Lemaire, JeanZi, Hongmin2023-05-222023-05-221994-11-012017-10-13https://repository.upenn.edu/handle/20.500.14332/5220The automobile third party insurance merit-rating systems of 22 countries are simulated and compared, using as main tools the stationary average premium level, the variability of the policyholders' payments, their elasticity with respect to the claim frequency, and the magnitude of the hunger for bonus. Principal components analysis is used to define an “Index of Toughness” for all systems.This article has been published in a revised form in ASTIN Bulletin: The Journal of the IAA https://doi.org/10.2143/AST.24.2.2005071. This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © Cambridge University Press.BusinessEconomicsPublic Affairs, Public Policy and Public AdministrationArticle