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By Thomas von Ungern-Sternberg

This ebook provides startling facts that country monopolies can produce greater results than the unfastened marketplace. It offers an empirical comparability of the valuables coverage industry in 5 eu nations: Britain, Spain, France, Switzerland, and Germany. The marketplace and price buildings of insurers in each one nation are defined, and specific good points of every marketplace and the results for patrons tested. The regulatory frameworks fluctuate extensively from state to state and so do the industry results, either when it comes to top class point and when it comes to on hand assurance disguise.

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Extra info for Efficient Monopolies: The Limits of Competition in the European Property Insurance Market

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An IOBspokesperson said, ‘These cases are difficult, highly charged with emotion as people watch the biggest investment of their lives cracking up before them’. 10. The problem with trees As previously mentioned, subsidence damage is caused not just by the soil on which the building stands but also by the surrounding trees. This is of course an important further source of potential conflict. One cannot simply cut down the trees: Heave is, quite simply, the opposite process of subsidence and generally occurs following the removal of trees but the process is less well understood.

The customer thus has to negotiate with both insurance companies in the hope of recuperating at least part of the damage. (b) When a property has changed owner, the old insurance company is no longer liable for any damages that may have occurred under the old policy; but the new insurance company is not liable either, since the damage is pre-existing. The buyer thus has to pay for the damage himself, even though the house has been continuously insured. 24 BRITAIN If the fundamental purpose of insurance is to reduce uncertainty for the customer, then property insurance in Britain has achieved this aim only very partially.

The government felt obliged to intervene. It set up an insurance pool for terrorism, Pool Reinsurance Limited (‘Pool Re’), in which the government acts as the reinsurer of last resort. Should the claims exceed the cumulative premium income, the bill will be footed by the taxpayer. It seems almost ironic that it was the Conservative government, better known for its privatisation efforts, that decided to take this step. Pool Re has turned out to be a very efficient institution for its customers. In Britain, property insurance covers not only fire and storm damage but also a wide range of elemental damage.

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