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Price Discrimination in Property and Liability Insurance was first published in 1959. Minnesota Archive Editions uses digital technology to make long-unavailable books once again accessible, and are published unaltered from the original University of Minnesota Press editions.This booklet provides a detailed study of the factors which enter into price discrimination in property and liability insurance. The regulations which control these insurance prices rest with the state governments and vary, therefore, from one state to the next. After discussing the question of what constitutes price discrimination in this field, Professor Williams examines the regulatory statutes of various states and the administration of these statutes.This is number 19 in the series, University of Minnesota Studies in Economics and Business.
Insurance companies are in the business of discrimination. Insurers attempt to segregate insureds into separate risk pools based on their differences in risk profiles, first, so that they can charge different premiums to the different groups based on their risk and, second, to incentivize risk reduction by insureds. This is why we let insurers discriminate. There are, however, limits to the types of discrimination we will allow insurers to engage in. But what exactly are those limits and how are they justified? To answer these questions, this Article articulates the leading fairness and efficiency arguments for and against limiting insurers' ability to discriminate in their underwriting; identifies on this basis a set of predictions as to what one would expect state antidiscrimination laws to look like; and evaluates some of those predictions against a unique handcollected dataset consisting of the laws regulating insurer risk classification in all 51 U.S. jurisdictions. Among our findings is that contrary to the conventional wisdom state insurance anti-discrimination laws vary a great deal, in substance and in the intensity of regulation, across lines of insurance, across policyholder characteristics, and across states. The Article also finds that, contrary to our predictions, a surprising number of jurisdictions do not have any laws restricting insurers' ability to discriminate on the basis of race, national origin, or religion. It concludes by discussing whether this fact indicates that states have inadequately policed unfair discrimination in insurance or impacts the larger policy decision in this country to leave insurance anti-discrimination law to the states.