Browse Research
Viewing 4876 to 4900 of 7690 results
1992
In this paper we explore the concept of surplus allocation and demonstrate that it is an insurance oxymoron, a contradiction in terms. After the issue is defined, it is viewed and explored from four different points of view: technical, regulatory, investor- owner, and insurer management. In the course of this process, the fallacy of surplus allocation is demonstrated generally.
1992
Insurance is perhaps the industry most intensely scrutinized from a financial perspective, with an abundance of financial data prepared to satisfy the many and varied regulatory requirements imposed upon it.
1992
The author treats interest as a stochastic variable in estimating the present value of a string of payments rather than the deterministic model actuaries often use. The model he uses has sufficient flexibility to include parameter uncertainty. Thus in this model when the estimate of present value is made is also relevant to the value of that estimate.
1992
The purpose of this note is to point out the connections between the Marginal Surplus and Competitive Market Equilibrium approaches to calculating risk loads and to show that these methods incorporate and unify several other conceptual approaches to risk loading.
Keywords: Profit Factor, Rate of Return, Risk
1992
A recent feature of the Canadian insurance environment is increasing government reliance on private sector actuarial reporting to assist in the regulation of insurance companies. One new requirement is a report by an Appointed Actuary on the company's expected future financial position.
1992
Actuaries may use various simulation and risk theoretic techniques to assess the variability in loss reserves. However, non-actuaries are often involved in the selection of the reserve liability "point estimate", but they may not have as firm an understanding of the level of uncertainty implicit in the book of business.
1992
Several states have various requirements to provide funds for claimants and injured workers in the case of a self-insured entity’s bankruptcy. Typically, the state requires self-insurers to post surety bonds or other collateral with the state in order to minimize the burden on society in the case of a bankruptcy.
1992
This paper examines asset pricing models using NOT seasonally adjusted aggregate consumption data.
1992
Excess claims lead to an unsatisfactory behavior of standard linear credibility estimators. We suggest in this paper to use robust methods in order to obtain better estimators. Our first proposal is the linear credibility estimator with the claims replaced by a robust M-estimator of scale calculated from the claims. This corresponds to a truncation of the claims with a truncation point depending on the data and different for each contract.
1992
Begun as one of the five main components of the NAIC Solvency Policing Agenda for 1990, significant progress has been made in developing Risk-Based Capital requirements for property-casualty insurance companies.
1992
The paper, a sequel to Taylor (1992), discusses risk exchange (REX) and reinsurance. A REX is global if its recoveries depend on just aggregate claims of the insurer in question; local if it depends on individual claims.
1992
The paper unifies certain concepts which have arisen within the field of risk exchange. Borch’s theorem on Pareto-optimal risk exchanges is shown to be derivable from a Bowley solution when there are only two participants in the risk exchange. This theorem is then extended to an n-party risk exchange by equating this to a sequence of 2-party exchanges between the n participants.
1992
Due to current forces acting on workers compensation, the practitioner faces a considerable challenge when attempting to predict future workers compensation loss development from historical data. The panel will illustrate this difficulty by exploring several aspects of variability in workers compensation results between insurers, and by discussing evidence relating to the level of reserve adequacy in the industry.
1992
Many reinsurance contracts have adjustable premium and loss limiting features which complicate the reserving process. This session addresses such features as swing rating, loss ratio caps, profit commissions, aggregate deductibles, and pre-set commutation terms. While included in many traditional reinsurance contracts, these special provisions are also used in financial reinsurance.
1992
The presentation will concentrate on loss reserving techniques which apply the Kalman filter to regression models of the claims process. An effort is made to model each of the major aspects of the claims process: movement of case reserves, settlement of claims, and their payment. Superimposed inflation is considered.
1992
This paper develops a conceptual framework for a risk-based capital requirement for property-casualty insurance companies. It has been written to assist the National Association of Insurance Commissioners (NAIC) as they work on developing appropriate risk measurements in the context of a series of initiatives designed to improve solvency regulation.
1992
This paper incorporates financial theory with insurance pricing. A general procedure to price for credit exposure has been developed and extended to several insurance products. For retrospectively rated insureds with a below-investment-grade rating from a credit rating agency, the credit exposure is significant to the insurer.
1992
Stimulated by a recent contribution by G. Venter in this journal the adequateness of (re-)insurance premium calculation based on the hypothesis of arbitrage free (re-)insurance markets is questioned. It is argued that--in contrast to the theory of financial markets--it is not reasonable to demand that insurance markets are arbitrage free.
1992
Albrecht's interesting discussion raises two major points: is an arbitrage free insurance market a reasonable assumption, and are adjusted distribution principles appropriate?
1992
Chapters 6,7,8 discuss stochastic interest rate models.
1992
Under certain conditions, a Bonus-Malus system can be interpreted as a Markov chain whose n-step transition probabilities converge to a limit probability distribution. In this paper, the rate of the convergence is studied by means of the eigenvalues of the transition probability matrix of the Markov chain.
KEYWORDS Bonus-Malus systems; rate of convergence; automobile insurance. Markov chains; eigenvalues;
