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In the last decade or so, numerous papers have been devoted to empirical investigations based on contract theory. Many contributions use insurance data, and specifically files pro vided by firms. A typical paper would analyze the relationship between individual characteris tics, the contracts chosen and the corresponding “outcome,” as measured by claims.  The natural next step in this research agenda is to model empirically market equilibrium on insurance markets. Empirical models of com petitive insurance markets are important in many respects. First, such models are an indis pensable first step for the empirical analysis of existing markets. The discussion of optimal pricing strategies or the definition of new insur ance contract would greatly benefit from such models. From a policy perspective, the design of any regulation requires estimating its likely impact on the market allocation. For instance, while a ban on specific pricing options (based, say, on gender or age) is often advocated on ethi cal grounds, a precise assessment of its impact on insurance markets is needed before any deci sion is made; and an empirical model is required to provide such an assessment.

Modeling Competition and Market Equilibrium in Insurance: Empirical Issues