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COMMERCIAL INSURANCE
PROJECT
Primary Insurance and Reinsurance Market Studies
BACKGROUND
INTRODUCTION:
The
goal of the Commercial Insurance Project is to gain a better understanding
of the dynamics of important commercial insurance and reinsurance
markets and the factors influencing movements in demand and supply,
prices and terms of coverage. This will be an ongoing, long-term
program of research that will seek to learn what drives market
conditions and the implications for future market developments.
This will require the utilization of data suited for economic
analyses and statistical methods. The Center is working with several
organizations to access essential data and is interested in tapping
additional sources of data to enhance its research.
Our
first objective will be to measure and track changes in the prices
of selected types of commercial insurance and important contract
terms, such as retention levels, policy limits and significant
exclusions. To the extent that it is reasonably possible, we will
seek to control for the “amount of insurance” in order
to isolate true price changes from coverage changes. We will be
working with data from the RIMS/Advisen Benchmarking survey to
perform these initial analysis. We are exploring sources that
might be used to obtain comparable information will be collected
for commercial reinsurance. As we develop a time-series database
on prices and coverages, we will link these data to other information
to model market movements and investigate the relationships between
market drivers and market outcomes. Ultimately, we hope to produce
analysis and insights that will help market participants understand
and anticipate market changes, as well as develop a better picture
of how commercial insurance markets are evolving.
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PRODUCT MARKETS THAT WILL BE ANALYZED:
The
following primary insurance markets and related reinsurance markets
will be the subject of analysis:
- Workers’ Compensation
- Commercial Property
- Commercial General Liability
- Commercial Umbrella Liability
- Directors & Officers Liability
- Medical Malpractice
- Public Entity Liability
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PROJECT TEAM:
Robert Klein,
Director and Associate Professor
William Feldhaus,
Associate Professor
Donald Behan,
Senior Research Fellow
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OVERVIEW-Center
for RMI Research:
Established
in 1969, the Center for Risk Management and Insurance Research
is located in the Robinson College of Business at Georgia State
University in Atlanta. The Center has contributed to the development
of sound practice and public policy in risk management and insurance
through objective research and communication. The Center houses
ongoing, multidisciplinary research programs in several key areas
of business and public policy interest. These programs include
risk management and insurance, actuarial topics, corporate finance,
health-care financing, law and regulation, and retirement financing.
The Center’s research associates include faculty in risk
management and insurance, legal studies, economics, finance and
health care financing. The Center also draws expertise from faculty
throughout the Robinson College of Business and the University,
from other universities, and from the business and public policy
communities.
The
Center provides a number of services to students, faculty, policymakers,
the insurance industry, the media and the general public. The
Center has developed its infrastructure and information resources
to support faculty research activities and other faculty/student/public
information needs. These resources include a Center computer lab,
library, and databases. The Center also supports faculty research
by obtaining external grants, funneling research inquiries to
faculty members, coordinating studies, and disseminating research
results through monographs and working papers. It has become a
valuable clearinghouse for risk and insurance researchers nationally
and internationally. Recent Center studies encompass a wide range
of topics including:
- Commercial
insurance markets
- Limiting
liability for anti-terrorism devices
- Medical
malpractice liability
- Tort
reform
- Homeowners
insurance and catastrophe risk
- Financial
markets and derivatives
- Health
insurance
- Retirement
financing
- Crop
insurance
- Insurer
insolvencies and receiverships
- Rate
and market conduct regulation
- Financial
regulation of insurers
- International
insurance markets
Public
information is a significant activity for the Center. Two important
information vehicles are Center/faculty publications and the Center
website. The website provides on-line access to a large number
of working papers, updates on research projects, and FAQs on various
types of insurance. The Center also responds to numerous inquiries
for information and materials. Inquiries are referred to faculty
members with related expertise. Additionally, faculty members
frequently testify at formal government hearings, and meet with
and make presentations to various groups on risk and insurance
topics.
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About
the Commercial Insurance Project
Market
Information
About
the Researchers
About
the Center
About
the RMI Department
About
the Sponsor
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