What Do We Know About Market Discipline in Insurance?
Journal
Risk Management and Insurance Review
ISSN
1098-1616
ISSN-Digital
1540-6296
Type
journal article
Date Issued
2012-09
Author(s)
Abstract
The aim of this article is to summarize the knowledge on market discipline in insurance and other financial service sectors. Market discipline can be defined as the ability of customers, investors, intermediaries (agents, brokers), and evaluators (analysts, auditors, rating agencies) to monitor and influence a company's management. Looking at banking is especially interesting, since market discipline in this field has been studied extensively. Based on existing knowledge, we develop a framework for researching market discipline in insurance that includes its most important drivers and impediments. The results highlight a significant need for continuing research. The findings are of relevance not only for European insurers and regulators, but for institutions outside Europe.
Language
English
HSG Classification
contribution to scientific community
Refereed
Yes
Publisher
Wiley & Sons
Publisher place
Chichester
Volume
15
Number
2
Start page
185
End page
223
Pages
39
Subject(s)
Division(s)
Eprints ID
209571