U.S. Producer Price Indexes for Non-Life Insurance NAICS & (ISIC 6512)
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1 U.S. Producer Price Indexes for Non-Life Insurance NAICS & (ISIC 6512) David Friedman Assistant Commissioner for Industrial Prices & Price Indexes US Bureau of Labor Statistics 26 th Voorburg Group Meeting Newport, South Wales 20 September 2011
2 Agenda Definition of service being priced Pricing unit of the service Market conditions & constraints Classification/publication structures Pricing methods National accounts & measurement issues Quality adjustment Results 2
3 Definition of service being priced Two non-life insurance industries Direct Health & Medical; Direct Property & Casualty Primary output is assumption of risk and financial intermediation Policy underwritten by insurer represents unique output transfer of risk of financial loss from policyholder to insurer 3
4 Pooling vs. Assumption of Risk Pooling approach: Insurer as intermediary between policyholders collects premiums & disburses them to claimants (Premiums less claims) Transfer approach: Insurers assume risk from policyholders collects premiums & invests to offset premium payment, i.e. assumes risk US PPI uses the latter definition 4
5 Pricing unit of service Operational definition is premium plus rate of return on investment Price = Premium (1+r), where r is annual or monthly return on invested portion of premium Variation for mutual insurance companies Price = Premium (1+r) - Dividend 5
6 Market Shares (Source: 2007 Economic Census) Establishments (Total=25,560) 1.9% Revenue (Total=$952.5 billion) 1.8% 0.6% 27.0% 17.7% 53.4% P&C H&M Title Other 52.8% 44.8% P&C H&M Title Other 6
7 Special Market Conditions or Constraints Nature of insurance groups PPI reassigns premiums based on line of insurance, not type of company, for purposes of index weighting Impact on sampling Price components available from headquarters Gaps filled with data from National Association of Insurance Commissioners 7
8 Classification Structures Use NAICS definitions , Direct Health & Medical Insurance Carriers , Direct Property & Casualty Insurance Carriers Most closely compares to ISIC 6512, though US does not produce PPIs for title insurance (NAICS ) or other non-life direct insurance (NAICS ) US includes accidental death & dismemberment in the life insurance industry; no NAPCS codes for freight insurance or travel insurance 8
9 National accounts & measurement issues BEA uses a different definition in National Income and Product Accounts, consistent with 2008 SNA: Price = Premiums (1+r) Claims PPI decided not to adopt this model because our research indicated assumption of risk is appropriate definition of output for this service from the producer s point of view Publish separate index that measures only premium changes which BEA uses 9
10 Pricing methods Two pricing options Policy & policyholder characteristics remain frozen over time use current charges applied to policy characteristics Actual policy followed over time Most respondents price frozen policies but some use the alternative use whichever is easiest for them as long as can provide info needed by US PPI 10
11 Adjusting for inflationsensitive characteristics Periodic adjustments made to property & casualty frozen policies to hold inflation-sensitive characteristics constant Valuation of property insured or risk (business assets, receipts, gross sales, payroll, etc.) Valuation of repair or replacement Do not adjust for liability coverages/limits; deductibles/coinsurance 11
12 Pricing characteristics Anniversary or renewal month Annual or monthly premium Dividend rebate Rate of return Coverage amount/limits Deductible/coinsurance Specific risks or perils covered Past loss experience Valuation of property insured or risk 12
13 Publication structure for Health & Medical Direct health and medical insurance carriers P Primary services Medical service plans Comprehensive medical service plans Group managed care medical service plans Group fee-for-service medical service plans Individual comprehensive medical service plans Non-comprehensive medical service plans Dental service plans Supplemental Medicare service plans Other medical service plans Health insurance SM Other receipts 13
14 Publication structure for Property & Casualty Direct property and casualty insurance carriers P Primary services Private passenger auto insurance Homeowners insurance Commercial auto insurance Non-auto liability insurance Medical malpractice insurance Product liability and other non-auto liability insurance Commercial multiple peril insurance Workers compensation insurance Other property and casualty insurance SM Other receipts 14
15 Quality adjustment: Risk Change Critical is ability to identify and adjust for changes in risk Suitable cost data available for changes in explicit endogenous risk factors such as removal of lifetime maximums for a health insurance policy Changes that go beyond scope of policy negotiations such as increased incidence of theft or severe flu season require outside data to distinguish short-term vs. long-term changes in risk 15
16 QA for Private Passenger Auto Insurance Assess risk change with valuations from the Insurance Services Office (ISO) ISO assigns autos to risk categories called symbol groups PPI obtains value of risk change for every auto for which we have a policy being priced in the index; we use values to explicitly quality adjust when an auto moves into a different symbol group 16
17 Quality adjustment: New item bias Item bias concern especially prevalent for frozen pricing method as policy may no longer be representative over time Can also occur when following an actual policy if general population has changed preferences or policy represents small portion of company s business Item bias minimized by more frequent resampling; capture of coverage changes during repricing 17
18 Results I: Property & Casualty Direct property and casualty insurance carriers Private passenger auto insurance Homeowner's insurance 18
19 Results II: Health & Medical Direct health and medical insurance carriers Medical service plans Health insurance 19
20 Contact Information David Friedman & Deanna Bathgate Producer Price Index Program
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