This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.
Open in Dialog
Open in New Tab
Open in same window
Open in New Tab
Open in same window
Journal of Economic Perspectives: Vol. 5 No. 3 (Summer 1991)
JEP Volume. 5, Issue 3 | 
Previous ArticleNext Article
Sign up for Email Alerts Follow us on Twitter
Full-text Article (Complimentary)
View Comments on This Article (0) | Login to post a comment
Previous ArticleNext Article
Expand
Quick Tools:
Print Article Summary Email Link to this Article Export CitationSign up for Email Alerts Follow us on Twitter
Explore:
The Liability Insurance Market
Article Citation
Winter, Ralph A. 1991. "The Liability Insurance Market."
Journal of Economic Perspectives,
5(3): 115-136.
DOI: 10.1257/jep.5.3.115
DOI: 10.1257/jep.5.3.115
Abstract
This paper offers an overview of the U.S. liability insurance market and the link between its performance and developments in tort law. Over the last few decades, the dominant feature of the insurance market has been the insurance cycle: intermittent periods of rapidly rising premiums and cutbacks on the availability of coverage. The insurance cycle appears to be increasing in amplitude and, since the 1960s, has been concentrated increasingly in liability lines. The dynamic behavior of the insurance market can be fully explained in a model that emphasizes uncertainty and informational asymmetries, as outlined in this paper. I conclude the paper with a discussion of some policy implications as well as the impact of liability insurance on the incentive role, as opposed to the insurance role, of the tort system.
Article Full-Text Access
Full-text Article (Complimentary)
Authors
Winter, Ralph A. (U Toronto)
JEL Classifications
G22: Insurance; Insurance Companies
K13: Tort Law and Product Liability
K13: Tort Law and Product Liability
Comments
View Comments on This Article (0) | Login to post a comment
