Search results for "Insurance market"
showing 6 items of 6 documents
The welfare cost of unpriced heterogeneity in insurance markets
2016
We consider the welfare loss of unpriced heterogeneity in insurance markets, which results when private information or regulatory constraints prevent insurance companies to set premiums reflecting expected costs. We propose a methodology which uses survey data to measure this welfare loss. After identifying some “types” which determine expected risk and insurance demand, we derive the key factors defining the demand and cost functions in each market induced by these unobservable types. These are used to quantify the efficiency costs of unpriced heterogeneity. We apply our methods to the US Long-Term Care and Medigap insurance markets, where we find that unpriced heterogeneity causes substan…
England 1523–1601: The Beginnings of Marine Insurance
2016
Extant information about early English marine insurance follows a discontinuous trend. It is remarkably scarce until the mid-sixteenth century, when it increases substantially in the space of a few years, only to fade again after a few decades, and return to growth towards the end of the seventeenth century. After that, plenty of records remain. However, this misbehaving trend does not affect our knowledge as much as would appear to be the case at first sight. The reason lies in the unparalleled continuity in English insurance policies, which remained nearly identical from the 1570s to the policy model prescribed in the Marine Insurance Act of 1906 (First Schedule). This makes up, at least …
New Challenges of Economic and Business Development – 2012 : Conference Proceedings (May 10 - 12, 2012, Riga, University of Latvia)
2012
Support for Conference Proceedings by ERAF Project "Support for the international cooperation projects and other international cooperation activities in research and technology at the University of Latvia" No. 2010/0202/2DP/2.1.1.2.0/10/APIA/VIAA/013
Determination of priority groups of indicators for threats identification to the financial security of insurance market
2017
The object of research is economic processes in insurance market of Ukraine. Generally there is no methodology for financial security assessment of the individual insurer and the insurance market in Ukraine, approved within the regulatory impact and determining financial security is not considered that hinders the practice of providing threats identification. To achieve the objectives author used the following methods: analysis and synthesis, logic synthesis, hierarchy analysis method. Methodological basis of the study is insurance theory and insurance concepts.As a result the aim of research was achieved, namely the priority groups of indicators for threats identification to the financial …
The charter of foreigners merchant ships in the expulsion of the Andalusia Moriscos
2009
El embarque de moriscos a bordo de navíos mercantes de origen extranjero constituye una faceta interesante en el estudio del proceso de expulsión andaluz. Debido a la escasa participación de las escuadras reales y la necesidad de llegar a acuerdos concretos con los que suministrar embarcaciones para el transporte de los moriscos, la Corona y sus representantes se verían obligados a llegar a diferentes compromisos con los cónsules de las naciones de extranjeros, y algunos mercaderes particulares, para garantizar unos traslados que, de otra manera, se hubieran retrasado en exceso complicando toda la operación. De este modo y con el paso de las semanas, acabaría por evidenciarse el peso especí…
Testing For Asymmetric Information In Insurance Markets With Unobservable Types
2008
In two important recent papers, Finkelstein and McGarry [25] and Finkelstein and Poterba [28] propose a new test for asymmetric information in insurance markets that considers explicitly unobserved heterogeneity in insurance demand. In this paper we propose an alternative implementation of the Finkelstein-McGarry-Poterba test based on the identification of unobservable types by use of finite mixture models. The actual implementation of our test follows some recent advances on marginal modelling as applied to latent class analysis; formal testing procedures for the null of asymmetric information and for the hypothesis that private information is indeed multidimensional can be performed by im…