Guest Speaker:
Professor
Jean Lemaire
Harry J. Loman Professor of Insurance and Risk Management; Professor of Insurance and Actuarial Science
The Wharton School, University of Pennsylvania
Date & Venue:
Date: 28 May 2008, Wednesday
Time: 2.00pm - 3.30pm
Venue: Seminar Room 3.4, Level 3
Lee Kong Chian School of Business, Singapore Management University
50 Stamford Road, Singapore 178899
( Location Map )
Topic:
Is the Design of Bonus-Malus Systems Influenced by Insurance Maturity or National Culture?
Abstract:
Most Asian countries have now adopted a bonus-malus system in automobile third-party liability insurance. In this seminar, the speaker will analyze the systems in force in 16 Asian countries, evaluate their toughness towards consumers using a technique developed by Lemaire and Zi (1994), and correlate the measure of toughness with several variables measuring cultural and economic development, such as GDP per capita, non-life insurance penetration and density, number of cars, number of actuaries, market concentration, presence of foreign insurers, political risk, uncertainty avoidance, and legal system.
A regression model is used to explain the toughness of bonus-malus systems, as measured by the coefficient of variation of the insured's premium, once stationarity has been reached. The model is used to test a conjecture that, as insurance markets become more mature and policyholders become more sophisticated, countries adopt tougher bonus-malus systems.
Registration:
Seats are limited and on first come first served basis.
Click here to register.
Registration closes on Friday, May 23, 2008.
Light refreshment will be provided after the seminar.
Enquiries:
Ms. Dione Ng
Email: dioneng@smu.edu.sg , Tel: 6828-0803
Ms. Lim Lih Yeng
Email: lylim@smu.edu.sg , Tel: 6828-0197
Ms. Rozana Bte Osman
Email: rozanaosman@smu.edu.sg , Tel: 6828-0802
