Browse Research
Viewing 5101 to 5125 of 7690 results
1990
Actuaries are often confronted with conflicting data and information. In trend analysis, ordinary least squares regression techniques do not allow for the introduction of extraneous information, conflicting or not. Credibility methods have been proposed to solve this shortcoming but have not been widely accepted.
1990
The subject of this paper is an insurance product which is growing rapidly and about which very little has been written. This paper provides background information, discusses basic ratemaking and presents several factors which complicate ratemaking for this product. Numerical examples of some of the ratemaking complexities are provided. Also, for one of the major ratemaking complexities, an adjustment to basic ratemaking is presented.
1990
Data on the distribution of automobile accidents typically reject the hypothesis that accident rates are the same for all members of a group. Given these findings, policy analysis is usually based on models that assume that accident proneness differs among individuals of a group and that the differences are stable over time.
1990
This paper argues that if forecast and actual insurance costs are random variables, then the traditional actuarial ratemaking procedure produces an average underwriting profit margin lower than the target underwriting profit margin. The argument is correct in that the average profit margin, per policy or per book of business, will indeed be lower than the target profit margin.
1990
This paper introduces a totally new approach to classification analysis. Part of its appeal stems from the fact that it provides a method for complying with Proposition 103's requirement that variables be considered in a specific order. Our paper is presented using private passenger automobile insurance; but, the technique could be used with any line of insurance.
1990
Keywords: Premium Analysis, Classifications, Regulation
1990
For an ordinary single- or multiple-decrement life insurance policy, there is essentially only one retrospective premium reserve and its definition is given in standard textbooks on life contingencies. By contrast, for a multi-state policy, each state has its own retrospective (as well as its own prospective) reserve, there is considerable freedom of choice in its definition. and there is a corresponding variation in its properties.
1990
Reinsurance treaties defined as generalizations of the classical largest claims reinsurance covers are investigated with respect to the associated risk, defined as the variance of the insurer’s retaining total claims amount. Instead of the unhandy variance corresponding handier asymptotic expressions are used. With these an asymptotic efficiency measure for comparing two such reinsurance covers is defined.
1990
Adequate servicing carrier allowances are critical to the success of residual market pooling mechanisms, as they help to attract and maintain a sufficient supply of servicing carrier capacity. Regulators, legislators, servicing and non-servicing pool members, and other interested parties need to understand the expenses and general operations of servicing carriers so that their experience can be properly evaluated.
1990
A lucid, reader-friendly, and artful presentation, advocacy at its best.
Fireman's Fund proposes a Risk-Compensated Discounted Cash Flow method for reviewing proposed rates in accordance with Proposition 103. This Risk-Compensated Discounted Cash Flow method determines a rate for each line of business by discounting the cash flows of the policies under consideration to a present value.
1990
In this paper, the won-lost record of baseball teams will be used to examine and illustrate credibility concepts. This illustrative example is analogous to the use of experience rating in insurance. It provides supplementary reading material for students who are studying credibility theory. This example illustrates a situation where the phenomenon of shifting parameters over time has a very significant impact.
1990
Included in the 1963 Proceedings is the paper "Rating by Layer of Insurance", by Ruth Saltzmann. In her paper, Salzmann examines the relationship between homeowners fire losses and the corresponding amount of insurance. Using 1960 accident year data from INA, each homeowner fire claim was rationed to the amount of insurance on the policy affording the coverage.
1990
The paper presents a theoretical framework for the valuation of a general insurance company to actuaries, but also aims to provide reference work for non-actuarial users of appraised values. It distinguishes between the price that may be paid for an insurance operation from what may be called the economic or appraised value.
1990
A cash flow model is proposed as a way of analysing uncertainty in the future development of a general insurance company. The company is modelled alongside the market in aggregate so that the impact of changes in premium rates relative to the market can be assessed. An extensive computer model is developed along these lines, intended for use in practical applications by actuaries advising the management of genera1 insurance companies.
1990
Over the last several years, many changes have been made in ratemaking procedures for premises and operations. In this paper, these changes are described in the context of a complete premises and operations review. A detailed explanation of each step of the procedure, along with sample calculations, is provided. Special note is made of major changes that have taken place in the last 9 years, and reasons for these changes are discussed.
1990
It is a genuine pleasure to be here with you today. In late 1985, I accepted new responsibilities at Continental that effectively removed me from day-to-day contact with my actuarial colleagues. In my new job, I found myself attending a different set of industry meetings and missing virtually all of the contacts I had previously enjoyed with my fellow actuaries.
1990
Underwriting cycles, with their wide and puzzling swings in premiums and profitability, challenge the pricing actuary to knowledgeably adapt rates to market realities. Understanding the forces behind insurance price fluctuations is the precursor to adeptly predicting future market movements.
Analysts often ascribe underwriting cycles to actuarial rate making procedures, underwriting philosophy, or interest rate volatility.
1990
Chapter headings:
Measurement, Allocation, and Uses of Surplus
Insurer Solvency Issues
Risk Theory
Planning and Forecasting
Data Sources
1990
Chapter headings:
Measurement, Allocation, and Uses of Surplus
Insurer Solvency Issues
Risk Theory
Planning and Forecasting
Data Sources
1990
Classification ratemaking represents an important role of most actuaries. In order to increase stability when analyzing class
relativities it is customary to combine the premium and loss experience of several years as well as from more than one state. This paper examines the possible distortions that may be introduced when such combinations are made. Two scaling factors are presented which address the distortion that has been detected.
1990
Medical Malpractice, Experience Rating, Exposure Bases
1990
This paper examines the cross-sectional pricing equation of the APT using the elements of eigenvectors and the maximum likelihood factor loadings of the covariance matrix of returns as measures of risk.
1990
An alternative expression for the coefficients in the rum probability for the classical rum model with translated combination of exponential claims is derived.
Keywords: Probability of ruin, translated combination of exponentials
