A Note on Economies of Scale in the United Kingdom Property-Liability Insurance Industry
研究了1981-82年英国60家非寿险公司的规模经济，发现存在规模经济效应，并提供了六项贡献，包括首次针对英国非寿险行业的研究。
This note studies economies of scale for 60 non-life insurers from the 1981-82 Insurance Directory and Year Book and finds evidence of economies for these insurers. The British non-life insurance industry is regulated by the 1982 Insurance Companies Act, which consolidated earlier legislation. The industry is quite highly concentrated with the five-firm concentration ratio in 1980 being 53 percent (based on net premiums written). This note's contributions are six-fold: (1) it is the first on the United Kingdom non-life insurance industry; (2) all regressions are for premiums and claims as single output measures; (3) Table 2 gives single output measures for six different types of insurance. (4) Table 3 shows joint outputs (claims and premiums) as they relate to costs; (5) Table I subdivides output data by type of insurance and size of insurer. (6) All regressions are supported by diagnostics for model mis-specification and heteroscedasticity. Section 2 of this note surveys some current research; Section 3 briefly discusses the theory and implications of estimating cost curves from data on property-liability insurers. Section 4 considers the data developed in this study, and Section 5 presents the conclusions.