Household Refundable Utility by taking out refundable insurance: Empirical study in the Spanish auto insurance market
利用西班牙家庭财务调查和市场数据，从精算和微观经济角度分析购买可退还保险对家庭预期效用的影响，发现风险厌恶和财富水平是关键因素。
This study investigates the expected benefits for Spanish households if they choose to purchase a refundable insurance policy that covers the deductible in the event of vehicle accidents. Using data obtained from the Spanish Survey of Household Finances alongside market data, this paper provides valuable empirical insights concerning the impact of refundable insurance policies on the overall expected utility of households (referred to as Household Refundable Utility) both from a technical-actuarial and a microeconomic point of view. • Spanish Market refundable premium is the one calculated with zero utility criterion. • Lowering prices will not increase market penetration of refundable insurance. • Household risk aversion strongly influences Household Refundable Utility. • In risk-averse households, higher wealth leads to higher Household Refundable Utility.