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State regulation of rates is often viewed as a means to make automobile insurance more affordable... more State regulation of rates is often viewed as a means to make automobile insurance more affordable to consumers by controlling insurer profits and pricing practices. Contrary to this view, economic theory predicts that distorting insurance prices through regulation will distort consumers' decisions about driving, insurance purchase and safety incentives, leading to higher automobile accident loss costs and, ultimately, to higher
State regulation of rates is sometimes used as a means to make automobile insurance more affordab... more State regulation of rates is sometimes used as a means to make automobile insurance more affordable to consumers by restricting insurer profits and pricing practices. Incentive distortions arising from this type of rate regulation might lead to higher accident rates and higher insurance loss costs. Annual state-level panel data for the time period 1980-1998 are used to investigate these effects, using empirical methods that recognize the endogenous determination of states' regulatory choices. Results suggest that rate regulation that systematically suppresses (some or all) drivers' insurance premiums is associated with significantly higher average loss costs and higher insurance claim frequency.
Huebner International Series on Risk, Insurance, and Economic Security, 2000
This chapter details the use of different insurance distribution systems in practice, analyzes ke... more This chapter details the use of different insurance distribution systems in practice, analyzes key issues in distribution system use based on economic theories of the organization of the firm, and discusses public policy and regulatory issues related to insurance distribution. The chapter focuses on what we believe to be the three major economic issues in insurance distribution: the choice of
The Journal of Law and Economics, 1996
Handbook of Insurance, 2013
State regulation of rates is often viewed as a means to make automobile insurance more affordable... more State regulation of rates is often viewed as a means to make automobile insurance more affordable to consumers by controlling insurer profits and pricing practices. Contrary to this view, economic theory predicts that distorting insurance prices through regulation will distort consumers' decisions about driving, insurance purchase and safety incentives, leading to higher automobile accident loss costs and, ultimately, to higher
State regulation of rates is sometimes used as a means to make automobile insurance more affordab... more State regulation of rates is sometimes used as a means to make automobile insurance more affordable to consumers by restricting insurer profits and pricing practices. Incentive distortions arising from this type of rate regulation might lead to higher accident rates and higher insurance loss costs. Annual state-level panel data for the time period 1980-1998 are used to investigate these effects, using empirical methods that recognize the endogenous determination of states' regulatory choices. Results suggest that rate regulation that systematically suppresses (some or all) drivers' insurance premiums is associated with significantly higher average loss costs and higher insurance claim frequency.
Huebner International Series on Risk, Insurance, and Economic Security, 2000
This chapter details the use of different insurance distribution systems in practice, analyzes ke... more This chapter details the use of different insurance distribution systems in practice, analyzes key issues in distribution system use based on economic theories of the organization of the firm, and discusses public policy and regulatory issues related to insurance distribution. The chapter focuses on what we believe to be the three major economic issues in insurance distribution: the choice of
The Journal of Law and Economics, 1996
Handbook of Insurance, 2013