Personal non-life insurance decisions and the welfare loss from flat deductibles

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<title>Personal non-life insurance decisions and the welfare loss from flat deductibles</title>
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<namePart>Steffensen, Mogens</namePart>
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<namePart>Thogersen, Julie</namePart>
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<abstract displayLabel="Summary">We view the retail non-life insurance decision from the perspective of the insured. We formalize different consumption insurance problems depending on the flexibility of the insurance contract. For exponential utility and power utility we find the optimal flexible insurance decision or insurance contract. For exponential utility we also find the optimal position in standard contracts that are less flexible and therefore, for certain nonlinear pricing rules, lead to a welfare loss for the individual insuree compared to the optimal flexible insurance decision. For the exponential loss distribution, we quantify a signifcant welfare loss. This calls for product development in the retail insurance business.</abstract>
<note type="statement of responsibility">Mogens Steffensen, Julie Thogersen</note>
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<topic>Matemática del seguro</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080573935">
<topic>Seguros no vida</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080600358">
<topic>Comercio al por menor</topic>
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<topic>Bienes de consumo</topic>
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<title>Astin bulletin</title>
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<publisher>Belgium : ASTIN and AFIR Sections of the International Actuarial Association</publisher>
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<identifier type="issn">0515-0361</identifier>
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<text>01/01/2019 Volumen 49 Número 1 - enero 2019 , p. 85-116</text>
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