Journal article
The Effects of Regulatory Reforms in the South Carolina Auto Insurance Market
Journal of insurance regulation, Vol.32(1), p.1
01/01/2013
Abstract
We examine the long-term effects of the 1997 regulatory reform of the auto insurance market in South Carolina. Prior to its reform, the market was characterized by relatively high premiums, significant cross subsidies from low- to high-risk drivers, a high level of uninsured drivers, and a high proportion of vehicles insured in the residual market. Insurers were leaving the market and prices were relatively high. As a result of the 1997 and subsequent reforms, almost every economic indicator of the health of the insurance market showed improvement, while prices as measured by the average expenditure on auto insurance have remained below the national average. [PUBLICATION ABSTRACT]
Details
- Title: Subtitle
- The Effects of Regulatory Reforms in the South Carolina Auto Insurance Market
- Creators
- Martin GraceRobert KleinSharon Tennyson
- Resource Type
- Journal article
- Publication Details
- Journal of insurance regulation, Vol.32(1), p.1
- Publisher
- National Association of Insurance Commissioners
- ISSN
- 0736-248X
- Language
- English
- Date published
- 01/01/2013
- Academic Unit
- Finance
- Record Identifier
- 9984700643302771
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