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What is a Sports Car?

Published online by Cambridge University Press:  29 August 2014

Jean-François Ingenbleek  and
Jean Lemaire
Jean-François Ingenbleek*
Affiliation:
Université Libre de Bruxelles
Jean Lemaire*
Affiliation:
Wharton School, University of Pennsylvania
*
Université Libre de Bruxelles, Boulevard du Triomphe 50, C.P. 210, B-1050 Bruxelles, Belgique.
Wharton School, University of Pennsylvania, 3641 Locust Walk, Philadelphia, PA 19104, U.S.A.
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Abstract

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Principal component analysis is employed to construct a new formula defining ‘sports cars’, a classification variable commonly used by Belgian insurers in motor insurance. Five hundred and eighty-one different car models were used in the design of the formula. It is based solely on the cars' technical characteristics and hence does not rely on the subjective opinion of experts; the resulting classification is independent of units of measurement employed. Thus the definition is suitable for application world-wide.

Keywords

Principal component analysisestablishment of motor insurance tariffssports cars

Information

Type
Workshop
Information
ASTIN Bulletin: The Journal of the IAA , Volume 18 , Issue 2 , November 1988 , pp. 175 - 187
Copyright
Copyright © International Actuarial Association 1988

References

Sundt, B. (Two credibility regression approaches for the classification of passenger cars in a multiplicative tariff, ASTIN Bulletin, 17, 1987, 41–70).CrossRefGoogle Scholar
Campbell, M. (An integrated system for estimating the risk premium of individual car models in motor insurance, ASTIN Bulletin, 16, 1986, 165–183).CrossRefGoogle Scholar