Effectiveness of Using Credibility Modelling in the Insurance Industry - a Czech Case Study

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F46747885%3A24310%2F22%3A00010432" target="_blank" >RIV/46747885:24310/22:00010432 - isvavai.cz</a>
Result on the web
<a href="https://msed.vse.cz/msed_2022/sbornik/toc.html" target="_blank" >https://msed.vse.cz/msed_2022/sbornik/toc.html</a>
DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Effectiveness of Using Credibility Modelling in the Insurance Industry - a Czech Case Study
Original language description
Credibility theory is one of the actuarial approaches used to calculate premiums. This article aims to evaluate the effectiveness of using the theory of credibility to predict the development of premiums by comparing the results of calculating premium credibility based on actual data collected from Czech non-life insurance from 2006 to 2018 with the actual results for non-life insurance in the Czech Republic. The Czech insurance market is strongly influenced by natural risks, which in many cases have high losses. The data are taken from the Czech non-life insurance market concerning the number of the three Czech most risky areas and the number of extreme claims. Concerning the number of extreme claims, the results of this contribution can be a good guide for the Czech insurance industry in extreme claims during natural disasters. This paper evaluates how credibility theory methods are effective for insurance companies in estimating the development of premiums.
Czech name
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Czech description
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Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year
2022
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
The 16th International Days of Statistics and Economics – Conference Proceedings
ISBN
978-80-87990-29-2
ISSN
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e-ISSN
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Number of pages
10
Pages from-to
43-52
Publisher name
MELANDRIUM
Place of publication
Prague
Event location
Prague
Event date
Jan 1, 2022
Type of event by nationality
EUR - Evropská akce
UT code for WoS article
001235750900005

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