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Bonus-malus Systems with Varying Deductibles

Author

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  • Pitrebois, Sandra
  • Walhin, Jean-François
  • Denuit, Michel

Abstract

Bonus-malus systems typically lead to high maluses when claims at fault are reported. Such penalties are often difficult to implement in practice. It is shown in this paper that this drawback may be avoided by combining a posteriori premium corrections with a deductible varying according to the level occupied in the scale.

Suggested Citation

  • Pitrebois, Sandra & Walhin, Jean-François & Denuit, Michel, 2005. "Bonus-malus Systems with Varying Deductibles," ASTIN Bulletin, Cambridge University Press, vol. 35(1), pages 261-274, May.
    • Handle: RePEc:cup:astinb:v:35:y:2005:i:01:p:261-274_01
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    Cited by:

    1. Azaare Jacob & Zhao Wu, 2020. "An Alternative Pricing System through Bayesian Estimates and Method of Moments in a Bonus-Malus Framework for the Ghanaian Auto Insurance Market," JRFM, MDPI, vol. 13(7), pages 1-15, July.
    2. Park, Sojung C. & Kim, Joseph H.T. & Ahn, Jae Youn, 2018. "Does hunger for bonuses drive the dependence between claim frequency and severity?," Insurance: Mathematics and Economics, Elsevier, vol. 83(C), pages 32-46.
    3. M Mercè Claramunt & Maite Mármol, 2021. "Is a Refundable Deductible Insurance an advantage for the insured? a mathematical approach," PLOS ONE, Public Library of Science, vol. 16(2), pages 1-22, February.
    4. Tzougas, George & Karlis, Dimitris & Frangos, Nicholas, 2017. "Confidence intervals of the premiums of optimal Bonus Malus Systems," LSE Research Online Documents on Economics 70926, London School of Economics and Political Science, LSE Library.
    5. Olena Ragulina, 2017. "Bonus--malus systems with different claim types and varying deductibles," Papers 1707.00917, arXiv.org.
    6. Kamil Gala & Wojciech Bijak, 2015. "Bonus-malus system with premium adjustment," Collegium of Economic Analysis Annals, Warsaw School of Economics, Collegium of Economic Analysis, issue 37, pages 99-126.
    7. Centeno, M.L. & Guerra, M., 2010. "The optimal reinsurance strategy -- the individual claim case," Insurance: Mathematics and Economics, Elsevier, vol. 46(3), pages 450-460, June.

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