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Bonus-Malus Systems in Vehicle Insurance

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F15%3A00082157" target="_blank" >RIV/00216224:14560/15:00082157 - isvavai.cz</a>

  • Result on the web

    <a href="http://dx.doi.org/10.1016/S2212-5671(15)00354-8" target="_blank" >http://dx.doi.org/10.1016/S2212-5671(15)00354-8</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.1016/S2212-5671(15)00354-8" target="_blank" >10.1016/S2212-5671(15)00354-8</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    Bonus-Malus Systems in Vehicle Insurance

  • Original language description

    Actuaries in insurance companies try to design a tariff structure that will fairly distribute the burden of claims among policyholders. Therefore they try to find the best model for an estimation of the insurance premium. The paper deals with an estimateof a priori annual claim frequency and application of bonus-malus system in the vehicle insurance. In this paper, analysis of the portfolio of vehicle insurance data using generalized linear model (GLM) is performed. Based on large real-world sample ofdata from 67 857 vehicles, the present study proposes a classification analysis approach addressing the selection of predictor variables. The models with different predictor variables are compared by the analysis of deviance. Based on this comparison, the model for the best estimate of annual claim frequency is chosen. Then the bonus-malus (BM) system is used for each class of drivers and Bayesian relative premium is calculated. Finally a fairer premium for different groups of drivers is

  • Czech name

  • Czech description

Classification

  • Type

    D - Article in proceedings

  • CEP classification

    AE - Management, administration and clerical work

  • OECD FORD branch

Result continuities

  • Project

  • Continuities

    I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Others

  • Publication year

    2015

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Article name in the collection

    Procedia Finance and Economics

  • ISBN

  • ISSN

    2212-5671

  • e-ISSN

  • Number of pages

    7

  • Pages from-to

    216-222

  • Publisher name

    Elsevier B.V.

  • Place of publication

    Amsterdam

  • Event location

    Prague - Czech Republic

  • Event date

    Jan 1, 2014

  • Type of event by nationality

    WRD - Celosvětová akce

  • UT code for WoS article

    000360103600032