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Do Credit-Based Insurance Scores Proxy for Income in Predicting Auto Claim Risk?

机译:在预测汽车索赔风险时,基于信用的保险会为收入打分吗?

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摘要

Auto insurers often use credit-based insurance scores in their underwriting and rating processes. The practice is controversial—many consumer groups oppose it, and most states regulate it, in part out of concern that insurance scores proxy for policyholder income in predicting claim risk. We offer new evidence on this issue in the context of auto insurance. Prior studies on the subject suffer from the limitation that they rely solely on aggregate measures of income, such as the median income in a policyholder\u27s census tract or zip code. We analyze a panel of households that purchased auto and home policies from a U.S. insurance company. Because we observe the households\u27 home policies as well as their auto policies, we are able to employ two measures of income: the median income in a household\u27s census tract, an aggregate measure, and the insured value of the household\u27s dwelling, a policyholder-level measure. Using these measures, we find that insurance score does not act as proxy for income in a standard actuarial model of auto claim risk.
机译:汽车保险公司通常在其承保和评级过程中使用基于信用的保险评分。这种做法是有争议的—许多消费者团体反对这一做法,大多数州对此进行了规定,部分原因是担心保险分数在预测索赔风险时会代表保单持有人的收入。在汽车保险的背景下,我们提供了有关此问题的新证据。先前对该主题的研究存在局限性,即它们仅依赖于总的收入衡量标准,例如保单持有人普查区或邮政编码中的中位数收入。我们分析了一组从美国保险公司购买了汽车和房屋保单的家庭。因为我们观察了家庭的房屋保单以及他们的汽车保单,所以我们可以采用两种收入度量:家庭普查区的中位数收入,总度量以及家庭的保险价值住宅,是保户级别的措施。使用这些度量,我们发现在汽车索赔风险的标准精算模型中,保险得分不能代替收入。

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