A Short Note on Overall Risk Management in an Insurance Concern

At an earlier ASTIN Colloquium participants were invited to present notes on problems which they considered as important but unsolved. There was little response to this invitation, presumably because a problem, once it is well formulated, is almost solved. In this Note I do not present any new problems. Instead I try to outline a framework which may be useful for analyzing different risk problems and seeing them in their proper perspective. In my view, a framework of this kind is urgently needed to place today's actuarial work on a sound foundation.