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Pricing General Insurance in a Competitive Market

Author

Listed:
  • Burcã Ana-Maria

    (PhD. Student, Academy of Economic Studies, Bucharest)

  • Bãtrînca Ghiorghe

    (Maritime University, Faculty of Navigation and Maritime Transport, Constanta)

Abstract

In insurance industry, the lack of a proper pricing policy will generate suboptimal results. The price has to be competitive and actuarially adequate in order to reflect the dimension of risk. In a competitive market, the pricing policy of insurance companies acquires the capacities of a dynamic process. In this pricing war, the insurance company must analyze each component of pricing. Insurance companies use various statistical methods to set prices, taking in consideration the interaction between premium and risk. In this paper, we try to illustrate the method of historical claims and sums insured, used by actuaries in general insurance.

Suggested Citation

  • Burcã Ana-Maria & Bãtrînca Ghiorghe, 2012. "Pricing General Insurance in a Competitive Market," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 1008-1011, Decembre.
    • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:2:p:1008-1011
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    More about this item

    Keywords

    risk premium; insurance pricing; pricing model; general insurance; competitive market;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General

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