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Viewing 3726 to 3750 of 7690 results
1999
The balance sheet of a writer of automobile extended service contracts will often list a liability for unearned premiums that is several times larger than the liability for unpaid loss and loss adjustment expense.
1999
In order to be complete dynamic financial analysis (DFA) models should deal with both the amount and timing of future loss and loss adjustment expense payments. Even more than asset cash flows, these future payments are very uncertain.
This paper begins by estimating both process and parameter uncertainty in reserves for annuity-type benefits such as available in some automobile no-fault states or in workers compensation.
1999
Tile three annual 2¼% interest coupons of the Winterthur Insurance convertible bond (face value CHF 4 700) will only be prod out if during their corresponding observation periods no major storm or had storm on one single day damages at least 6000 motor vehicles insured with Winterthur Insurance. Data for events, where storm or haft damaged more than 1,000 insured vehicles, are available for the last ten years.
1999
The aim of this work is to present a method to compute the expected amount of annual claims in the health insurance. (A more detailed analysis of the method can be found in Kovarova (1998).) We will be especially concerned with the permanent health insurance and compare our numerical results with those computed and published for the permanent health insurance in C.M.I.R. (1991).
1999
Mortgage Insurance (MI) provides protection to mortgage banks and investors of mortgage-backed securities (MBS) from the risk of default by the borrower. This paper will discuss several alternatives that could significantly diminish the need for MI. Some of these alternatives are currently available while others are purely theoretical.
We will begin with a brief overview of basic mortgage concepts, products and the marketplace.
1999
This paper extends previous research that studied the downward bias associated with high-low averages, which occurs when high-low averages are applied to data that exhibits a long-tailed property. The current study conducted a comprehensive review of insurance industry data when three-of-five averages are used to determine the age-to-age development factors in setting reserves.
1999
Christofides (1998) studies the proportional hazards (PH) transform of Wang (I 995) and shows that for some parametric families, the PH premium principle reduces to the standard deviation (SD) premium principle. Christofides conjectures that for a parametric family of distributions with constant skewness, the PH premium principle reduces to the SD principle.
1999
A significant amount of liability exposure for many insurers stems from pollution-related claims. Many of these pollution-related claims, in turn, stem from the implementation of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) of 1980, also known as Superfund.
1999
This study investigates the differences in cash holdings across property-liability insurers. We conclude that relative cash holdings are less for insurers with better access to cash through capital markets and/or other group members. We also conclude that larger insurers, higher quality insurers, insurers that write longer tail lines of business, and firms with higher degrees of cash flows tend to hold more cash.
1999
In this paper's context, Declaratory Judgment Actions generally mean judges resolve coverage grant conflicts between the insurer and insured. They are most noticeable in the last decade in the context of whether old general liability insurance contractual language was meant to include latent-injury, environmental gradual or sudden & accidental pollution liability or direct first party property damage for cleanup expenses.
1999
Dynamic Financia1 Analysis is an extremely powerful tool for all aspects of the insurance operation. With the constantly increasing amounts of information available to the public, DFA models can be better customized to fit the needs of the end user. This paper will examine severa1 areas in which a publicly available model can be customized to tit a company’s specific management structure and risk management priorities.
1999
Costs of equity for individual firms are estimated in a Bayesian framework using several factor-based pricing models. Substantial prior uncertainty about mispricing often produces an estimated cost of equity close to that obtained with mispricing precluded, even for a stock whose average return departs significantly from the pricing model's prediction.
1999
Correction note to prediction of outstanding liabilities
1999
This paper presents a survey of the various instruments used to securitize catastrophe risk listing their advantages and disadvantages.
1999
This paper describes one approach to calculate the unearned premium reserves of an automobile extended warranty insurance program, test the adequacy of the calculated reserves, and determine the allowable deferred policy acquisition expenses.
A prorata formula is commonly used to calculate unearned premium reserves in property-casualty insurance, but we believe that an exposure adjusted formula is more appropriate in automobile extended warranti
1999
Implications of factor-based asset pricing models for estimation of expected returns and for portfolio selection are investigated. In the presence of model mispricing due to a missing risk factor, the mispricing and the residual covariance matrix are linked together. Imposing a strong form of this link leads to expected return estimates that are more precise and more stable over time than unrestricted estimates.
1999
In response to a request for proposal from the Committee on the Theory of Risk, Shaun Wang has written a paper that significantly advances, to quote the proposal, “the development of tools and models that improve the accuracy of the estimation of aggregate loss distributions for blocks of insurance risks.”
Dr.
1999
This paper explains securitization of insurance risk by describing its essential components and its economic rationale. We use examples and describe recent securitization transactions. We explore the key ideas without abstract mathematics. Insurance-based securitizations improve opportunities for all investors. Relative to traditional reinsurance, securitizations provide larger amounts of coverage and more innovative contract terms.
1999
The literature that the author has seen to date, Berry[1] and Perkins & Teng[2], concerning the accrued retrospectively rated premium focuses on calculating the asset in bulk by policy year, but not by policyholder account. In order to derive the asset by individual policyholder account, the bulk asset would have to be allocated after the fact.
1999
Individual automobile insurance claims are characterized by over-dispersion relative to the Poisson model. In addition, claim propensities vary among individuals in any insurance portfolio. This paper presents a model which takes account of both characteristics.
1999
In the present discussion we point out the relation of some results in Dickson & Waters (1999) to similar results in Sundt (1998a, b).
1999
Winter 1999, Ratemaking Discussion Papers These files are in Portable Document Format (PDF), you will need to download the Acrobat Reader to view the articles. Memo from the CAS Forum Chairperson and Table of Contents Table of Contents Download Entire Volume Ratemaking Discussion Papers
