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Deregulating Property-Liability Insurance
Restoring Competition and Increasing Market Efficiency
Editors:
Publisher:
2004
Summary
Over the past two decades, the United States has successfully deregulated prices and restrictions on most previously-regulated industries, including airlines, trucking, railroads, telecommunications, and banking. Only a few industries remain regulated, the largest being the property-liability insurance business. In light of recent sweeping financial modernization legislation in other sectors of the insurance industry, this timely volume examines the basis for continued regulation of rates and forms of the U.S. property-liability insurance market. The book focuses on private passenger automobile insurancethe most important personal line of property-liability coverage, with annual premiums of about $120 billion. The authors analyze five state case studies: California, Massachusetts, and New Jerseythree of the most heavily regulated statesas well as Illinois, which has been deregulated for about 30 years, and South Carolina, which began to deregulate in 1997. The study also includes an econometric analysis based on all fifty states over a 25-year period that gauges the impact of regulation on insurance price levels, price volatility, and the proportion of automobiles insured in residual markets. The authors conclude that regulation does not significantly reduce long-run prices for consumers, and generally limits availability of coverage, reduces the quality and variety of services available in the market, inhibits productivity growth, and increases price volatility. Contributors include Dwight Jaffee (University of California, Berkeley), Thomas Russell (Santa Clara University ), Laureen Regan (Temple University), Sharon Tennyson (Cornell University), Mary Weiss (Temple University), John Worrall (Rutgers University), Stephen D'Arcy (University of Illinois, Urbana-Champaign), Martin Grace (Georgia State University), Robert Klein (Georgia State University), Richard Phillips (Georgia State University), Georges Dionne (University of Montreal), and Richard Butler (Brigham Young University).
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Bibliographic data
Copyright year
2004
ISBN-Print
978-0-8157-0243-6
ISBN-Online
978-0-8157-9841-5
Publisher
Rowman & Littlefield, Lanham
Language
English
Pages
409
Product type
Edited Book
Table of contents
ChapterPages
Foreword No access
Table of Contents No access
1. Property-Liability Insurance Price Deregulation: The Last Bastion? No access Pages 1 - 24
2. Automobile Insurance Regulation: The Massachusetts Experience No access Pages 25 - 80
3. Private Passenger Auto Insurance in New Jersey: A Three-Decade Advertisement for Reform No access Pages 81 - 147
4. Auto Insurance Reform: Salvation in South Carolina No access Pages 148 - 194
5. Regulation of Automobile Insurance in California No access Pages 195 - 247
6. Insurance Price Deregulation: The Illinois Experience No access Pages 248 - 284
7. Effects of Prior Approval Rate Regulation of Auto Insurance No access Pages 285 - 320
8. Form Regulation in Commercial Insurance No access Pages 321 - 360
9. Insurance Regulation in Other Industrial Countries No access Pages 361 - 396
