Browse Research
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1977
Many ratemaking problems accompany the expansion of an insurance company into a new line of business. Not the least of these is the problem of accounting for the distortion in on-level factors created by a rapidly expanding exposure base.
1977
There are two phases of difficulties in estimating a claims distribution. If we are going to estimate the claims distribution as accurately as possible, we should gather considerably long terms statistics. While economical and social environment will change. As a result the statistics gathered should be amended by a kind of trend value. One of difficulties here is the estimation of that trend value.
1977
This paper presents the mathematical foundations of the pricing of increased limits and excess of loss coverage. The paper will attempt to tie together the various aspects of this area of insurance pricing in a logical, straightforward manner by means of a mathematical model. It is hoped that this model will be helpful in making pricing judgments or evaluating such judgments.
1977
While specific guidelines for reserve adequacy testing may be established and specific examples of an actuarial approach to the testing of loss reserves may be offered for particular situations, loss reserving cannot be reduced to a purely mechanical process or to a “cookbook” of rules and methods.
1977
Bob Miccolis has presented a paper which discusses the mathematical theory underlying many aspects of increased limits ratemaking. Committees and staff of Insurance Services Office have put much of this theory into practice in reviewing increased limits loss experience. In so doing, practical problems have arisen and interim solutions developed pending further study. Some of these problems and solutions comprise this discussion.
1977
One of the most important properties of a distribution function is that it fits the data well enough for the decision-makers' or analysts' purposes. The statisticians' problem is to select a specific form for the distribution function and to determine its parameters from the available data.
1977
Japan is not only a well-known earthquake prone country, but also a land very liable to damage by windstorm, flood, tidal wave
and highwater. Especially, it is visited every year by typhoons or tropical cyclones. These occur during the period from early summer to autumn with accompanying heavy rains, and severe damage is often suffered. Most of the serious disasters result from the following causes.
1977
In reference [I]-Dr. G. C. Taylor has described a useful advance in the techniques available for verification of outstanding claims estimates when the data provided is the cohort development of numbers and amounts of claims. In this note it is assumed that the numbers relate to settled claims and that the amounts relate to claim payments, so there is an implicit assumption that the
pattern of partial payments is constant.
1977
Frank Harwayne’s paper, "Use of National Experience Indications in Workers’ Compensation Classification Ratemaking," shows the application of some practical actuarial science to the solution of a lingering problem. The problem: because of low credibility, the rates for some classifications in certain states did not seem to be at, or likely to reach, a reasonable level.
1977
Frank Harwayne’s paper, which describes the methodology adopted by the National Council on Compensation Insurance with respect to the use of national experience indications, quite properly presupposes a fairly close familiarity with the structure of the Workers’ Compensation ratemaking process.
1977
In this paper, the establishment of a new insurance organization, the International Insurance Fund (IIF), is proposed. This organization should undertake to deal with extra-hazard risks which are beyond the capacity" of both the commercial insurance industry and national governments. It is proposed that the IIF be designed along the basic lines of the International Monetary Fund (IMF) and its sister organizations.
1977
The study and analysis of the various factors influencing insurance risks constitutes an intricate and usually quite extensive problem. We have to consider on the one hand the nature and heterogeneity of the elements we have been able to measure, and on the other the problem of deciding without knowing exactly what results to expect on the types of analysis to carry out.
1977
The question of large claims in insurance is, evidently, a very important one, chiefly if we consider it in relation with reinsurance. To a statistician it seems that it can be approached, essentially, in two different ways.
1977
Astin is formally twenty years old, or should I say young, and the occasion of the I3th Colloquium being held in the country where it was constituted seems a very suitable opportunity for making a record of the ten years prior to its formal constitution.
1977
1977
This paper is concerned with the valuation of multiperiod cash flows in a world where prices are determined according to the Sharpe-Lintner-Black model of capital market equilibrium. We find that the current market value of any future net cash flow is the current expected value of the flow discounted at risk-adjusted discount rates for each of the periods until the flow is realized.
1977
Stop Loss reinsurance has attracted the interest of ASTIN members for years. May I recall the paper of Borch [I] in which
he demonstrates some optimality qualities of the stop loss reinsurance from the ceding company's point of view, the contribution of Kahn [2] and the paper of Pesonen [3]. I also mention the paper of Esscher [4] and Verbeek's contribution [5]- Going back to the pre-ASTIN days we find a papel of Dubois [6].
1977
Credibility/Exposure Bases
1977
Reinsurance Research - Loss Distributions, Size of
1977
One of the basic problems in life is: Given information (from the past), make decisions (that will affect the future). One of the classical actuarial examples is the adaptive ratemaking (or credibility) procedures ; here the premium of a given risk is sequentially adjusted, taking into account the claims experience available when the decisions are made.
1977
This note is an attempt to put the problems referring to the reserves for outstanding claims into a simple understandable form in order to facilitate the discussion of the difficult questions. In that purpose I have taken up some of Harold Bohman's ideas of the subject *). I find it convenient to start with the simplest case where the liability consists of index-regulated payments at fixed epochs.
