We shall consider the concept of time delays and the extent to which this is a common feature in many general insurance systems. We shall then present an example of a model of an insurance system with delays that helps to explain the phenomenon of underwriting cycles.

Bouc-Wen model possesses an appealing mathematical simplicity. It has the ability to portray the hysteretic behaviour of materials and devices. Using the Bouc-Wen equation for different values of loop parameters and imposed cyclic loading, typical shapes of hysteresis loops are obtained. Typical...

We shall consider the concept of time delays and the extent to which this is a common feature in many general insurance systems. We shall then present an example of a model of an insurance system with delays that helps to explain the phenomenon of underwriting cycles.