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The impact of adjuster moral hazard on driving records

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Author
Kleffner, Anne
Kelly, Mary
Isotuba, Sapna
Accessioned
2011-08-16T17:18:15Z
Available
2011-08-16T17:18:15Z
Issued
2009
Other
Insurance claims adjusting
Moral hazard
Subject
Automobile insurance
Stochastic models
Type
journal article
Metadata
Show full item record

Abstract
In a first-party recovery scheme for automobile property damage, the first-party insurer compensates not-at-fault vehicular damage. In this scheme, adjusters may not have the incentive to assign liability when the driver is, in fact, at fault for the accident. This is due to adjusters not having to coordinate with a third-party adjuster, and, for insureds that carry collision coverage, the assignment of fault does not appreciably affect the compensation paid out. This in turn reduces the effectiveness of the experience-rating component of the insurance premium. Empirical evidence that supports the presence of incorrect fault assignment is provided. A stochastic model of experience rating analyzing the impact of incorrect fault assignment on driving record classes confirms that low-risk insureds pay more for insurance than if fault was correctly assigned.
Refereed
Yes
© Society of Actuaries, Schaumburg, Illinois. Posted with permission granted August 5, 2011.
 
Citation
Mary Kelly, Sapna Isotuba and Anne Kleffner "The impact of adjuster moral hazard on driving records: North American Actuarial Journal 13: 425-437: 2009
Corporate
University of Calgary
Faculty
Haskayne School of Business
Url
http://www.soa.org/news-and-publications/publications/journals/naaj/naaj-detail.aspx
Publisher
Society of Actuaries
Doi
http://dx.doi.org/10.11575/PRISM/34123
Uri
http://hdl.handle.net/1880/48707
Collections
  • Haskayne School of Business Research & Publications

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