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Overview of Overview of Motorcycle Insurance

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Overview of Overview of Motorcycle Insurance Powered By Docstoc
					Overview of
Motorcycle
       y
Insurance

        Wasim Chowdhury
   Allstate Insurance Company
          March 22, 2011




                                0
       Antitrust Notice
   The Casualty Actuarial Society is committed to adhering
    strictly to the letter and spirit of the antitrust laws. Seminars
    conducted under the auspices of the CAS are designed
    solely to provide a f       f                       f
                          forum for the expression of various
    points of view on topics described in the programs or
    agendas for such meetings.

   Under no circumstances shall CAS seminars be used as a
    means for competing companies or firms to reach any
    understanding – expressed or implied – that restricts
    competition or in any way impairs the ability of members to
    exercise independent business judgment regarding matters
    affecting competition.

   It is the responsibility of all seminar participants to be aware
    of antitrust regulations, to prevent any written or verbal
    discussions that appear to violate these laws, and to adhere
            y    p                               p       p
    in every respect to the CAS antitrust compliance policy.  y

                                                                   1
      Agenda

   Motorcyle Types
   Market Information
   Coverages
   Rating Plans
   Collision Losses by Motorcycle Type
   Miscellaneous



                                          2
Motorcycle Types



            dual purpose



                           standard
 off road




              cruiser




 t i
 touring                    chopper



                                      3
Motorcycle Types




               supersport




unclad sport                sport touring




                 sport




                                            4
   Motorcycle Types

Scooters




                      5
         Market Information

   Writers of motorcycle insurance
       Progressive
       Geico
       Allstate
       State Farm




                                      6
       Market Information
          Model Years 2006-2010




                                  7
*Data from HLDI
           Coverages
                                      Model Years 2005-2009

  Coverage                      Frequency (per                             Severity                      Pure Premium
                                100 exposures)
      y j y
 Bodily Injury                              .25                            $20,842                           $52
  Property                                  .44                              $2,797                          $12
  Damage
   Medical                                 1 81
                                           1.81                              $2,414
                                                                             $2 414                          $44
  Collision                                3.25                              $5,905                         $192

Comprehensive                              1.16                              $5,959                          $69
   UM/UIM                                     -                                    -                          -




                                                                                                                    8
  *Data from HLDI Insurance Motorcycle Collision/Comprehensive/Liability/Medical Report, December 2009
           Coverages (Comprehensive)
    Most comprehensive payments are due to theft

MODEL YEARS                         Theft                      Other           Total
 2005-2009

Claim Frequency                      5.5                        6.1             11.6
(per 1000 vehicle
      years)
      Severity                    $8,451                      $3,685           $5,959


 Pure Premium                        $47                        $22             $69




                                                                                        9
    *Data from HLDI Insurance Motorcycle Comprehensive Report, December 2009
      Rating Plans

   Motorcycle Type
   Engine Size (cc’s)
   Age of Motorcycle
   Driver Classification
   Accidents/Violations
   Motorcycle Riding Experience



                                   10
       Relative Collision Claim Frequencies
       Model Years 2006-2010




             all‐motorcycle result = 3.2 claims per 100 insured vehicle years 




                                                                                 11
*Data from HLDI Insurance Motorcycle Collision Report, December 2010
       Relative Collision Claim Severities
       Model Years 2006-2010




                                                          all‐motorcycle result = $5,908 per claim 




                                                                                                      12
*Data from HLDI Insurance Motorcycle Collision Report, December 2010
       Relative Collision Overall Losses
       Model Years 2006-2010




                 all‐motorcycle result = $191 per insured vehicle year 




                                                                          13
*Data from HLDI Insurance Motorcycle Collision Report, December 2010
           Collision Exposure Distribution
E
x          Model Years 2006-2010
p
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D
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n                                               Rated Age Group

                                                                           14
    *Data from HLDI Insurance Motorcycle Collision Report, December 2010
           Collision Frequency Comparison
           Model Years 2006-2010




F
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                                                 Rated Age Group

                                                                           15
    *Data from HLDI Insurance Motorcycle Collision Report, December 2010
       Passenger Vehicle Collision Overall Losses




                                                    16
*Data from HLDI
      Miscellaneous

   Annual Statement Line
   Filing Status
   Seasonality/Short rating




                               17
      Questions?

   Contact Information
   Wasim Chowdhury
          wasim.chowdhury@allstate.com
    Email: wasim chowdhury@allstate com




                                          18

				
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