Nach den Terrorattacken vom 11. September sehen sich die privaten Erst- und Rückversicherer mit einer völlig veränderten Risikolage konfrontiert, die sie bisher bei ihren Kalkulationen außer Acht ließen. Dr. Michael Wolgast, Gesamtverband der Deutschen Versicherungswirtschaft, schlägt...

This article focuses on the incentive compatibility of existing compensation schemes for the indemnification of costs and losses of animal disease outbreaks in the member states of the EU. It is shown that efficient animal disease risk management basically requires compensation of costs and...

The capital-funded health insurance system in Germany (the PKV) is afflicted with a lack of competition because insurants lose their ageing provisions if they switch their insurer. Therefore the transfer of „individual ageing provisions″ has been discussed for many years, but it is mostly...

This paper examines auditor liability rules under imperfect information, costly litigation and risk-averse auditors. A negligence rule fails in such a setting, because in equilibrium auditors will deviate with positive probability from any given standard. It is shown that strict liability...

We analyze the role of liability, insurance, and side payments for independent safety controls with unobservable care levels. By independent safety controls we mean that the accident probability depends on the care levels of two parties, and that the effects of the controls on the accident...

The paper analyzes a monopolistic insurer’s pricing strategies when potential customers differ in risk aversion and their type cannot be observed by the insurer. Our model builds on Schlesinger (1983), who derived optimal nonlinear pricing strategies for competitive and monopolistic insurance...

We examine the impact of intermediation on insurance market transparency and performance. In a differentiated insurance market under imperfect information, consumers can gain information about product suitability by consulting an intermediary. We analyze current broker compensation methods:...