The Economics and Politics of Automobile Insurance Rate Classification

1993 ◽  
Vol 60 (1) ◽  
pp. 59 ◽  
Author(s):  
Scott E. Harrington ◽  
Helen I. Doerpinghaus
Keyword(s):  
Automobile Insurance ◽  
Insurance Rate ◽  
Economics And Politics

scholarly journals Have the Politics of Rate Regulation Produced a Better No-Fault Regime for Ontario ?

2005 ◽  
Vol 39 (2-3) ◽  
pp. 473-489
Author(s):  
Bruce Feldthusen
Keyword(s):  
Insurance Industry ◽  
Automobile Insurance ◽  
Injury Rates ◽  
Rate Regulation ◽  
Catastrophic Injury ◽  
Accident Compensation ◽  
Insurance Rate ◽  
The Government ◽  
The Cost

Ontario has changed its no-fault legislation substantially three times in the past decade. These changes have reflected the interest group lobbying of the insurance industry and the practising bar. However, the main and explicit motivation, especially for the latest revision, has been the government's desire to regulate rates. With the Automobile Insurance Rate Stability Act the government appears to have struck a very successful compromise. The lawyers have been allowed an increased, albeit limited, right to sue in tort. The insurers have achieved more certainty, with stricter time and monetary limits on benefits for non-catastrophic injury. Rates have been reduced in part through lower benefit levels, but primarily by throwing the cost of automobile accidents on to other collateral sources. There is, therefore, some subsidization of driving inherent in the legislation. There are also compensation gaps, especially in long term health care, that affect mainly the most vulnerable members of society. Both these shortcomings could and should be easily corrected. So far, it would appear that the politics of rate regulation have generated an improved no-fault automobile accident compensation scheme for Ontario.

scholarly journals On automobile insurance ratemaking

1968 ◽  
Vol 5 (1) ◽  
pp. 41-48 ◽  
Author(s):  
Jan Jung
Keyword(s):  
General Model ◽  
Degrees Of Freedom ◽  
Random Variables ◽  
Automobile Insurance ◽  
Insurance Plan ◽  
Canadian Data ◽  
Relative Loss ◽  
Different Types ◽  
Insurance Rate ◽  
Expected Values

Suppose that an automobile insurance plan is characterized by a double classification. The risks are thus divided into classes, i = 1, 2, …, p (e.g. defined by use of car and age of operator), and groups j = 1, 2, …, q (e.g. defined by licence and by accidents during the last three years). The experience of the company is described by the observed “relative loss ratios” rij and some measure of exposure nij. A general model, often used, is that the rij: s are observations of random variables with the expected values gij = g(αi, βj), where the relativities αi are parameters representing the classes i and the relativities βj represent the influence of the groups j. One of the ratemaker's problems is to find a realistic function g(α, β) and to obtain estimates ai of αi and bj of βj.In their paper “Two Studies in Automobile Insurance Rate-making” (ASTIN Bulletin Vol. I, Part IV, page 192-217) Robert Bailey and LeRoy Simon have thoroughly analyzed this problem for private passenger automobiles in Canada. They have principally studied three different types of the function g(α β), namely g(α β) = αβ (Method 2), g(α β) = α + β (Method 3) and g(α β) = 3αβ— 2 (Method 4). The authors show in an appendix, that the variance of rij is approximately g(αi βj)/Knij where K ≅ 0.005 for the Canadian data. They estimate the relativities αi and βj; by making χ2 = K. Σnij(rij — gij)2/gij a minimum. For the Canadian material, the “method 4” agrees best with the observations. This method gives an observed χ2 value of about 8 for 11 degrees of freedom.

Identifying Key Fraud Indicators in the Automobile Insurance Industry Using SQL Server Analysis Services

2019 ◽  
Vol 64 (2) ◽  
pp. 53-71
Author(s):  
Botond Benedek ◽  
Ede László
Keyword(s):  
Neural Network ◽  
Decision Tree ◽  
Naive Bayes ◽  
Insurance Industry ◽  
Naïve Bayes ◽  
Sql Server ◽  
Categorical Variables ◽  
Automobile Insurance ◽  
Price Determination ◽  
Mining Tool

Abstract Customer segmentation represents a true challenge in the automobile insurance industry, as datasets are large, multidimensional, unbalanced and it also requires a unique price determination based on the risk profile of the customer. Furthermore, the price determination of an insurance policy or the validity of the compensation claim, in most cases must be an instant decision. Therefore, the purpose of this research is to identify an easily usable data mining tool that is capable to identify key automobile insurance fraud indicators, facilitating the segmentation. In addition, the methods used by the tool, should be based primarily on numerical and categorical variables, as there is no well-functioning text mining tool for Central Eastern European languages. Hence, we decided on the SQL Server Analysis Services (SSAS) tool and to compare the performance of the decision tree, neural network and Naïve Bayes methods. The results suggest that decision tree and neural network are more suitable than Naïve Bayes, however the best conclusion can be drawn if we use the decision tree and neural network together.

K.H. Abdul Halim dan Gagasan Pendidikan Ekonomi Berbasis Pesantren

2018 ◽  
Vol 15 (1) ◽  
pp. 177
Author(s):  
Asep Saefullah
Keyword(s):  
Educational Institutions ◽  
Religious Organization ◽  
Education Economics ◽  
West Java ◽  
Political Activist ◽  
National Hero ◽  
Younger Generation ◽  
The Republic ◽  
The Government ◽  
Economics And Politics

This paper discusses the biography of K.H. Abdul Halim, a cleric, educator, political activist, a national hero, who was born in Jatiwangi, Majalengka, West Java on June 26, 1887 and died on May 7, 1962, in a peaceful and quiet place, Santi Asromo, Majalengka. The title of the National Hero from the Government of Indonesia was granted on the basis of his important roles in education, economics and politics. Among his legacy are the religious educational institutions, namely Santi Asromo Pesantren, the religious organization of the Islamic Ummah Union (PUI), and several books such as the Kitab Petunjuk bagi Sekalian Manusia (Manual for Man), Ekonomi dan Koperasi dalam Islam (Economics and Cooperative in Islam), dan Ketetapan Pengajaran di Sekolah Ibtidaiyah Persyarikatan Ulama (The Teaching Decrees at Ibtidaiyah Persyarikatan Ulama School). His biography is a manifestation of appreciation for his services and works, his struggle and his devotion to science and people, as well as his role and contribution in building the nation of Indonesia with noble character and dignity. Another milestone of his is the value of the struggle and at the same time his Islamic scholarship can be an example for the younger generation in particular and for anyone who aspires to build a nation of Indonesia which is based on the Belief in One God, fair and civilized, united in the context of the Republic of Indonesia (NKRI). Keywords: Kiai, Education, Pesantren, Majalengka, West Java Tulisan ini mengangkat biografi K.H. Abdul Halim dan gagasannya tentang pendidikan ekonomi di pesantren. Ia memiliki nama kecil Otong Syatori, dikenal sebagai ulama pejuang, pendidik, dan aktivis politik. Ia dilahirkan di Desa Ciborelang, Kecamatan Jatiwangi, Majalengka, Jawa Barat, pada 26 Juni 1887, dan wafat dalam usia 75 tahun pada 7 Mei 1962, di Santi Asromo, Majalengka. Ia mendapat gelar Pahlawan Nasional dari Pemerintah RI tahun 2008. Perjuangannya meliputi pendidikan, ekonomi, dan politik. Adapun metode yang digunakan dalam tulisan ini adalah deskriptif-analitis dengan perspektif historis. Adapun fokusnya, selain biog¬rafi singkat K.H. Abdul Halim, juga tentang konsep pendidikan eko¬no¬mi berbasis pesantren. Dari hasil pembahasan ditemukan bahwa ia telah melakukan pembaharuan di bidang pendidikan agama dan sekaligus memberikan keterampilan kewirausahaan bagi santri dan lulusannya. Awalnya gagasan tersebut berasal dari konsep pembaharuannya yang disebut Iṣlāḥ as-Ṡamāniyyah, yaitu: perbaikan akidah, ibadah, pendidikan, keluarga, kebiasaan (adat), masyarakat, ekonomi, dan hubungan umat dan tolong-menolong. Di bidang pendidikan, ia memadukan sistem pesantren dengan sistem sekolah, ilmu-ilmu agama dengan ilmu-ilmu umum, serta memberkali para santrinya dengan berbagai keterampilan tangan dan keahlian teknik. Di bidang ekonomi, disebutnya dengan Iṣlāḥ al-Iqtiṣād, untuk menanggulangi ketimpangan ekonomi di masyarakat, yaitu dengan menanamkan kesadaran kepada kaum muslimin agar berusaha memperbai¬ki dan meningkatkan kehidupan ekonominya dan berjuang secara bersama-sama melalui wadah koperasi. Kata kunci: Abdul Halim, Santi Asromo, pendidikan ekonomi, Iṣlāḥ as-Ṡamāniyyah, Iṣlāḥ al-Iqtiṣād

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