Browse Research
Viewing 3901 to 3925 of 7690 results
1998
Keyword: Workers Compensation
1998
Many insurers have developed contingent compensation programs for their agents. Traditionally these programs have been used to motivate agents by providing higher commission percentages or "bonuses" to those agents with low loss ratios, higher written premium volume or both.
1998
This paper describes the application of a publicly available property-liability insurance DFA model to an actual insurance company. The structure and key parameters of the model, as well as how to run the model, are explained in detail. A copy of the report to management of the company is included. The initial company reaction to this model was favorable.
1998
Currently, many actuaries produce a range of reasonable reserve estimates for IBNR loss and loss adjustment expense. NAIC Issue Paper No. 55 would effectively eliminate the possibility of booking any amount except management’s “best estimate” within this range. The term “best estimate” has not been defined, neither in the issue paper nor in the actuarial literature.
1998
Keyword: Workers Compensation
1998
It sometimes happens that accident year development factors are available and policy year factors are not and vice versa. The purpose of this paper is to formulate a mathematical technique for converting from one form into another under various assumptions concerning the time during the calendar year that policies are written.
1998
Reserves, Strengthening, Supreme Court
1998
New treatments of stochastic modeling and error correlation in dynamic financial analysis are introduced. The former refers to the methods for modeling individual insurance operations. The latter refers to the technique for considering the interactions and correlations among those operations. The stochastic chain ladder model, a new technique for loss development, is also introduced and is shown to be an integral part of DFA.
1998
The goal of this paper is to develop simple, quantitative methods to generate a range of reserves for an aggregate insurance portfolio, and provide a basis for selecting the best estimate of the aggregate reserves, given assumptions by accident period or by line of business.
1998
This paper presents a method for smoothing wind losses when calculating rate indications, but it can apply equally well to other weather events such as hail or freezing. It can be used in other situations such as smoothing out the effects of large losses or other large, but infrequent events. The model is relatively easy to explain to non-actuaries, and it is not difficult to implement.
1998
In performing Bayesian analysis of insurance losses, one usually chooses a parametric conditional loss distribution for each risk and a parametric prior distribution to describe how the conditional distributions vary across the risks. Young (1997) applies techniques from nonparametric density estimation to estimate the prior and uses the estimated model to calculate the predictive mean of future claims given past claims.
1998
A unit-linked life insurance contract is a contract where the insurance benefits depend on the price of some specific traded stocks We consider a model describing the uncertainty of the financial market and a portfolio of insured individuals simultaneously. Due to incompleteness the insurance claims cannot be hedged completely by trading stocks and bonds only, leaving some risk to the insurer.
1998
We develop a framework for analyzing the capital allocation and capital structure decisions facing financial institutions. Our model incorporates two key features: (i) value-maximizing banks have a well-founded concern with risk management; and (ii) not all the risks they face can be frictionlessly hedged in the capital market.
1998
Writing an insurance risk increases the variability of an insurer’s results. This has direct economic costs to the insurer, such as not being able to write other attractive risks or to comfortably maintain the desired degree of risk in its asset portfolio. Extra risk also reduces the value of its future profits in the capital market, that is, its stock price or similar valuation.
1998
This paper studies the term structure of real rates, expected inflation and inflation risk premia.
1998
This paper will discuss the analysis we undertook to address the questions described below. During each of the past several years, an insurance company's actual experience has been much worse than the plan provided to its Board. A dynamic financial analysis was performed to address the following questions: 1.
1998
In recent years catastrophe reinsurers' use of catastrophe models has been increasing until currently virtually all of the catastrophe reinsurers in the world use a catastrophe model to aid them in their pricing and portfolio management decisions.
This paper explicitly models various types of reinstatement provisions, including reinstatements that are limited by the number of occurrences and by the aggregate losses; and reinstatement premiums ba
1998
Traditional actuarial pricing procedures have focused on pre-accident driver attributes, vehicle characteristics, and garaging location in an effort to explain personal automobile loss cost "drivers." Although these traditional factors are important for statewide ratemaking in a static environment, they account for only part of the influences on auto insurance loss costs.
This paper draws on the industry research of the past fifteen years to pr
1998
The Kolmogorov distance is used to transform arithmetic severities into equispaced arithmetic severities in order to reduce the number of calculations when using algorithms like Panjer's formulae for compound distributions. An upper bound is given for the Kolmogorov distance between the true compound distribution and the transformed one. Advantages of the Kolmogorov distance and disadvantages of the total variation distance are discussed.
