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Generalized Bonus-Malus Systems with a Frequency and a Severity Component on an Individual Basis in Automobile Insurance*

Published online by Cambridge University Press:  09 August 2013

Rahim Mahmoudvand  and
Hossein Hassani
Rahim Mahmoudvand
Affiliation:
Statistical Research and Training Center (SRTC), Tehran, Iran and Group of Statistics, Payame Noor University of Toyserkan, Toyserkan, Iran
Hossein Hassani
Affiliation:
Statistical Research and Training Center (SRTC), Tehran, Iran and Centre for Optimisation and Its Applications, School of Mathematics, Cardiff University, CF24 4AG, UK, E-mail: [email protected]
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Abstract

Frangos and Vrontos (2001) proposed an optimal bonus-malus systems with a frequency and a severity component on an individual basis in automobile insurance. In this paper, we introduce a generalized form of those obtained previously.

Keywords

Bonus-malus systemsfrequency componentseverity component
Type
Research Article
Information
ASTIN Bulletin: The Journal of the IAA , Volume 39 , Issue 1 , May 2009 , pp. 307 - 315
Copyright
Copyright © International Actuarial Association 2009

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Footnotes

*

This research was in part supported by a grant (No. 8716) from Statistical Research and Training Center, Iran.

References

Dionne, G. and Vanasse, C. (1989) A generalization of actuarial automobile insurance rating models: the negative binomial distribution with a regression component, Astin Bulletin 19, 199–212.CrossRefGoogle Scholar
Dionne, G. and Vanasse, C. (1992) Automobile insurance ratemaking in the presence of asymmetrical information, Journal of Applied Econometrics 7, 149–165.CrossRefGoogle Scholar
Frangos, N.E. and Vrontos, S.D. (2001) Design of optimal bonus-malus systems with a frequency and a severity component on an individual basis in automobile insurance, Astin Bulletin 33, 1–22.Google Scholar