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- Title
A Probit Analysis of Best Ratings.
- Authors
Bouzouita, Raja; Young, Arthur J.
- Abstract
In 1991, the A.M. Best Company changed the schedules and procedures for assigning ratings to property-liability insurers. An explanation of this change is of interest to consumers, regulators, and management. This study uses ordered probit to test for a downshift in the average ratings. The results of the analysis show that there has been a movement toward lower ratings and that the return on surplus is more important with the new ratings. The results are robust with respect to alternative estimation procedures.
- Subjects
A.M. Best Co. Inc.; PROPERTY insurance; DISTRIBUTION (Probability theory); INSURANCE companies; LIABILITY insurance; PROGRESS reports
- Publication
Journal of Insurance Issues, 1998, Vol 21, Issue 1, p23
- ISSN
1531-6076
- Publication type
Article