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The Efficiency of a Bonus-Malus System

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  • De Pril, Nelson

Abstract

The concept efficiency of a bonus-mains system was defined, apparently in a totally different way, consecutively by Loimaranta (1972) and Lemaire (1975, 1976). In this paper we start with a more general model that leads us to a definition of efficiency that contains both earlier ones as special cases. Further we introduce the definition of efficiency over a finite planning horizon and consider the efficiency not only for a single risk but also for the entire risk group. As a consequence of our approach we can also generalize the concepts excess premium and central value as they were introduced by Loimaranta.

Suggested Citation

  • De Pril, Nelson, 1978. "The Efficiency of a Bonus-Malus System," ASTIN Bulletin, Cambridge University Press, vol. 10(1), pages 59-72, May.
    • Handle: RePEc:cup:astinb:v:10:y:1978:i:01:p:59-72_00
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    Cited by:

    1. Marcin Topolewski & Michał Bernardelli, 2015. "Optimisation of transition rules of bonus-malus system with Q-optimal premiums," Collegium of Economic Analysis Annals, Warsaw School of Economics, Collegium of Economic Analysis, issue 37, pages 229-252.
    2. Pablo J. Villacorta & Laura González-Vila Puchades & Jorge de Andrés-Sánchez, 2021. "Fuzzy Markovian Bonus-Malus Systems in Non-Life Insurance," Mathematics, MDPI, vol. 9(4), pages 1-23, February.

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