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Books > Business & Economics > Finance & accounting > Finance > Insurance
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Loss Coverage - Why Insurance Works Better with Some Adverse Selection (Hardcover)
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Loss Coverage - Why Insurance Works Better with Some Adverse Selection (Hardcover)
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Most academic and policy commentary represents adverse selection as
a severe problem in insurance, which should always be deprecated,
avoided or minimised. This book gives a contrary view. It details
the exaggeration of adverse selection in insurers' rhetoric and
insurance economics, and presents evidence that in many insurance
markets, adverse selection is weaker than most commentators
suggest. A novel arithmetical argument shows that from a public
policy perspective, 'weak' adverse selection can be a good thing.
This is because a degree of adverse selection is needed to maximise
'loss coverage', the expected fraction of the population's losses
which is compensated by insurance. This book will be valuable for
those interested in public policy arguments about insurance and
discrimination: academics (in economics, law and social policy),
policymakers, actuaries, underwriters, disability activists,
geneticists and other medical professionals.
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