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

By Thomas von Ungern-Sternberg

This publication offers startling facts that country monopolies can produce higher results than the unfastened marketplace. It presents an empirical comparability of the valuables coverage industry in 5 ecu nations: Britain, Spain, France, Switzerland, and Germany. The industry and price constructions of insurers in each one state are defined, and specific good points of every industry and the results for purchasers tested. The regulatory frameworks range extensively from state to state and so do the industry results, either when it comes to top rate point and when it comes to to be had assurance disguise.

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SW16, SE4, 14, 15, 21, 22, 22, 23, 26 and 27 … the company's spokesman admitted that there were certain areas of the country where it was not keen to take on new policyholders. (Independent1992: 20) The discount insurance companies openly admit ‘that the basis of their cheap prices comes from picking the cherries'. (Mortgage Finance Gazette1994: 26) Owners in high-risk areas obviously do not appreciate the idea of being at the mercy of their current insurer. 7. Damaged houses Hardest hit are those owners who have once submitted a claim against subsidence damage.

When a property has changed owner, it is quite possible that no insurer is liable for subsidence damage, even though it has been permanently insured. ‘Many homeowners suffer from the illusion that their building insurance will automatically pick up the whole bill but some have found this an expensive pipe dream’ (Lloyd's List 1994: 4). The purchaser usually buys the house with any known or unknown faults it might have. He therefore has no claim against the previous owner's insurer. And the new owner's insurance company takes the view that as the damages were preexisting it has no liability.

The purpose of this requirement is surely to avoid problems of adverse selection. 8 The single competing offer is underwritten by 8 In Northern Ireland compensation for the cost of damage caused by terrorism is provided by the government under the Criminal Damages (Compensation) Northern Ireland Order. BRITAIN 31 Lloyd's and can be obtained from the British Insurance and Investment Brokers' Association. Lloyd's does not enjoy a state guarantee. It does not make an all-or-nothing offer but allows the insured to select the buildings he wants to cover.

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