Is the insurance industry competitive? Present your best arguments for BOTH sides (Yes and No) of...

Is the insurance industry competitive? Present your best arguments for BOTH sides (Yes and No) of this question.

Expert Solution

Against-

Insurance industry is not competitive simply due to the reason of product differentiation.Companies differ on the basis of their premiums and policies.

Thereare huge selling costs associated with this industry,which is again a feature of imperfect market.

For-

Insurance industry is competitive because-

There is no restriction on entry or exit.

The services of the firm's in the industry is homogeneous (Premiums do not vary much)

Large number of buyers and firms(sellers) in this market.

Rahul Sunny answered 2 years ago

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