Bonus Malus Systems In Automobile Insurance
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Bonus Malus Systems In Automobile Insurance
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Author : Jean Lemaire
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Bonus Malus Systems In Automobile Insurance written by Jean Lemaire and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Most insurers around the world have introduced some form of merit-rating in automobile third party liability insurance. Such systems, penalizing at-fault accidents by premium surcharges and rewarding claim-free years by discounts, are called bonus-malus systems (BMS) in Europe and Asia. With the current deregulation trends that concern most insurance markets around the world, many companies will need to develop their own BMS. The main objective of the book is to provide them models to design BMS that meet their objectives. Part I of the book contains an overall presentation of the pros and cons of merit-rating, a case study and a review of the different probability distributions that can be used to model the number of claims in an automobile portfolio. In Part II, 30 systems from 22 different countries, are evaluated and ranked according to their `toughness' towards policyholders. Four tools are created to evaluate that toughness and provide a tentative classification of all systems. Then, factor analysis is used to aggregate and summarize the data, and provide a final ranking of all systems. Part III is an up-to-date review of all the probability models that have been proposed for the design of an optimal BMS. The application of these models would enable the reader to devise the system that is ideally suited to the behavior of the policyholders of his own insurance company. Finally, Part IV analyses an alternative to BMS; the introduction of a policy with a deductible.
A Bonus Malus System In Automobile Insurance
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Author : Walther Neuhaus
language : en
Publisher:
Release Date : 1987
A Bonus Malus System In Automobile Insurance written by Walther Neuhaus and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with categories.
Optimal Claiming In A Automobile Insurance System With Bonus Malus Structure
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Author : J. Kolderman
language : en
Publisher:
Release Date : 1984
Optimal Claiming In A Automobile Insurance System With Bonus Malus Structure written by J. Kolderman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with categories.
Automobile Insurance
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Author : Jean Lemaire
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-09
Automobile Insurance written by Jean Lemaire and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-09 with Business & Economics categories.
The mathematical theory of non-life insurance developed much later than the theory of life insurance. The problems that occur in the former field are far more intricate for several reasons: 1. In the field oflife insurance, the company usually has to pay a claim on the policy only once: the insured dies or the policy matures only once. It is with only a few particular types of policy (for instance, sickness insurance, when the insured starts working again after a period of sickness) that a valid claim can be made on a number of different occasions. On the other hand, the general rule in non-life insurance is that the policyholder is liable to be the victim of several losses (in automobile insurance, of course, but also in burglary and fire insurance, householders' comprehensive insurance, and so on). 2. In the field of life insurance, the amount to be paid by the company excluding any bonuses-is determined at the inception of the policy. For the various types of life insurance contracts, the sum payable on death or at maturity of the policy is known in advance. In the field of non-life insurance, the amount of a loss is a random variable: the cost of an automobile crash, the partial or totalloss of a building as a result of fire, the number and nature of injuries, and so forth.
Actuarial Modelling Of Claim Counts
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Author : Michel Denuit
language : en
Publisher: John Wiley & Sons
Release Date : 2007-07-27
Actuarial Modelling Of Claim Counts written by Michel Denuit and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-07-27 with Mathematics categories.
There are a wide range of variables for actuaries to consider when calculating a motorist’s insurance premium, such as age, gender and type of vehicle. Further to these factors, motorists’ rates are subject to experience rating systems, including credibility mechanisms and Bonus Malus systems (BMSs). Actuarial Modelling of Claim Counts presents a comprehensive treatment of the various experience rating systems and their relationships with risk classification. The authors summarize the most recent developments in the field, presenting ratemaking systems, whilst taking into account exogenous information. The text: Offers the first self-contained, practical approach to a priori and a posteriori ratemaking in motor insurance. Discusses the issues of claim frequency and claim severity, multi-event systems, and the combinations of deductibles and BMSs. Introduces recent developments in actuarial science and exploits the generalised linear model and generalised linear mixed model to achieve risk classification. Presents credibility mechanisms as refinements of commercial BMSs. Provides practical applications with real data sets processed with SAS software. Actuarial Modelling of Claim Counts is essential reading for students in actuarial science, as well as practicing and academic actuaries. It is also ideally suited for professionals involved in the insurance industry, applied mathematicians, quantitative economists, financial engineers and statisticians.
Bonus Malus Scales Using Exponential Loss Functions
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Author : Michel Denuit
language : en
Publisher:
Release Date : 2006
Bonus Malus Scales Using Exponential Loss Functions written by Michel Denuit and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper focuses on techniques for constructing Bonus-Malus systems in third party liability automobile insurance. Specifically, the article presents a practical method for constructing optimal Bonus-Malus scales with reasonable penalties that can be commercially implemented. For this purpose, the symmetry between the overcharges and the undercharges reflected in the usual quadratic loss function is broken through the introduction of parametric asymmetric loss functions of exponential type. The resulting system possesses the desirable financial stability property.
An Empirical Evaluation Of The Implementation Of The Bonus Malus System In The Tunisian Automobile Insurance Ratemaking
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Author : Olfa N. Ghali
language : en
Publisher:
Release Date : 2001
An Empirical Evaluation Of The Implementation Of The Bonus Malus System In The Tunisian Automobile Insurance Ratemaking written by Olfa N. Ghali and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Optimal Behaviour For Bonus Hunger In Motor Vehicle Bonus Malus Systems
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Author : Neville John Strohmenger
language : en
Publisher:
Release Date : 2004
Optimal Behaviour For Bonus Hunger In Motor Vehicle Bonus Malus Systems written by Neville John Strohmenger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Automobile insurance categories.
Integer Valued Autoregressive Processes With Dynamic Heterogeneity And Their Applications In Automobile Insurance
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Author : Ting Zhang
language : en
Publisher:
Release Date : 2009
Integer Valued Autoregressive Processes With Dynamic Heterogeneity And Their Applications In Automobile Insurance written by Ting Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Automobile insurance categories.
Bonus-malus systems in automobile insurance describe how the past claim frequencies determine the future insurance premiums. The potential risks of the policyholders vary due to differences in driving behavior, which leads to the unobserved heterogeneity in individual average claim counts. While the Poisson distribution has been used as a simple model for discrete count data, the negative binomial distribution is suggested for modeling the claim counts with unobserved heterogeneity by letting the mean parameter of the Poisson distribution follow a Gamma distribution. In this project, we introduce an integer-valued autoregressive process with dynamic heterogeneity to model the random fluctuations and correlations of the heterogeneity from year to year. Some properties of the model are studied, and a bonus-malus system is built and illustrated using the Gibb's Sampler algorithm. Finally, comparisons with other existing models are provided in terms of the extent to which they use the claim history.
Generalized Linear Models For Insurance Data
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Author : Piet de Jong
language : en
Publisher: Cambridge University Press
Release Date : 2008-02-28
Generalized Linear Models For Insurance Data written by Piet de Jong and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-02-28 with Business & Economics categories.
This is the only book actuaries need to understand generalized linear models (GLMs) for insurance applications. GLMs are used in the insurance industry to support critical decisions. Until now, no text has introduced GLMs in this context or addressed the problems specific to insurance data. Using insurance data sets, this practical, rigorous book treats GLMs, covers all standard exponential family distributions, extends the methodology to correlated data structures, and discusses recent developments which go beyond the GLM. The issues in the book are specific to insurance data, such as model selection in the presence of large data sets and the handling of varying exposure times. Exercises and data-based practicals help readers to consolidate their skills, with solutions and data sets given on the companion website. Although the book is package-independent, SAS code and output examples feature in an appendix and on the website. In addition, R code and output for all the examples are provided on the website.