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An Insurance Pricing Game

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  • Joseph D. Haley

Abstract

Understanding data and statistical distributions is a fundamental part of an undergraduate business student's education. The insurance pricing game presented here gives the students a unique way to apply statistical analysis in the classroom. The game requires decision making about risk with limited information. Specifically, the students must decide what “premium” to charge the members of a hypothetical risk pool. The game provides teachers with a discussion platform for numerous aspects of insurer risk pooling.

Suggested Citation

  • Joseph D. Haley, 2012. "An Insurance Pricing Game," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 15(1), pages 117-128, March.
    • Handle: RePEc:bla:rmgtin:v:15:y:2012:i:1:p:117-128
    DOI: j.1540-6296.2011.01213.x
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    File URL: https://doi.org/10.1111/j.1540-6296.2011.01213.x
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    References listed on IDEAS

    as
    1. Robert E. Hoyt & Lawrence S. Powell & David W. Sommer, 2007. "Computing Value at Risk: A Simulation Assignment to Illustrate the Value of Enterprise Risk Management," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 10(2), pages 299-307, September.
    2. David T. Russell, 2000. "Two Classroom Simulations in Financial Risk Management and Insurance," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 3(1), pages 115-124, March.
    3. Etti G. Baranoff, 2001. "The Risk Balls Game: Transforming Risk and Insurance Into Tangible Concepts," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 4(2), pages 51-58, September.
    4. Yu Lei, 2011. "Minimizing the Cost of Risk With Simulation Optimization Technique," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 14(1), pages 121-144, March.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Kevin M. Gatzlaff, 2013. "Three Practical Assignments for the Introductory Risk Management and Insurance Student," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 16(2), pages 281-294, September.
    2. Kevin C. Ahlgrim & James R. Jones, 2014. "Insurance Rating Games: Strikes, Spares, and Bags," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 17(2), pages 297-313, September.

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    2. Kevin C. Ahlgrim & James R. Jones, 2014. "Insurance Rating Games: Strikes, Spares, and Bags," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 17(2), pages 297-313, September.
    3. Yu Lei, 2011. "Minimizing the Cost of Risk With Simulation Optimization Technique," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 14(1), pages 121-144, March.
    4. Kevin M. Gatzlaff, 2013. "Three Practical Assignments for the Introductory Risk Management and Insurance Student," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 16(2), pages 281-294, September.
    5. Madhu Acharyya & Chris Brady, 2014. "Designing an Enterprise Risk Management Curriculum for Business Studies: Insights From a Pilot Program," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 17(1), pages 113-136, March.

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