International Experience of Environmental Pollution Liability Insurance

International Property-liability Insurance Consumption

During the 1980s and early 1990s, the world insurance market grew substantially. World insurance premiums in 1993 accounted for about 8 percent of world gross domestic product (GDP), compared to 4 percent in 1984. This article explains a substantial proportion of the variation in propertyliability insurance consumption across countries belonging to the Organization for Economic Cooperation and ...

Splitting the Baby: Apportioning Environmental Liability Among Triggered Insurance Policies

Environmental liability , imperfect information and multidimensional pollution control

A well known result in the economics of tort law is that in the case of a unilateral stochastic externality both a negligence rule and strict liability are in general able to achieve socially optimal precaution. It will be shown in this paper that this equivalence result does no longer hold if imperfect information and multidimensional pollution control activities are considered. It will turn o...

Liability and liability insurance for medical malpractice.

Physicians typically carry virtually complete malpractice insurance coverage. This contradicts standard theoretical predictions that under a negligence rule of liability there should be no demand for insurance, and insurance policies under moral hazard will contain co-payment provisions. It is argued that judicial 'errors' in defining negligence generate a demand for liability and legal defense...

Environmental Regulation, International Trade, and Transboundary Pollution

It has often been argued that opening up the economy to increased international trade can transform a less developed economy into a developed economy. There is growing concern, however, about the environmental consequences of increased international trade. Typically, different countries have different environmental regulations and it is argued that the developed countries have more stringent en...