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Big data and risk classification – Understanding the actuarial and social issues

Publication date: 06-07-2022

Version: Current

Language available: Bilingual

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In this statement, the CIA says that the use of big data is appropriate in insurance ratemaking, and that access to such data creates improved insight about risk and its contributing factors. Access to more data means insurance ratemaking can be based on more appropriate factors, ultimately reducing risk and setting more refined insurance costs.

Learn more at http://www.cia-ica.ca/riskclassification

 

Categories: Statements

Types: Policy statements

Topics: Data science, Property and casualty insurance

Pages: 16

Format: PDF

Accession no.: 222103