Quest for Optimal Bonus-Malus in Automobile Insurance in Developing Economies: An Actuarial Perspective
- Ade Ibiwoye
- I. A. Adeleke
- S. A. Aduloju
Abstract
This paper evaluates the bonus-malus system in practice in the Nigerian motor insurance industry. It would appear that the regulation is a bit fluid so that what actually looks like a bonus-malus system is more like a rule of thumb as operators do not honor the industry agreed tariff. This paper constructs an alternative bonus-malus scale that has reasonable penalties and that is yet commercially feasible. The model can easily be replicated for other developing economies.
- Full Text: PDF
- DOI:10.5539/ibr.v4n4p74
This work is licensed under a Creative Commons Attribution 4.0 License.
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