Modeling Premium Growth in the Malaysian Motor Insurance Industry

Lee Tak Chen, Hendon Redzuan, Rasidah Mohd Said, Arawati Agus

Abstract


The motor insurance industry came into the limelight since the enforcement of mandatory motor insurance coverage in 1959 This paper uses a modeling technique to ascertain the various components and parameters that affect the
change in premiums receIved by the entire industry, or a segment of it. Once these components & parameters are identified, the actual growth of new premiums can be derived by extrapolating the components and parameters in
one or more expressions (or commonly referred to as a formula). These expressions could be useful in forecasting the future market dynamics of the motor Insurance Industry.

ABSTRAK
Industri insurans motor telah menjadi perhatian ramai sejak insurans motor diwajibkan kepada pengguna-pengguna jalan raya dalam tahun 1959 Kertas kerja ini merupakan kajian menggunakan teknik pemodelan untuk menentukan
komponen dan parameter yang memberi kesan ke atas perubahan jumlah premium yang diterima oleh keseluruhan industri insurans motor atau sesuatu segmen darinya. Setelah komponen dan parameter ini dikenalpasti,
pertumbuhan premium baru yang sebenar boleh didapati dengan mengekstrapolasi komponen & parameter ke dalam ungkapan (juga dirujuk sebagal formula). Ungkapan ini amat berguna bagi meramalkan pasaran dinamik bagl industri ini di masa depan.

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