Browse Research
Viewing 3601 to 3625 of 7690 results
1999
Japanese life insurers are often requested by their corporate pension customers to disclose their baseline portfolios for general accounts.
1999
Insurance companies, life and general, in Japan are confronting some of the most serious challenges in history. These are the challenges to remain solvent and attain profitability. On the investment side, interest rates remain historically low, with depressed real estate value for the past decade, and poor equity performance over a ten year period. On the liability side, competition is in tense without significant growth in markets.
1999
This paper provides an introduction to the insurance securitization process and its products. Insurance securitization is considered within a broad context, both as a subset of financial securitization, and as one of many sets of financial risk management tools available for use by insurers.
1999
The Massachusetts Qualified Loss Management Program (QLMP), which became effective November 1, 1990, is intended to provide incentive to workers' compensation insureds to seek the assistance of professionals to reduce their workplace losses. A prospective credit is applied to the premium of an assigned risk insured who subscribes to a qualified loss management program.
1999
In our work on ratemaking, financial modeling, catastrophe modeling and planning, actuaries often must estimate the expected frequencies of unusual events. However, actual historical data for unusual events is too sparse to be very useful, so we must look to other sources for help. One example of these rare events is earthquakes.
1999
Data Quality (narrow topic or advanced); We live in the era of information: an enormous amount of information. Information gets collected, stored, processed, summarized and distributed; there are too many opportunities for errors to sneak in. Data is translated, transformed and aggregated so often, that it is inevitable that some results of the data processing are imprecise.
We may experience this data infidelity elsewhere every day.
1999
In their important paper, Line-by-Line Surplus Requirements for Insurance Companies, Stuart Myers and James Read have developed an economically sound method for allocating capital to lines of insurance. The purpose of my paper is to extend their model and apply it to the pricing of catastrophe insurance by layer of coverage. I also show the connection between capital allocation and risk loads by layer.
1999
Actuaries, economists, underwriters, and regulators are rightly convinced that the task of pricing insurance should depend on the uncertainty of the amount and the timing of the insured losses, as well as on the correlation of those losses with those already insured. The most common approach to pricing is to allocate equity to the insurance transaction and to achieve a certain expected return on that equity.
1999
A strategic optimization model provides the ideal setting for allocating the scarce capital of a financial intermediary such as an insurance company. The goal of management is to maximize shareholder value.
1999
In a competitive insurance market, insurers have limited influence on the premium charged for an insurance contract. They must decide whether or not to compete at the market price. This paper deals with one factor in this decision – risk.
From policyholder’s standpoint, the only risk that matters is insurer insolvency. For the insurer to stay in business, it has to have sufficient capital to keep this risk below an acceptable level.
1999
This paper explores the use of Bayesian models to analyze time series data. The Bayesian approach produces output that can be readily understood by actuaries and included in their own experience studies. We illustrate this Bayesian approach by analyzing U.S. unemployment rates, a macroeconomic time series. Understanding time series of macroeconomic variables can help actuaries in pricing and reserving their products.
1999
[Discussion begins on page 13 on PDF.]
1999
[Author's Reply Begins on Page 14 of PDF.]
1999
[Discussion begins on page 17 of PDF.]
1999
In the past few years, the National Association of Insurance Commissioner (NAIC) has changed the required practices and procedures used to calculate unearned premium reserve.
1999
This paper describes and evaluates the statutory rule regarding the establishment of unearned premium reserves for long-term policies and discusses the consistency of the rule with statutory laws, procedures and philosophy, specifically as regards the rule's treatment of aggregation across policy years, discount date, risk margin and application to in-force policies.
1999
The unallocated loss adjustment expense (ULAE) reserve has traditionally been estimated by the paid-to-paid method (PTP), which compares paid calendar year claims department expenses to paid calendar year losses and then applies the resulting ratio to claims reserves.
More recently, Wendy A.
1999
This paper will discuss a methodology for establishing reserves for the portion of loss adjustment expense associated with the cost of claim adjusters. These costs are a substantial component of the expenses traditionally defined as unallocated loss adjustment expense (ULAE). The actuarial literature contains very little material on how to estimate ULAE reserves.
1999
Multi-year policies with large aggregate deductibles or multiple triggers raise some interesting issues with respect to the correct amount of the unearned premium reserve. Examples in this paper illustrate some of the difficulties that arise when trying to establish such reserves. The theoretical approach taken here is that the pure premium portion of the unearned premium reserve should always be exactly adequate to cover the remaining risk.
1999
Global Warming may increase the risk of wildfires by drying out vegetation and stirring the winds that spread fires. Detailed models of all the factors that contribute to wildfires have been designed to help insurers reduce the potential for catastrophic loss.
1999
Numerical evaluation of compound distributions is one of the central numerical tasks in insurance mathematics. Two widely used techniques are Panjer recursion and transform methods. Many authors have pointed out that aliasing errors imply the need to consider the whole distribution if transform methods are used, a potential drawback especially for heavy- tailed distributions.
1999
The authors find that counter to prior research, risky bonds typically have upward sloping credit yield curves.. Moreover, the estimated slope is negative, indicating a sample selection bias problem associated with maturity.
1999
This paper demonstrates that the building blocks of the insurance process, under similar assumptions, produce identical results to the option-pricing approach in the case of pricing individual loans. We examine the performance of a collective of such building blocks, using portfolio historical performance to endogenously parameterize the default cost function unique to a particular portfolio.
1999
Insurance markets are different from most other markets. Insurance markets have an inherent self-destructive tendency that can cause market failure. However, insurance markets not only exist, they thrive. This paper explores the essential role that actuaries play in countering problems that can cause market failure.
