Efficient Monopolies: The Limits of Competition in the by Thomas von Ungern-Sternberg

By Thomas von Ungern-Sternberg

This publication provides startling facts that nation monopolies can produce higher results than the loose industry. It offers an empirical comparability of the valuables coverage industry in 5 ecu nations: Britain, Spain, France, Switzerland, and Germany. The marketplace and price constructions of insurers in every one kingdom are defined, and specific positive aspects of every industry and the results for patrons tested. The regulatory frameworks differ largely from state to nation and so do the industry results, either by way of top class point and by way of on hand assurance disguise.

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Extra info for Efficient Monopolies: The Limits of Competition in the European Property Insurance Market

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BN26 is one of the postal districts deemed a high risk subsidence areas by insurance companies. Most of the homes in BN26 pay premiums of at least 20% more than low-risk districts. But a Cranfield-Ventech survey commissioned by the Sunday Times revealed that 55% of homes in BN265 (a sector) were sitting on soil rated extremely low risk. That means half of the homes in BN265 should not pay any subsidence-risk premium . . thousands of homes built on sold ground within ‘high-risk’ postal districts are paying huge premiums to cover a non-existent danger.

B) When a property has changed owner, the old insurance company is no longer liable for any damages that may have occurred under the old policy; but the new insurance company is not liable either, since the damage is pre-existing. The buyer thus has to pay for the damage himself, even though the house has been continuously insured. 24 BRITAIN If the fundamental purpose of insurance is to reduce uncertainty for the customer, then property insurance in Britain has achieved this aim only very partially.

From a social point of view this is wasteful, since the main effect of these expenditures is to redistribute income. The way the British insurance industry adapted to the sharp increase in subsidence claims should be of considerable interest for other countries as well. It is widely expected that changes in the climate will lead to an increase in elemental damages and that these should be concentrated on specific regions. The state property insurance monopolies in Spain and in parts of Switzerland (see Chapters 2 and 4) tackle these problems more effectively: 1.

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