Understanding Potential Influences of Racial Bias on P&C Insurance: Four Rating Factors Explored

Abstract

This paper examines four commonly used rating factors in personal lines insurance – credit-based insurance score, geographic location, home ownership, and motor vehicle record – to understand how the data underlying insurance pricing models may be impacted by racially biased policies and practices outside of the system of insurance.

Year
2022
Description
This paper examines four commonly used rating factors in personal lines insurance – credit-based insurance score, geographic location, home ownership, and motor vehicle record – to understand how the data underlying insurance pricing models may be impacted by racially biased policies and practices outside of the system of insurance.
Publications
Research Paper Series on Race and Insurance Pricing
Authors
Members of the 2021 CAS Race and Insurance Research Task Force
Formerly on syllabus
Off