Econometric Modeling of Insurance Frequency Trends: Which Model Should We Choose?

Topics:
Insurance
Tags:
Business Operations,
Recruitment & Selection,
Insurance,
Human Resources,
Frequency,
Financial Planning,
Finance,
Corporate Insurance,
Casualty Actuarial Society,
Workforce Management
Source:
Casualty Actuarial Society

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Overview: In policymaking and insurance rate setting process, understanding and managing claim frequency are crucial issues. Owing to the importance attached to the dynamics of claims frequency in insurance ratemaking and in implementing workplace safety measures, this paper intends to walk through the basic steps in the econometric modeling and forecasting of claims frequency. Data from the California Workers Compensation Institute (CWCD are used in this study. The conclusion is that the nonlinear models, (constant elasticity and the exponential or growth models) perform better than the linear model.

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Format: PDF | Size: 680KB | Date: Mar 2004 | Pages: 18

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