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Trust and Insurance Contracts
The Review of Financial Studies ( IF 8.414 ) Pub Date : 2021-09-20 , DOI: 10.1093/rfs/hhab112
Nicola Gennaioli 1 , Rafael La Porta 2 , Florencio Lopez-de-Silanes 3 , Andrei Shleifer 4
Affiliation  

We assemble homeowner insurance claims from 28 independently operated country subsidiaries of a multinational insurance firm. We propose a new insurance model, in which consumers can make invalid claims and firms can deny valid claims, as is common in the data. In the model, trust and honesty shape equilibrium insurance contracts, disputes, and claim payments, especially when disputes are too small for courts. We test the model by investigating claim incidence, dispute, rejection, and payment, as well as insurance costs and pricing across countries. The evidence is consistent with the centrality of trust for insurance markets, as our model predicts.

中文翻译:

信托和保险合同

我们收集来自一家跨国保险公司的 28 个独立运营的国家子公司的房主保险索赔。我们提出了一种新的保险模型,其中消费者可以提出无效索赔,而公司可以拒绝有效索赔,这在数据中很常见。在该模型中,信任和诚实塑造了均衡的保险合同、纠纷和索赔支付,尤其是当纠纷对于法院来说太小时。我们通过调查索赔发生率、争议、拒绝和付款,以及各国的保险成本和定价来测试该模型。正如我们的模型所预测的那样,证据与保险市场的信任中心相一致。
更新日期:2021-09-20
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