Strategic Opportunities in the Property and Liability Insurance Industry: Relationship Among Strategy, Regulation and Performance |
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2SLS adjustment amount analysis appear argues AUTO Bureau capital cient Coeffi Coefficient competitive concentration concept considered consistent consumers cost cost efficiencies defined determined different strategies dummy economies effects efficient efforts employed environment equation estimates evidence exclusive agency expected explained firm's firms fleet full-line hand higher hypothesis identify important increase incurred independent agency system individual insurance companies interest investment gain investment income less liability insurance industry limited lines loss lower market share marketing system measure Mutual Insurance negative operating scale output performance results performance variables period positive premiums present paper price level property and liability rate regulation rating laws ratio reduce regional regulatory relationship relative representing requirement risk scope of business selling expenses significant simultaneous strategic groups structure T-Ratio Table tion total expenses underwriting profit unit