Dependence modeling in non-life insurance using the Bernstein copula

► We model the dependence of non-life insurance risks using the Bernstein copula. ► Several goodness-of-fit and risk analyses are conducted. ► Compared to other widely used copulas the Bernstein copula provides a good fit. ► Best performance is observed for inhomogeneous dependence structures. ► Adequate modeling can increase as well as decrease risk capital requirements.