Product ratings as a market reaction to deregulation : evidence from the german insurance market

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      <subfield code="a">Meyr, Stephanie</subfield>
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      <subfield code="a">Product ratings as a market reaction to deregulation</subfield>
      <subfield code="b">: evidence from the german insurance market</subfield>
      <subfield code="c">Stephanie Meyr </subfield>
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      <subfield code="a">This study provides the first investigation of information markets as a reaction to deregulation of product forms in insurance markets. The article studies the case of Germany, where insurance product ratings entered the market after relaxation of product regulation in 1994. The ratings¿ potential for enhancing the performance of a deregulated insurance market is analyzed by considering both market structure and governance characteristics of the rating market, since the theoretical literature predicts that both are important determinants of rating outcomes. Data from a unique panel data set containing disability insurance ratings from the three major rating agencies are also examined in light of theoretical predictions. Results suggest that market governance and competition characteristics are favorable for the production of unbiased and informative ratings. Ratings for disability insurance support this interpretation, since the characteristics of the ratings conform to theoretical predictions about ratings in well-functioning rating markets.</subfield>
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      <subfield code="t">Risk management & insurance review</subfield>
      <subfield code="d">Malden, MA : The American Risk and Insurance Association by Blackwell Publishing, 1999-</subfield>
      <subfield code="x">1098-1616</subfield>
      <subfield code="g">02/03/2015 Tomo 18 Número 1 - 2015 </subfield>
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