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Regulation of the UK Insurance Industry

In: The Economics of Insurance Regulation

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  • Julian Tapp

Abstract

The UK insurance market is of particular interest from an international perspective because of its relative lack of regulation. Although absence of regulatory constraints does not guarantee that competition will prevail it would be fair to characterise the UK market as being highly competitive as well as being relatively unregulated. Competition and a lack of regulation can have adverse as well as beneficial effects. Many countries have considered that the possibility of a disaster namely an insurance company becoming insolvent outweighs any benefits to be gained, such as the efficiency generated by market discipline and the innovations spawned as a result of the competitive process. When weighing up these factors they will naturally consider those companies that have become insolvent in the UK such as Vehicle and General, and Nation Life.

Suggested Citation

  • Julian Tapp, 1986. "Regulation of the UK Insurance Industry," Palgrave Macmillan Books, in: Jörg Finsinger & Mark V. Pauly (ed.), The Economics of Insurance Regulation, chapter 2, pages 27-61, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-18397-5_2
    DOI: 10.1007/978-1-349-18397-5_2
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