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Pricing General Insurance in a Competitive Market

Burcã Ana-Maria () and Ghiorghe Batrinca
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Burcã Ana-Maria: PhD. Student, Academy of Economic Studies, Bucharest

Ovidius University Annals, Economic Sciences Series, 2012, vol. XII, issue 2, 1008-1011

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.

Keywords: risk premium; insurance pricing; pricing model; general insurance; competitive market (search for similar items in EconPapers)
JEL-codes: C13 G22 (search for similar items in EconPapers)
Date: 2012
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