Titlebook: Automobile Insurance; Actuarial Models Jean Lemaire Book 1985 Springer Science+Business Media B.V. 1985 Mobile.efficiency.insurance.regress

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North AmericaBecause regulation plays a prominent role in almost all aspects of the insurance business in the United States, we will discuss this subject first.

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Statistical BasesThe entire portfolio of a Belgian company has been observed for a one-year period.

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Claim Frequency, Average Cost per Claim, and Pure PremiumThe tables in this chapter summarize the results obtained for the most important variables. For each value or group of values of the variable, we have computed (1) the claim frequency, (2) the average cost per claim, and (3) the pure premium, which results from (1) and (2).

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Criticism of the Belgian TariffWhen we compute the regression equation with number of claims .. as the dependent variable and the group of the three tariff variables (.., .., ..) as explanatory variables, we obtain the following results (table 7-1).

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Selection of the Significant VariablesWe have applied the three selection methods described in appendix II first using the present tariff variables, and then without any a priori variables. All the methods lead to the same optimal group of variables, described in table 8-1.

Constant

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Penalization of OverchargesThe following approach is an adaptation to the determination of a bonus-malus system based on a suggestion of Ferreira (1977) for the Control Authorities of the State of Massachusetts. It is based on the use of utility functions, which allows us to break the symmetry between overcharges and undercharges.

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Europevel), provided they obey guidelines imposed by the Ministère de l’Economie, des Finances et du Budget. The bonus-malus system is laid down, and it is specified that the computation of the basic premium shall use the following criteria: characteristics of the car, geographical area, use of the car, a