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1996
Policyholders often decide to buy, renew, or cancel insurance based on the premium charged by the insurer compared with what they expect their claims will be. It is important for actuaries to consider the persistency of policyholders because the financial well-being of the insurer depends on spreading its risk over a large hook of business.
1996
Chapter headings:
Prologue by Charles C. Hewitt, Jr.
Introduction
Historical Perspective
Review of Probability
Limited Fluctuation Credibility
Least Squares Credibility
Estimation of Credibility Parameters
Incorporating Risk Size
How Good Is Least Squares Credibility?
Further Topics
Conclusion
Postlogue by Charles C. Hewitt, Jr.
Table of Distributions
1996
Catastrophe/Property, LOB – Earthquake
1996
With the recent growth of alternative risk financing for workers compensation, in retrospectively rated insurance programs, high deductible insurance programs, self-insurance trusts, captives, and other insurance programs, cost allocation methods for workers compensation funding is an increasingly important, if not overlooked, subject matter.
1996
We consider the problem of forecasting the number of claims incurred. After subtracting the number of claims reported to date, the number of claims incurred but not reported (IBNR) can be forecasted. The basic model assumes that the number of claims per accident period follows an autoregressive moving average time series process.
1996
The purpose of this paper is to discuss the concepts of a financial actuary and their interrelations. The paper is intentionally not technical because concepts are best communicated with relatively simple examples.
1996
This paper explains data required for Schedule P and how the exhibits should be completed. It describes how Schedule P data allows prospective analyses of loss reserve adequacy, using both paid and incurred loss development. Moreover, it discusses uses of Schedule P information such as the risk-based capital formula, the Statement of Actuarial Opinion, and the IRS loss reserve discounting procedure.
1996
This paper shows how non-parametric smoothing can be applied in the context of claims reserving. The paper concentrates on the chain-ladder technique, within the framework of the chain-ladder linear model, but the methods can easily be applied to other models. It is shown that non-parametric smoothing can provide more stable reserve estimates, and is an alternative to other methods suggested for this purpose such as the Kalman filter.
1996
Catastrophe/Property
1996
Recent developments in computer technology have significantly altered the way the insurance business functions. Easy access to large quantities of data has rendered some traditional ratemaking limitations obsolete. The emergence of catastrophe simulation using computer modeling has helped actuaries develop new methods for measuring catastrophe risk and providing for it in insurance rates.
1996
Dynamic financial analysis (DFA) is the process by which an actuary analyzes the financial condition of an insurance company. Financial condition refers to the ability of the company’s capital and surplus to adequately support the company’s future operations through an unknown future environment. The process of DFA involves testing a number of adverse and favorable scenarios regarding an insurance company’s operations.
1996
Reinsurance Research - Loss Distributions, Size of
1996
Keyword: Workers Compensation
1996
A compliance questionnaire designed to cover the statutory valuation process of the property-casualty insurance companies reporting in Canada as described in the Report of the Appointed Actuary filed with the applicable legislative authority.
KEY WORDS: Financial Reporting, Statutory, Appointed Actuary, Valuation Actuary, Standard of Practice.
1996
Solvency
1996
This paper sets forth a simple, practical, and straightforward method of establishing liabilities for allocated loss adjustment expenses (ALAE). The method relies on adjusted calendar year paid ALAE to paid loss ratios. The ratios are age adjusted based on the age of the underlying loss liabilities.
1996
In 1971 Ron Ferguson documented the annuity mathematics necessary to establish reserves for lifetime workmen’s (now workers) compensation cases. This paper provides a quarter century update, complete with personal computer spreadsheet application to illustrate various features of a tabular reserving system. Since 1971 statutory aggregate amount and duration limitations have disappeared.
1996
The author presents analysis as to why the general belief by actuaries that development factors obtained by least squares regression are unbiased is false. He goes on to show that what actuaries should really use is a general linear model; one that uses nonstochastic regressors and an error matrix that allows for correlation.
1996
Winter 1996, Ratemaking Call Papers These files are in Portable Document Format (PDF), you will need to download the Acrobat Reader to view the articles. Table of Contents Download Entire Volume(14.7MB) CAS Dynamic Financial Analysis Handbook CAS Valuation and Financial Analysis Committee, Subcommittee on the DFA Handbook
1996
Summer 1996, Call Papers on Workers Compensation Reserving & Mega-Risk These files are in Portable Document Format (PDF), you will need to download the Acrobat Reader to view the articles. Table of Contents Download Entire Volume (15.9MB) Workers Compensation Reserving
1996
Spring 1996, Prize and Call Papers on Dynamic Financial Models These files are in Portable Document Format (PDF), you will need to download the Acrobat Reader to view the articles. Table of Contents Download Entire Volume(14.7MB) Bibliographies
1996
Financial professionals are inundated with information. With input from continuous trading systems, specialised publications, press agency dispatches and real-time data vendors, "information overload" would appear to be inevitable. However, the real problem is not the information itself but what to do with it.
1996
The trading of property catastrophe risk using standard financial instruments such as options and bonds enables insurance companies to hedge their exposure by transferring risk to investors, who take positions on the occurrence and cost of catastrophes. Although these property catastrophe risk instruments are relatively new products, they have already established an important link between the insurance industry and the U.S. capital market.
1996
This article presents a simple economic model to assess consumers‘ valuation of safety features. In particular, we model the benefit from safety as the reduction in the probability of death, and the associated economic value of this reduction. We then apply this theoretical model to investigate market valuation of antilock brakes and airbags via the specification and estimation of a hedonic price equation.
