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All Journal Operations Research: International Conference Series International Journal of Global Operations Research
Bagariang, Elizabeth Irene
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Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Mathematics

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Journal : Operations Research: International Conference Series

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Calculation of Motor Vehicle Insurance Premiums Through Evaluation of Claim Frequency and Amount Data Bagariang, Elizabeth Irene; Raharjanti, Amalia
Operations Research: International Conference Series Vol. 5 No. 3 (2024): Operations Research International Conference Series (ORICS), September 2024
Publisher : Indonesian Operations Research Association (IORA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47194/orics.v5i3.330

Abstract

Insurance, as a risk control strategy by transferring the burden of risk from one party to another, consists of two main forms: life insurance, which covers financial losses from the risk of death of the policyholder, and general insurance, which involves the transfer of risk against property losses. Motor vehicle insurance has become a common product reflecting the high value and benefits of motor vehicles, which has resulted in an increase in vehicle ownership. Although the increase in the number of vehicles contributes to the increase in road accidents, many owners who suffer losses do not receive the compensation they deserve. In this context, the premium becomes a key factor, where the policyholder pays a certain amount of money to get protection. This research aims to apply risk premium calculation based on claim frequency and claim size data, as conducted by Ozgurel in 2005, especially for each vehicle category and region in XYZ insurance company. The main problem is to optimize the premium calculation to reflect the actual risk, providing a more accurate understanding of the influence of vehicle and regional characteristics in determining a fair and appropriate premium.
Calculation of Motor Vehicle Insurance Premiums Through Evaluation of Claim Frequency and Amount Data Bagariang, Elizabeth Irene; Raharjanti, Amalia
Operations Research: International Conference Series Vol. 4 No. 4 (2023): Operations Research International Conference Series (ORICS), December 2023
Publisher : Indonesian Operations Research Association (IORA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47194/orics.v4i4.270

Abstract

Insurance, as a risk control strategy by transferring the burden of risk from one party to another, consists of two main forms: life insurance, which covers financial losses from the risk of death of the policyholder, and general insurance, which involves the transfer of risk against property losses. Motor vehicle insurance has become a common product reflecting the high value and benefits of motor vehicles, which has resulted in an increase in vehicle ownership. Although the increase in the number of vehicles contributes to the increase in road accidents, many owners who suffer losses do not receive the compensation they deserve. In this context, the premium becomes a key factor, where the policyholder pays a certain amount of money to get protection. This research aims to apply risk premium calculation based on claim frequency and claim size data, as conducted by Ozgurel in 2005, especially for each vehicle category and region in XYZ insurance company. The main problem is to optimize the premium calculation to reflect the actual risk, providing a more accurate understanding of the influence of vehicle and regional characteristics in determining a fair and appropriate premium.
Co-Authors Nurul Gusriani, Nurul Raharjanti, Amalia Riaman