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The impact of the bonus-malus system on the insurance ratemaking in the system of compulsory insurance of the responsibility of transport owners in Russia

Author

Listed:
  • Tsyganov, Aleksander

    () (Financial University under the Government of the Russian Federation, Moscow, Russian Federation)

  • Baskakov, Valery

    () (International Actuarial Advisory Company, Moscow, Russian Federation)

  • Yazykov, Andrey

    () (Financial University under the Government of the Russian Federation, Moscow, Russian Federation)

  • Sheparnev, Nikolay

    () (International Actuarial Advisory Company, Moscow, Russian Federation)

  • Yanenko, Evgeny

    () (International Actuarial Advisory Company, Moscow, Russian Federation)

  • Grysenkova, Yulia

    () (Financial University under the Government of the Russian Federation, Moscow, Russian Federation)

Abstract

The existing system for calculating the bonus-malus coefficient was adopted 15 years ago and has not been tested for many years from the point of view of its mathematical influence on the ratemaking in the system of compulsory motor third party liability insurance. The study showed that the bonus-malus system in force in 2018 is not balanced. In the work, the factors influencing the calculation of the bonus-malus coefficient are investigated, three alternative models for calculating this coefficient are proposed and justified.

Suggested Citation

  • Tsyganov, Aleksander & Baskakov, Valery & Yazykov, Andrey & Sheparnev, Nikolay & Yanenko, Evgeny & Grysenkova, Yulia, 2019. "The impact of the bonus-malus system on the insurance ratemaking in the system of compulsory insurance of the responsibility of transport owners in Russia," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 56, pages 123-141.
  • Handle: RePEc:ris:apltrx:0384
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    More about this item

    Keywords

    Insurance; motor insurance; insurance rate; bonus-malus; actuarial calculations; generalized linear model;

    JEL classification:

    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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