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UBI and the law of large number.

January 22, 2023

Be thoughtful and original with your post, and to relate it to our class discussions in some way. You may comment on any aspect that you wish, but here are some ideas in case you get stuck: 1. The article makes the point that UBI turns the traditional class-rating model on its head, with individually-tailored rates based on info from telematics devices. Does this eliminate the advantage of “law of large numbers” that is an economic basis for the insurance transaction, or does it render that law irrelevant in favor of a better model? Explain. 2. Are there problems for major insurers offering both a traditionally-priced product and UBI side-by-side? Will UBI drive more accurate risk rating, or adverse selection, and why? 3. What will the regulators’ main interest be in UBI? Should they focus exclusively on privacy concerns, which are mentioned in the article, or might they have other concerns as well? 4. How might regulatory concerns interfere with accurate and profitable pricing of UBI?

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