Commercial Private Motor Business New rating model - effective December 1, 2007
In April this year, we introduced a new rating model on domestic monthly motor business and, having seen a positive outcome, we have decided to extend this “lifestyle rating mechanism” to our commercial private motor business.
As we are sure you will appreciate, in order to create a stable platform for future actuarial pricing, detailed information will be critical to its success. The following has been identified as crucial:
Registered owner of the vehicle
Principal driver
- Age
- Gender
- Marital status
- Number of claims in the past 12 months
Vehicle
- Colour
- Where and how the vehicle will normally be parked overnight
- Estimated annual kilometers travelled
We would like to encourage you to provide all of the detail that is requested. The more data we have on our system, the more accurate our risk profiles and rating will be in the future. Ultimately, our policyholders’ unique risk profiles will be used to calculate premiums so, the method of applying the same rating mechanism across the board will no longer apply.
If you have any questions related to your policies, please contact your local Broker Manager or Zurich office.
