Property Insurance in Britain

Thomas von Ungern-Sternberg

Cahiers de Recherches Economiques du Département d'économie from Université de Lausanne, Faculté des HEC, Département d’économie

Abstract: The paper studies property insurance in Britain. It emphasises the following points. In the case of terrorism insurance the government decided to provide cost free stop loss insurance, to prevent the market from breaking down. When the country was hit by subsidence damages, the premiums and excesses for the owners concerned rose dramatically. The fact that contracts can be renegotiated every year, means that the owners have only a very incomplete insurance cover. In Montserrat the insurance companies simply decided to cancel all their policies, when it became clear that the volcano might well destroy every building on the island.

Keywords: Britain; property insurance; terrorism; risk selection; subsidence; duration of insurance contracts (search for similar items in EconPapers)
JEL-codes: D82 G22 H4 L51 L8 (search for similar items in EconPapers)
Pages: 29 pages
Date: 1998-09
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Persistent link: https://EconPapers.repec.org/RePEc:lau:crdeep:9814

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