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Bonus-malus Systems: Theory and Practice

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216275%3A25410%2F11%3A39892602" target="_blank" >RIV/00216275:25410/11:39892602 - isvavai.cz</a>

  • Result on the web

  • DOI - Digital Object Identifier

Alternative languages

  • Result language

    angličtina

  • Original language name

    Bonus-malus Systems: Theory and Practice

  • Original language description

    Bonus-malus system is an effective tool for managing risk in an emergency vehicle insurance. In this article we will focus on the possibilities of using Markov chains to derive the expected risk premium in the bonus-malus system. We consider a homogeneous, finite, indecomposable and aperiodic Markov chain, where there is a limit transition probability independent of the initial state. In a practical example in the end we will demonstrate the evolution of the expected risk premium in several consecutiveyears, depending on various options to the insertion of new policyholders in insurance classes and the associated threat of insolvency.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)

  • CEP classification

    BB - Applied statistics, operational research

  • OECD FORD branch

Result continuities

  • Project

    <a href="/en/project/GA402%2F09%2F1866" target="_blank" >GA402/09/1866: Modelling, Simulations and Management of Insurance Risks</a><br>

  • Continuities

    P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Others

  • Publication year

    2011

  • Confidentiality

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

Data specific for result type

  • Name of the periodical

    Studia ubezpieczeniowe: Zarzadzanie ryzykiem i finansami

  • ISSN

    1689-7374

  • e-ISSN

  • Volume of the periodical

    Neuveden

  • Issue of the periodical within the volume

    182

  • Country of publishing house

    PL - POLAND

  • Number of pages

    10

  • Pages from-to

    308-317

  • UT code for WoS article

  • EID of the result in the Scopus database