Lecture

Bonus Malus System: Transition Probabilities

Description

This lecture covers the Bonus Malus system used in Europe and Asia to determine annual automobile insurance premiums. It explains how policyholders' states change based on their claims history, leading to a Markov chain with transition probabilities. The lecture also delves into the calculation of transition probability matrices and graphical representations of Markov chains.

Official source

https://mediaspace.epfl.ch/media/0_eq4qbs62

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