Browse Research
Viewing 5226 to 5250 of 7690 results
1989
It has long been recognized that property/casualty insurance companies assume risk through the underwriting process and that in the course of this subject surplus to variations in financial results. This aspect of property/casualty company insurance operations has been intensively investigated over a long period. Less attention has been paid to the risks proceeding from the management of company assets.
1989
This paper takes a stochastic approach of risk and return at the company level, addressing capital markets and rate-regulatory issues.
Abstract:
This paper attempts to analyze the capital structure of an insurance company in a way that (1) views the insurance company as an ongoing enterprise and (2) allows for the stochastic nature of insurance business. A model is developed.
1989
Little has been published to date on the determination of
outstanding liabilities for unallocated loss adjustment expenses (ULAE). The only method mentioned in the literature is the calendar year paid-paid method, and upon reflection it is apparent that this method will only give good results for very short-tailed, stable lines of business.
1989
Asset-liability matching, long known to life insurers, is currently being investigated by casualty actuaries. Several crucial differences between life and non-life insurance operations require modification of traditional immunization and duration matching techniques when applied to Property/Casualty insurers.
1989
A discussion of Harold Clark's "Recent Developments in Reserving in the London Reinsurance Market."
1989
Current accounting techniques for P&C Insurance companies do not represent the real values for assets and liabilities. Discounting is now a major issue, which has been brought more to the fore with the Tax Reform Act of 1986.
1989
A basic tenet of financial theory is the competitive market's ability to establish efficient and equitable prices for financial securities. The competitive price is a fair price because it generates a rate of return to stockholders that is adequate but not excessive. To understand how competitive markets establish prices, financial theorists have developed models that mimic competitive processes.
1989
Prior to the Tax Reform Act of 1986, federal taxes did not have significant impact in cash flow valuation models - the advent of the new law has made taxation a key factor in industry's future. Also, certain attributes of the TRA of 1986 create large tax credits or debits that should be valued in a merger or acquisition decision.
1989
Facultative casualty reinsurance certificates and working layer casualty excess of loss reinsurance treaties will often provide that the primary company and its reinsurer are to share Allocated Loss Adjustment Expense (ALAE) in proportion to their respective
amounts of the indemnity loss. This works well in most cases and can be properly priced by the reinsurer and evaluated by the primary company before entering into the reinsurance contract.
1989
Opposition to the discounting of loss reserves is based on the premise that loss reserves are uncertain and insurance companies must retain additional funds in order to reduce the change of insolvency. This paper explores the explicit calculation of a risk load for discounted loss reserves.
1989
In developing an estimated price for casualty excess of loss reinsurance contracts, it is not uncommon to adjust the expected loss component of the rate to reflect the estimated value of investment income on funds held to pay outstanding loss reserves. The discount rate is generally a function of 1) a projected payment pattern for losses and loss adjustment expenses (L&LE), and 2) a specified interest rate.
1989
A competitive market does not allow arbitrage, but some premium calculation principles one might find on a standard list would create arbitrage possibilities. Three simple constraints on calculation principles are developed which end up narrowing the list considerably. Two classes of principles that do meet the constraints are discussed.
Reinsurance Research - Market Dynamics
1989
An IBNYR event is one that occurs randomly during some fixed exposure interval and incurs a random delay before it is reported. Both the rate at which such events occur and the parameters of the delay distribution are unknown random quantities.
1989
Reinsurance Research - Market Dynamics
1989
This paper presents applications of stochastic control theory in determining an insurer’s optimal reinsurance an rating policy. Optimality is defined by means of variances of such variables as underwriting result of the insurer, solvency margins of the insurer and reinsurer and the premiums paid by policyholders.
Reinsurance Research - Pricing/Contract Design
1989
The growing importance of investment performance in insurance operations, the increasing volatility in financial markets and the emergence of investment-linked insurance contracts are creating the need for actuaries to develop new skills and a greater awareness of investment performance. Hans Buhlmann recently classified actuaries that work with the investment side of insurance as actuaries of the third kind.
1989
The technique of risk invariant linear estimation from NEUHAUS (1988) has been applied in the construction of a mutual quota share reinsurance pool between the subsidiary companies of the Storebrand Insurance Company, Oslo. The paper describes the construction of the reinsurance scheme.
Reinsurance Research - Market Dynamics
1989
The technique of risk invariant linear estimation from NEUHAUS (1988) has been applied in the construction of a mutual quota share reinsurance pool between the subsidiary companies of the Storebrand Insurance Company, Oslo. The paper describes the construction of the reinsurance scheme.
