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Actuarial Aspects of Motor Insurance

Published online by Cambridge University Press:  11 August 2014

P. D. Johnson
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Extract

In the United Kingdom the customary approach to non-life insurance has been to rely more on the practical experience and flair of the underwriter than on a statistical examination of the experience. In some branches of non-life insurance an office is able to make adequate adjustments to its rates on the basis of claim ratios (i.e. the amounts of claims divided by the premiums) for fairly broad groups. In the more competitive branches such as motor insurance the experience needs to be examined in much greater detail, not merely to satisfy the minimum requirement of guarding against selection of the better risks by other insurers, but more positively in order to find out the extent to which the risk varies with each of the existing rating factors and any possible alternatives. Also, because of the rapidity with which conditions are liable to change, the experience studied must be as up to date as possible if reasonably reliable estimates of the future are to be made.

Type
Research Article
Information
Journal of the Staple Inn Actuarial Society , Volume 18 , Issue 3 , August 1968 , pp. 185 - 206
Copyright
Copyright © Institute of Actuaries Students' Society 1968

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References

REFERENCES AND FURTHER READING

Beard, R. E. (1964)(1). Some thoughts on solvency of insurance companies. Algemeene Reinsurance Companies Quarterly Letter, Jubilee Number, 1, 79. Algemeene Herverzekering Maatschappij, N.V., Amsterdam.Google Scholar
Beard, R. E. (1964)(2). Some statistical problems arising from the transaction of motor insurance business. J.S.S. 17, 279.Google Scholar
Beard, R.E. (1966). Technical reserves in non-life insurance with particular reference to motor insurance. A paper discussed at the ASTIN Colloquium, Arnhem, 1966.Google Scholar
Benckert, L.-G. (1962). The lognormal model for the distribution of one claim. ASTIN Bulletin, II, 9.CrossRefGoogle Scholar
Delaporte, P. J. (1965). Tarification du risque individuel d'accidents d'automobiles par la prime modelée sur le risque. ASTIN Bulletin, III, 251.CrossRefGoogle Scholar
Masterson, N. E. (1962). Problems in motor insurance—claims reserves. ASTIN Bulletin, II, 152.CrossRefGoogle Scholar
Pentikainen, T. (1962). Reserves of motor vehicle insurance in Finland. ASTIN Bulletin, II, 161.CrossRefGoogle Scholar