wu2024.3.1

Data dodania: 15 grudnia 2024

Introduction to the Law and Economics of insurance

Bartosz Kucharski

DOI: https://doi.org/10.33995/wu2024.3.1

Abstract

The article describes major issues discussed by the Law and Economics of Insurance. It starts by identifying the differences between the economic and legal notions of insurance. According to the author, reconciliation is possible by defining the insurer’s obligation as ‘bearing the risk’. Secondly, the article explores information asymmetries favouring policyholders, such as adverse selection and moral hazard. Thirdly, it addresses asymmetries favouring insurers, the largest and most well-qualified players in the insurance market. The author tries to explain how European legal systems attempt to manage both types of information asymmetries. The final section of the article attempts to find out which actors within the legal framework of insurance–courts, legislators, or legal doctrine–are best equipped to find the balance between these information asymmetries and the conflicting interests of insurance market participants. The author does not offer a simple conclusion, instead emphasising that all these actors play an important role in the growth of modern and efficient insurance law.

Keywords

Law & Economics, insurance, insurance contract, adverse selection, moral hazard, Information asymmetries.

Full article

PDF

 

Bibliography

Atmeh S.M., Regulation not Prohibition: The Comparative Case Against the Insurable Interest Doctrine, ‘Northwestern Journal of International Law & Business’, 2011 vol. 31, issue 1.

Birds J., Birds’ Modern Insurance Law, London 2016.

Boardman M., Contra Proferentem: The Allure of Ambiguous Boilerplate, ‘Michigan Law Review’, 2005 vol. 104.

Borselli A., Unfair Terms in Insurance Contracts, ‘European Insurance Law Review’, 2011 no. 2.

Bravo J.M., IDD and Distribution Risk Management, in: Insurance Distribution Directive, A Legal Analysis, eds. P. Marano, K. Noussia, Springer 2021, pp. 349–369.

Campbell N., The nature of an insurer’s obligation, ‘Lloyd’s Maritime and Commercial Law Quarterly’, 2000, pp. 42–75.

Cooter R.T., Ulen T., Ekonomiczna analiza prawa, eds. J. Bełdowski, K. Metelska-Szaniawska, Warszawa 2011.

Dąbrowska-Kardas M., Kardas P., in: Kodeks karny. Część szczególna. Tom III. Komentarz do art. 278– 363 k.k., wyd. V, eds. W. Wróbel, A. Zoll, Warszawa 2022.

Devlin A., Fundamental Principles of Law and Economics, London and New York 2015.

Dwyer F.A., Insurance Law Reform by Degrees: Late Payment and Insurable Interest, ‘Modern Law Review’, vol. 80, no. 4, May 2017, pp. 489–509.

Faruggia A., The Reform of the Doctrine of Utmost Good Faith: A Reconnaissance of the Development and Outcome with Particular Reference to the UK, ‘Governance and Regulations’ Contemporary Issues’, July 2018.

Hasson A., The Doctrine of Uberrimae Fides in Insurance Law: A Critical Evaluation, ‘Modern Law Review’ vol. 32(6), January 2011.

Hodgin R.W., Problems in Defining Insurance Contracts, ‘Lloyd’s Maritime and Commercial Law Quarterly’, 1980.

Krajewski M., Świadczenie ubezpieczyciela w umowie ubezpieczenia, ‘Przegląd Sądowy’, 2011 vol. 11–12, pp. 7–26.

Kucharski B., Odpowiedzialność ubezpieczyciela za niewykonanie umowy ubezpieczenia, in: Ubezpieczenia gospodarcze. Wybrane zagadnienia prawne, ed. B. Gnela, Warszawa 2011.

Kucharski B., Świadczenie ubezpieczyciela w umowie ubezpieczenia mienia, Warszawa–Łódź 2019.

Le Contrat d’Assurance (Traite de droit des Assurances,Tome 3), ed. J. Bigot, Paris 2002.

Łazowski J., Wstęp do nauki o ubezpieczeniach, ed. W.W. Mogilski, Sopot, no date.

Łopuski J., Doktryna najwyższej dobrej wiary w anglosaskim prawie ubezpieczeniowym, jej pochodzenie, znaczenie i krytyka, in: Szkice o ubezpieczeniach, ed. M. Kuchlewska, Poznań 2006.

Malinowska K., Insurance transparency and protection regime under Insurance Distribution Directive, ‘Wiadomości Ubezpieczeniowe’, 2016 no. 4, p. 89–102.

Orlicki M., Umowa ubezpieczenia, Warszawa 2002.

Orlicki M., Uwagi o nowelizacji przepisów dotyczących umowy ubezpieczenia na tle nowych przepisów niemieckich, ‘Prawo Asekuracyjne’, 2008 no. 1(54).

Principles of European Insurance Contract Law, eds. J. Basedow, J. Birds, M. Clarke, H. Cousy, H. Heiss, L. Loacker, Munich 2009.

Schäfer H.B., Ott C., Bełdowski J., Ekonomiczna analiza prawa cywilnego. Tom 1. Zagadnienia ogólne i prawo umów, Warszawa 2024.

Schimikowski P., Versicherungsvertragsrecht, C.H. Beck, Munchen 2017.

Schwartz D., Siegelman P., Law and Economics of Insurance, in: The Oxford Handbook of Law and Economics. Volume II, Private and Commercial Law, ed. F. Parisi, Oxford 2017.

Stelmach J., Brożek B., Załuski W., Dziesięć wykładów o ekonomii prawa, Warszawa 2007.

Stelmach J., Spór o ekonomiczną analizę prawa, in: Ekonomiczna analiza prawa w zastosowaniach prawniczych, ed. J. Stelmach, M. Soniecka, Warszawa 2007.

Tennyson S., Efficiency Consequences of Rate Regulation in Insurance Markets, Networks Financial Institute Policy Brief No. 2007-PB-03, 2007, p. 1–26. https://papers.ssrn.com/sol3/papers. cfm?abstract_id=985578

The impact of insurance fraud, Insurance Europe, Brussels 2013. https://insuranceeurope.eu/ publications/492/the-impact-of-insurance-fraud/

Tokarczuk R.A., Sprawiedliwość jako naczelna wartość prawa, ‘Annales Universitatis Mariae CurieSkłodowska Lublin-Polonia, section G’, 1997 vol. XLIV.

Van Boom W.H., Insurance Law & Economics: An Empirical Perspective, in: Essays in the law and economics of regulation: in honour of Anthony Ogus, eds. M. Faure, F. Stephen, Intersentia, Antwerp–Oxford–Portland 2008, pp. 253–276.

Vandt M., Versicherungsvertragsrecht, München 2016.

Ziemiak M.P., Postanowienia niedozwolone na tle umów ubezpieczenia. Studium cywilnoprawne, TNOiK, Toruń 2017.