The origins of formal collusion in Australian fire insurance 1870-1920

Keneley, Monica 2002, The origins of formal collusion in Australian fire insurance 1870-1920, Australian economic history review, vol. 42, no. 1, pp. 54-76.

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Title The origins of formal collusion in Australian fire insurance 1870-1920
Author(s) Keneley, Monica
Journal name Australian economic history review
Volume number 42
Issue number 1
Start page 54
End page 76
Publisher Blackwell Publishers Ltd
Place of publication Oxford, England
Publication date 2002-03
ISSN 0004-8992
1467-8446
Summary The market for insurance has become increasingly competitive in recent years. However, it has not always been so. At the end of the nineteenth century, it was characterized by a highly concentrated and tightly controlled oligopolistic market structure. As such, the history of the fire insurance industry provides an interesting case study in the development of collusive behaviour amongst firms. Up to 1897, pricing agreements among firms were generally short-lived, and were followed by periods of intense competition. After this point, an agreement was forged, which proved very resilient to market pressures and formed the basis of premium rate setting until the 1970s. This paper investigates the difference between this agreement and previous efforts to set premium rates, and points to some of the common features of the later compact, which explain its longevity.
Language eng
Field of Research 150203 Financial Institutions (incl Banking)
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ┬ęBlackwell Publishers Ltd and the Economic History Society of Australia and New Zealand, 2002
Persistent URL http://hdl.handle.net/10536/DRO/DU:30001671

Document type: Journal Article
Collection: School of Economics
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