P C Insurance Market Structure - 1297 Words

PC Insurance: Market Structure BU 419 Sunny Tagerh - 120776520 Gagan Tagerh - 110349610 Contents Executive Summary 1 Market Power 2 Buyers 2 Sellers 3 Entry and Exit in the Canadian PC Markets 4 Entry 4 Exit 5 Do Firms in the Industry Constantly Earn Abnormal Profits? 5 Underwriting Gains/Losses 5 Information Availability 6 Are Insurance Products Homogenous? 7 Works Cited 8 Executive Summary The insurance industry’s performance is highly correlated with the state of the economy and specifically GDP growth. From the data outlined in this report, it is evident that the insurance industry flourishes alongside the economy where factors such as output, unemployment, and other variables are growing as well. Since the 2008 crisis, the Canadian economy has recovered quite well. One of the key concerns going forward is the current exchange rate of the Canadian dollar. Going forward, as the economy goes into a boom it will be crucial for the insurance industry to reach its potential. The Canadian PC market is competitive based on a few variables. There is intense competition and as such no one competitor can have influence on the market. The product is homogenous are there are clearly defined commercial and personal lines and packages. The PC market is tightly regulated which helps to keep the market competitive and from being over saturated. In the short run, depending external factors, gains or losses can be unusual however, in the long run no one firm canShow MoreRelatedA Comparison of Health Systems Around the World Essay1582 Words   |  7 Pagesâ€Å"single-payer systems do not have built-in incentives to control costs. The great equalizer - market competition - is not present† (Litow, 2007, p. 18) and therefore, universal health care systems cannot be considered the benchmark – or ‘gold standard’ – by which the success of other systems are measured. 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