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Equilibrium in Insurance Markets with Experience Rating

In: Economic Analysis of Regulated Markets

Author

Listed:
  • Howard Kunreuther
  • Mark Pauly

Abstract

This chapter investigates the functioning of insurance markets in which insurers can obtain specific and private knowledge of the characteristics of their customers. In particular, we focus on the case where the insurer obtains ‘inside information’ by observing the loss experience of its customers and utilizes these data to charge differential premiums. This type of ‘experience rating’ of individuals or groups is commonly used by firms in setting rates for automobile, health, and unemployment insurance.

Suggested Citation

  • Howard Kunreuther & Mark Pauly, 1983. "Equilibrium in Insurance Markets with Experience Rating," Palgrave Macmillan Books, in: Jörg Finsinger (ed.), Economic Analysis of Regulated Markets, chapter 5, pages 91-110, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17099-9_5
    DOI: 10.1007/978-1-349-17099-9_5
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    Cited by:

    1. Mark Pauly & Kai Menzel & Howard Kunreuther & Richard Hirth, 2011. "Guaranteed renewability uniquely prevents adverse selection in individual health insurance," Journal of Risk and Uncertainty, Springer, vol. 43(2), pages 127-139, October.

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