Titlebook: Bonus-Malus Systems in Automobile Insurance; Jean Lemaire Book 1995 Springer Science+Business Media New York 1995 Distribution.deregulatio

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Construction of an Optimal System. Expected Value PrincipleIn Part 3, Bayesian analysis is applied to design optimal bonus-malus systems using the different models for claim number distributions presented in chapter 3. The decision problem is formulated in a game-theoretic framework. Several loss functions and premium calculation principles are applied to calculate optimal BMS.

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Other Loss Functions. Other Premium Calculation PrinciplesIn chapter 10, it was shown that a bonus-malus system based on the expected value principle obtains when a quadratic loss function is used. Although this type of loss function possesses important theoretical properties, more often than not the main reason for using it lies in the simplicity of computations.

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Penalization of OverchargesThe following approach is an adaptation to the determination of a BMS of a suggestion by Ferreira (1977) for the Control Authorities of the Commonwealth of Massachusetts. It is based on the use of utility functions, which enable us to break the symmetry between overcharges and undercharges.

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https://doi.org/10.1007/978-94-011-0631-3Distribution; deregulation; evaluation; insurance; rating

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978-94-010-4275-8Springer Science+Business Media New York 1995

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James Damon,Peter Giblin,Gareth Haslingervariables include age, sex, and occupation of the main driver, the town where he resides, and the type and use of his car. More exotic variables, such as the driver’s marital status and smoking behavior, or even the color of his car, have been introduced in some countries. Such variables are often c

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James Damon,Peter Giblin,Gareth Haslinger classification variables in the rating of automobile third-party liability policies. Only some characteristics of the car model (engine displacement or power, sporting nature) were used to differentiate premiums, along with a very moderate deductible for young drivers. Territory was used by only a

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