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2 results

  • Bonus–Malus systems with Weibull distributed claim severities

  • Weihong Ni, Corina Constantinescu, Athanasios A. Pantelous
  • Journal:
    Annals of Actuarial Science / Volume 8 / Issue 2 / September 2014
    Published online by Cambridge University Press:
    19 May 2014, pp. 217-233

  • One of the pricing strategies for Bonus–Malus (BM) systems relies on the decomposition of the claims’ randomness into one part accounting for claims’ frequency and the other part for claims’ severity. By mixing an exponential with a Lévy distribution, we focus on modelling the claim severity component as a Weibull distribution. For a Negative Binomial number of claims, we employ the Bayesian approach to derive the BM premiums for Weibull severities. We then conclude by comparing our explicit formulas and numerical results with those for Pareto severities that were introduced by Frangos & Vrontos.

  • Construction of the New Belgian Motor Third Party Tariff Structure

  • Jean Lemaire
  • Journal:
    ASTIN Bulletin: The Journal of the IAA / Volume 18 / Issue 1 / April 1988
    Published online by Cambridge University Press:
    29 August 2014, pp. 99-112
    Print publication:
    April 1988
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  • The paper describes how a study group, appointed by the Belgian Professional Union of Insurance Companies, designed a new tariff structure in motor third party liability. Particular emphasis was given to the construction of a more efficient bonus–malus system.