Efficient Monopolies: The Limits of Competition in the European Property Insurance Market by Thomas von Ungern-Sternberg.
This book studies the market for property insurance in five countries, Britain, Spain, France, Switzerland, and Germany. It argues that in this market state monopolies outperform competitive markets, both in the provision of insurance against standard risks such as fire and in the provision of insurance against ‘uninsurable’ risks such as floods or subsidence. We hope that our empirical findings will stimulate economists to think more deeply about the relative merits of state provision and competitive markets.
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