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ICBC should be allowed to price car insurance on the basis of age or gender

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by

Ellen Hwang

on 7 November 2014

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Transcript of ICBC should be allowed to price car insurance on the basis of age or gender

Looking at other countries/province
Europe- EU
Men are 3.4 times more likely than women to get ticket for reckless driving
Men are 3.1 times more likely cited for drunk driving
11,900 male drivers died in U.S traffic accident in 2009 versus only 4900 women

Age
Gender
ICBC
should
be allowed to price car insurance on the basis of age or gender

Definition of Discrimination
Failing to treat all persons equally are discrimination, but
discrimination
in auto insurance is based on statistical indicators of potential probability and severity of an accident
Sources: CBS News
Men vs Women
Kant's Theory
Rawls' Veil of Ignorance
Total utility
Gain: 1) ICBC save on cost
2) Less reckless/drunk driving
Loss: 1) Male and young drivers pay more
Rights/Fairness
Statistics
High risk age group
16-19
32% 24% 8%
36%
<7%
19% 19%
News
3 main categories why male drivers should have premiums:
Accidents
Speeding
DUI convictions
Statistics
Behind a veil of ignorance,
male & young drivers would choose the most fair outcome
If all the auto insurance companies price discriminate,
then social utility will increase by having less accidents
Moral Theories
As long as price discrimination is transparent,
then it would be considered fair
Act/Rule Utilitarianism
Conclusion
Data= male & young drivers cause more accidents
> charge mores
> increase total utility by reducing the
possibility of accidents
Presented by:
Ellen Hwang
Yoohoon Kim
Ben Mou
Daisy Huang

Source: Automobile Statistical Plan, General Results, Private passenger vehicle, 2013
Alcohol-Impaired Driving Among Youth
64%
Ontario
Allocative Efficiency
Categorical imperative - Universability
Pd
P
DWL
Sources: IBU
Qd
Q
SMCpd
SMCp
.
16-25 year olds made up almost 33.4% of the impairment-related traffic deaths
Lack of experience for driving and drinking
Risk takers andless cautious than their older counterparts.
of total population
injuries
fatality
others
passenger
other occupants
pedestrians
Full transcript