Browse Research
Viewing 4851 to 4875 of 7690 results
1992
This article elaborates upon the intuition underlying Doherty and Garven's (1986) option pricing model and extends its basic results to a further consideration of the implications of limited liability and asymmetric taxes for pricing and risk incentives in property-liability insurance. When compared with CAPM-based models of the insurer, a number of important insights emerge.
1992
Outlines Scandinavian solvency models.
1992
The purpose of this Standard is to define the issues and considerations that an actuary should take into account in determining discounted loss and loss adjustment expense reserves. The Standard applies to practices that relate to the Casualty Actuarial Society’s Statement of Principles Regarding Property and Casualty Loss and Loss Adjustment Expense Reserves. The Standard does not address the appropriateness of discounting.
1992
The purpose of this study note is to consolidate the basic actuarial concepts of individual risk rating into a single source and, in so doing, to provide standard notation for the formulation and solution of problems. It is intended that the elementary ideas will be identified and explained in a straightforward manner, with sufficient detail so the student can easily follow all steps in the development.
1992
In the simplest case, the Standard Premium for an insured is the manual premium adjusted by its experience rating modification. This is the best prospective estimate of the correct individual risk premium, but with expenses at a flat proportion of premium, appropriate for a small risk. As risk premium sizes increase, there is a gradation of expenses, so that expense becomes a lower proportion of the larger risk premiums.
1992
This paper is a presentation of methods used for computing the provision for underwriting profit in property and casualty insurance rates. The provision for underwriting profit is one component of an actuarially derived premium rate. Adding the provision for underwriting profit to the sum of provisions for losses and expenses yields the total premium rate.
1992
This study not describes the algebraic development of the 1940 and 1961 Workers Compensation rating plans. The revised plan introduced by the National Council on Compensation Insurance in 1989, generally effective 1991, is included, but covered more thoroughly elsewhere.
1992
Workers Compensation experience rating affects the distribution of billions of dollars of insurance premium. It is a large-scale application of actuarial science, one which has evolved since the very first days of the Casualty Actuarial Society. A Fair amount of material exists on the theory of underlying the plan, and some of that material is required reading for actuarial students.
1992
Financial models, which consider the time value of money, surplus commitments, and investment income, are increasingly being used in insurance rate making. This reading shows how an internal rate of return model can be used to price insurance policies.
1992
Modern risk theory has shown that the optimum risk-based surplus, once determined, can not be subdivided by line by state. It also follows that ratios of premiums to surplus (leverage ratios) do not exist which can by applied generally to property/casualty insurers in order to impute a surplus by line by state.
1992
Any actuary preparing a formal report on the reserves or on the financial soundness of a general insurance undertaking, including a Lloyd’s syndicate, whether as a consultant or as an employee. This Guidance Note does not cover other aspects of general insurance, such as rate-making.
1992
This paper describes the development of the revised Workers Compensation Experience Rating Plan. This is based on sound statistical theory, certain modeling assumptions, and thorough empirical testing.
1992
The most dramatic new requirement adopted by the NAIC with respect to loss reserve opinions for 1992 is the concept of the Appointed Actuary. What does “appointed” mean? What are the qualifications, responsibilities and job descriptions? How did the position come to be and how it is likely to evolve? How do actuarial standards apply to the responsibilities of an appointed actuary? This session will explore these questions and more.
1992
In his 1986 paper, "The Cost of Mixing Reinsurance," Ron Wiser analyzed the consequences of mixing pro rata and excess of loss reinsurance. He concluded that such mixed reinsurance situations were always unfavorable to the ceding company, both in terms of financial cost and loss ratio stability.
1992
In recent years, allocated loss adjustment expense reserves have grown significantly relative to loss reserves for many lines of business. This panel will review several methods for reserving allocated loss expense. The merits of establishing individual case reserves for allocated loss expense will also be discussed, including the impact on a company’s claim system.
1992
Credibility
1992
The NCCI Workers Compensation Experience Rating Plan is probably the best documented experience rating plan in widespread use. This paper is the current CAS syllabus reading on Experience Rating.
Abstract:
Workers compensation experience rating affects the distribution of billions of dollars of insurance premium.
1992
The concept of a valuation actuary (more recently referred to as an appointed actuary) has evolved more quickly for life insurance companies in the United States, Canada and Great Britain and, to a lesser extent, for property-casualty insurance companies in Canada than for property-casualty insurance companies in the United States.
1992
In this paper, we will cover the Bonus-malus system m automobile insurance. Bonus-malus systems are based on the distribution of the number of car accidents Therefore, the modelling and fitting of that distribution are considered.
1992
A panel of U.K. actuaries will provide their perspective on a number of issues currently of interest in the U.K., many of which are also current topics in North America. Likely topics include asset/liability modeling, financial reinsurance and risk based capital.
1992
Insurance failures are associated with swings in the underwriting cycle: insolvencies are particularly high following the troughs of the cycle. Common interpretations of the cycle, which ascribe profit fluctuations to rate making techniques, underwriting optimism or pessimism, and interest rate volatility, view failures simply as by-products of poor earnings.
This paper examines the competitive forces that drive the cycle.
1992
Reserving for unallocated loss adjustment expenses often receives little attention, in spite of the fact that the liabilities associated with ULAE can be material. This session features several techniques for estimating the required ULAE reserve. The material presented includes discussion of specific adjustments in methodology for particular circumstances and comparative evaluation of the assumptions underlying each technique.
1992
This paper deals with the Bonus-Malus system obtained when the claims frequency is submitted to trend. This system is specified in the two particular cases of Poisson-Gamma and Poisson-Inverse Gaussian distributions The theoretical results are checked on data issued from automobile insurance policies observed during three years.
1992
This paper develops regression models that can be used to test for the effects of changes in reserving practices. The models include terms for exposure, trend, and loss development. A loss triangle of reported losses at annual valuation dates is used to estimate the parameters of the regression models.
1992
P&C Insurance companies hold more fixed interest securities than are necessary to offset the stated liabilities. Furthermore, the cash flows of these assets are biased towards longer durations.
If the fixed interest assets could be segregated into those assets intended to offset the liabilities, and other assets, interesting observations can be made concerning the investment strategy.
