No-fault automobile insurance is a first-part coverage under which accident victims can recover up to certain limits for economic losses from their own insurers without regard to fault. On the other hand, a tort-liability compensation system is based on third-part coverage under which negligence...

This research explored two major insurance-market issues. First, it investigated the dynamic interactions between premiums and losses using vector autoregressive (VAR) models. Second, it showed how premiums respond to shocks to losses, surplus, interest rates, the variance in losses, and the...

This study provides an analysis of the economic impact of punitive damages on the economy of Texas. Consistent with our research results, prior studies also found that the size and frequency of the jury awards for punitive damages were increasing over time. However, they ignored the planning...