[Abstract] This paper holds that China's insurance companies should adapt to the changes, strengthen the construction of auto insurance product development, auto finance and insurance services and auto insurance industry informatization, so as to promote the auto industry chain to become bigger and stronger.
[Keywords:] automobile insurance automobile industry chain
At present, China's automobile industry is at a development speed that attracts the world's attention: the production and sales of automobiles are increasing at a rate of 15% every year, which is 10 times the world average speed.
On the other hand, the development of downstream service industry, including insurance, will also strongly promote the automobile industry to a higher level in batches. Therefore, the rapid development of China's automobile industry needs the strong support of the insurance industry, and it also creates huge business opportunities for the insurance industry.
Original link: Companies began to apply three new automobile insurance clauses, called clauses A, B and C.. For clause C, the claim amount is considered in the BMS, so the existing optimal claim strategy model is not applicable to clause C. Based on Markov optimality principle, the existing model is extended, and the optimal claim strategy of policyholders under these automobile insurance clauses is discussed.
Keywords: automobile insurance; Optimal claim strategy; Markov decision processes; Reward and punishment system
Introduction to 0
In terms of auto insurance, insurance companies in most countries in the world adopt Bonus-Malus system (BMS), that is, the annual renewal premium is adjusted according to the insured's experience claim record. The reward and punishment system is also called NCD in China. In BMS, the insurer will give preferential treatment to the insured who did not make claims in the last insurance year, while the insurer will increase the renewal premium for the insured who made claims once or more in the last insurance year. Therefore, from the perspective of the insured, in the face of small losses, you can pay for the losses without reporting to the insurance company to avoid the increase of future premiums, so there is an optimal settlement strategy. From the insurer's point of view, the retention level reflects the severity of the reward and punishment system, and the average optimal retention is one of the important indicators to evaluate the severity of the reward and punishment system. See lemerre (1997).
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Research on the influence of BMS system on adverse selection of automobile insurance
The BMS system determines the premium according to the historical claim records of the insured. Under the condition of complete elasticity, it is not only a fair rate system, but also an important measure to reduce adverse selection. In the process of maximizing the expected utility of policyholders, this paper studies the optimal insurance purchase amount of policyholders, the critical conditions for insurance to become inferior products and the critical conditions for low elasticity insurance to become Ji Fen products, and uses the research results to test the influence of China's new BMS on adverse selection in 2007. The results show that the low elasticity BMS system not only reduces the insurance demand of good drivers, but also increases the adverse selection.
Keywords: automobile insurance; BMS system; Elasticity; Gifenpin inverse selection
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