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The General-Liability Reform Experiments and the Distribution of Insurance-Market Outcomes

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  • Viscusi, W Kip
  • Born, Patricia

Abstract

Many states enacted tort liability reform laws in the late 1980s to limit liability costs and stabilize insurance markets. This paper uses firm-level data from two states that enacted reforms over the 1984-91 period--New York and Colorado--to assess their effects. The liability insurance performance in Pennsylvania and Kentucky--two states that did not adopt reforms--provides a reference point for how insurance markets might have performed. The quantile regression models indicate that the improvement in insurer profitability was substantial. However, this improvement appears to be largely attributable to a secular trend rather than the effect of liability reforms.

Suggested Citation

  • Viscusi, W Kip & Born, Patricia, 1995. "The General-Liability Reform Experiments and the Distribution of Insurance-Market Outcomes," Journal of Business & Economic Statistics, American Statistical Association, vol. 13(2), pages 183-188, April.
    • Handle: RePEc:bes:jnlbes:v:13:y:1995:i:2:p:183-88
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    Cited by:

    1. W. Kip Viscusi & Patricia Born, 1999. "The Performance Of The 1980s California Insurance And Liability Reforms," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 2(2), pages 14-33, January.
    2. Charles L. Baum, 2020. "The effects of medical malpractice tort reform on physician supply an analysis of legislative changes from 2009 to 2016," Southern Economic Journal, John Wiley & Sons, vol. 87(2), pages 540-575, October.

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