| Contents | 6 |
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| 1 Intermediaries in the Insurance Market | 8 |
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| 1.1 Introduction | 8 |
| 1.2 Incompletely Informed Consumers in Personal Insurance Markets | 10 |
| 1.3 Net Gains from Trade through Intermediated Exchange | 17 |
| 1.4 Insurance Market Microstructure | 22 |
| CI | 26 |
| 2 An Economic Explanation of Insurance Intermediation | 29 |
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| 2.1 The Basic Model of Information Intermediation | 29 |
| 2.2 A Search Theoretical Model of Insurance Intermediation | 54 |
| 2.3 Insurance Agents and Brokers in the Insurance Intermediation Model | 99 |
| 3 Competition between Insurance Intermediaries | 103 |
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| 3.1 Monopolistic Competition and Horizontal Product Differentiation | 103 |
| 3.2 Incomplete Information and Costly Search | 112 |
| 3.3 Asymmetric Information, Market Conduct and the Market Microstructure | 118 |
| 3.4 Summary | 155 |
| 4 The Market for Insurance Intermediation in Germany | 157 |
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| 4.1 Overview of the Empirical Literature | 157 |
| 4.2 Hypotheses, Data and Estimation Methods | 164 |
| 4.3 Empirical Results and Discussion | 190 |
| 5 Conclusions | 220 |
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| Appendix | 223 |
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| List of Figures | 227 |
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| List of Tables | 229 |
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| List of Used Symbols | 231 |
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| References | 240 |
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