By Thomas von Ungern-Sternberg
This ebook offers startling facts that country monopolies can produce greater results than the loose industry. It offers an empirical comparability of the valuables assurance industry in 5 ecu international locations: Britain, Spain, France, Switzerland, and Germany. The marketplace and price buildings of insurers in each one nation are defined, and specific positive factors of every marketplace and the results for purchasers tested. The regulatory frameworks range largely from state to nation and so do the industry results, either when it comes to top class point and by way of on hand assurance hide.
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Additional info for Efficient Monopolies: The Limits of Competition in the European Property Insurance Market
Monitoring is therefore often speciﬁed to obtain the required information, although this inevitably leads to delays in settling the claim and in the meantime the owner will ﬁnd difﬁculties in selling the property … The Insurance Ombudsman investigates dozens of complaints every year about insurers and their treatment or non-treatment of subsidence. An IOBspokesperson said, ‘These cases are difﬁcult, highly charged with emotion as people watch the biggest investment of their lives cracking up before them’.
As for excesses: When subsidence was originally covered, the excess was 3% of the claim value. At the time, an average subsidence claim cost around £2,000, so the policyholder had to bear the ﬁrst £60—about a week's wages. Subsequently the excess was upped to £300, then £500, and for the past two years the average across the market has been £1,000. 4. Geographical differentiation The increase in average premiums and excesses was not the only change. Subsidence damage is very unevenly distributed 38 BRITAIN across the country.
8. The problem of house sales As yet no insurer seems to have cancelled (or refused to renew) a contract when it turned out that the building was a bad risk for subsidence. There are probably two reasons for this: The insurance companies fear the bad press that would inevitable follow such a step. The Association of British Insurers tries to maintain a minimum of discipline among its members. However, this is cold comfort for property owners in high risk areas. The situation generally becomes difﬁcult when they decide to sell.
Efficient Monopolies: The Limits of Competition in the European Property Insurance Market by Thomas von Ungern-Sternberg