Mandatory Unisex Policies and Annuity Pricing: Quasi-Experimental Evidence from Germany

Gaudecker, Hans-Martin von ; Weber, Carsten

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URN: urn:nbn:de:bsz:180-madoc-15787
Document Type: Working paper
Year of publication: 2006
The title of a journal, publication series: MEA Discussion Papers
Volume: 108
Place of publication: Mannheim
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Veröffentlichungen des MEA (Mannheim Research Institute For the Economics of Aging) > MEA Discussion Papers
Subject: 300 Social sciences, sociology, anthropology
Subject headings (SWD): Versicherungsprämie , Versicherungstechnik , Geschlecht , Frauenpolitik , Diskriminierung , Deutschland
Abstract: We analyse the effect of abolishing gender-based categorisation of risks on the pricing of annuity contracts. Under the absence of screening activities, we find clear evidence of insurers expecting strong adverse selection effects. In particular, most of the unisex contracts’ payouts closely resemble those from women’s policies before the reform. Hence the policy target is not met and there are large efficiency losses for men. We conclude that there seems to be little hope for unisex policies to meet their equity objectives if consumers can react on the extensive margin, unless subsidies are extremely large.
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