insurance contracts;
    All these keywords.

    JEL classification:

    • H4 - Public Economics - - Publicly Provided Goods
    • L8 - Industrial Organization - - Industry Studies: Services
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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