Underwriting strategy in a competitive insurance environment (Q1070729): Difference between revisions
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Property / author: Gregory Clive Taylor / rank | |||
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Property / full work available at URL: https://doi.org/10.1016/0167-6687(86)90009-0 / rank | |||
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Property / cites work: Q3286740 / rank | |||
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Property / cites work: An Extension of the Bierman-Hausman Model for Credit Granting / rank | |||
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Property / cites work: Q3214758 / rank | |||
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Latest revision as of 11:51, 17 June 2024
scientific article
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English | Underwriting strategy in a competitive insurance environment |
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Underwriting strategy in a competitive insurance environment (English)
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1986
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An insurance market is considered, and it is the aim of the paper to derive properties of optimal pricing strategies for a finite planning horizon. Here, a strategy is optimal if it maximizes the discounted total profit. Under certain assumptions, e.g. price elasticity, different features of optimal strategies are developed. E.g., it is not optimal to follow the market during a period of premium rate depression, and especially loss leaders are not involved in optimal strategies. The paper is followed by three discussion articles. In these, among other things, it is stressed that the problem considered belongs to the fields of control theory or dynamic programming and that a probabilistic setting is desirable.
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insurance market
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optimal pricing strategies
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finite planning horizon
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discounted total profit
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price elasticity
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premium rate
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loss leaders
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