Abstract
In a recent issue of this Journal, Dr. Robert M. Crowe presented a very interesting study of the rate-making system employed by the National Association of Automobile Underwriters.' This is a valuable addition to the literature of insurance, not only in itself but also as a supplement to Dr. Zoffer's fine work on automobile liability insurance, published several years earlier.2 Students of automobile insurance, by far the most important sector of the nonlife area, now have available for the first time a joint treatment of pricing which combines the merits of completeness with contrast, since Dr. Crowe's study (a lossratio approach) is critical while Dr. Zoffer's (a pure-premium approach) is historical. The thoughts and questions to which Dr. Crowe's analysis gives rise may be grouped for convenience under four headings: curricular concepts, competition, projection, and technical aspects.
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