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Bonus-Malus Systems in Automobile Insurance

by Jean Lemaire

Bonus-Malus Systems in Automobile Insurance cover
  • ISBN: 9780792395454
  • ISBN10: 079239545X

Bonus-Malus Systems in Automobile Insurance

by Jean Lemaire

  • List Price: $259.00
  • Binding: Hardcover
  • Publisher: Kluwer Academic Print on Demand
  • Publish date: 04/01/1995
  • ISBN: 9780792395454
  • ISBN10: 079239545X
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Description: 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
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