G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15234
DP15234 Organizing insurance supply for new and undiversifiable risks
David Alary; Catherine Bobtcheff; Carole Haritchabalet
发表日期2020-08-31
出版年2020
语种英语
摘要This paper explores how insurance companies can coordinate to extend their joint capacity for the coverage of new and undiversifiable risks. The undiversifiable nature of such risks causes a shortage of insurance capacity and their limited knowledge makes learning and information sharing necessary. We develop a unified theoretical model to analyse co-insurance agreements. We show that organizing this insurance supply amounts to sharing a common value divisible good between capacity constrained and privately informed insurers with a reserve price. Coinsurance via the creation of an insurance pool turns out to operate as a uniform price auction with an ``exit/re-entry'' option. We compare it to a discriminatory auction for which no specific agreements are needed. Both auction formats lead to different coverage/premium tradeoffs. If at least one insurer provides an optimistic expertise about the risk, the pool offers higher coverage. This result is reversed when all insurers are pessimistic about the risk. Static comparative results with respect to the severity of the capacity constraints and the reserve price are provided. In the case of completely new risks, a regulator aiming at maximizing the expected coverage should promote the pool when the reserve price is low enough or when competition is high enough.
主题Industrial Organization
关键词Coinsurance Undiversifiable and new risks Common value divisible goods auctions Competition Reserve price
URLhttps://cepr.org/publications/dp15234-1
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/544209
推荐引用方式
GB/T 7714
David Alary,Catherine Bobtcheff,Carole Haritchabalet. DP15234 Organizing insurance supply for new and undiversifiable risks. 2020.
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