Car Insurance.

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Re: Car Insurance.

Post by newkidontheblock » Fri Aug 31, 2018 11:46 am

bvanfossen wrote:That's interesting. I'd honestly be very interested in finding out how their rates are determined.
In the US there are actuarial tables that determine rates of accidents over a host of different variables. Then factor in insurance in different categories, such as number and age and races of ones to be insured.

Add a pinch of witch’s brew and viola, a rate is quoted.

In Cambodia, probably just the witch’s brew is needed for a rate quote.
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Re: Car Insurance.

Post by bvanfossen » Fri Aug 31, 2018 10:47 pm

khmerhamster wrote:
Thu Aug 30, 2018 12:49 pm
Yeah, true back home. But I wouldn’t expect insurers here use complex risk, pricing models.
I expect they’ll have a few categories of car, maybe cross plotted with value coupled with the age & nationality of the customer.

I have local health cover for my Khmer staff and it’s the same price for a 55 year old as it is for an 18 year old.
I was not thinking the other night but have been thinking about it a lot today . Health Insurance is a lot different than auto. Although I would think that there is still a lot in common determining their rates too. when it comes to a group health plan for a small company and its employees a lot of times there is a flat rate for each employee regardless of age.

I'm pretty sure, but have not actually looked, infinity Cambodia is the same as in the US. Either way for auto a few variables I have listed that determine rates as well as claim in specific areas, how much written risk in an area.

All of those must be in the equation for an Insurance company to be profitable.
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