Car Insurance: An Analysis of Risk Factors, Claim Behaviour And Global Car Insurance Frameworks

Insurers categorise risk in order to price insurance claims. This study analyses different types of car insurance in the United Kingdom, China and the United States, focusing on compulsory and optional coverages, and how risk factors affect claim behaviour. Using statistical analysis on a semi-realistic dataset, the study examines age, gender, race, driving experience and credit score as variables. ANOVA and t-tests revealed that age, gender, driving experience and credit score significantly impact claim behaviour, while race was not relevant. Younger drivers with less experience, males, and those with lower credit scores showed higher claim behaviour. The findings highlight the importance of accurate, data-focused models to ensure fairer insurance practices and increased accessibility.