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Books > Business & Economics > Finance & accounting > Finance > Insurance
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Bonus-Malus Systems in Automobile Insurance (Hardcover, 1995 ed.)
Loot Price: R4,408
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Bonus-Malus Systems in Automobile Insurance (Hardcover, 1995 ed.)
Series: Huebner International Series on Risk, Insurance and Economic Security, 19
Expected to ship within 10 - 15 working days
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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.
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