Browse Research
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1977
As we grapple with the problems of conducting non-life insurance in a world of high inflation, we should perhaps pause for a moment to look for historical analogies for our present predicament. Let us, then, look back at a distressing period many years ago in the history of the Kingdom of Carmania.
1977
The original paper with this title was published in 1968, following presentation at a Casualty Actuarial Society meeting. This is an
other update of indexes in the economic model --first report of 1976 and a forecast for 1977. These LPI indexes measure economic factors affecting loss and loss adjustment settlement costs which are incurred after claims have been reported.
1977
Earthquakes and Windstorm can range in size from small easily insurable instances up to full scale Natural Disasters. This note is
particularly concerned with the problem of forecasting, rating and insuring earthquakes and windstorm at the natural disaster end
of this scale.
1977
Japan is one of the most earthquake-prone countries in the world and a considerable volume of earthquake insurance is written
by private insurers.
1977
An inflation index is essential when constructing claim payment models from past payment data, and when projecting these results to give estimates of the provisions for outstanding claims anti of necessary premiums. This paper examines the choice of inflation indices for compulsory third party insurance in two Australian states.
1977
It seems that there are people who are prepared to accept what the numerical analyst would regard as a shockingly poor approximation to F(x, t), the distribution function of aggregate claims in the interval of time (o, t), provided it can be quickly produced on a desk or pocket computer with the use of standard statistical tables.
1977
Many studies concerning the frequency of claims by size in health insurance are not generally known *). A possible explanation of this circumstance could be the fact that in most countries this line of insurance has been brought entirely within the ambit of social insurance. Also from the side of the social insurance very few investigations have been published **).
1977
Mr. Harwayne’s paper describes the new procedure for developing Excess Loss Premium Factors (ELPF’s ). In addition he mentions two portions of the old method not adopted until after Dunbar Uhthoff’ wrote his paper. These are: (a) the use of the 1.6 development factor; and (b) the spreading of the average ELPF over the Hazard Groups through the use of Hazard Group differentials. Mr.
1977
As Frank Harwayne aptly stated, there have been forces at work in compensation insurance which forced a review of the dollar distribution of losses by size of claim's used to calculate excess loss premium factors for the retrospective rating plan. It should be understandable that inflation alone would not cause the tables developed by Mr. Dunbar Uhthoff to become inaccurate. Mr.
1977
The use of national experience indications in workers’ compensation insurance classification ratemaking is more familiarly known as small credibility ratemaking. It is a response to a current need and one which is closely akin to processes used during the early days of workers’ compensation insurance classification ratemaking.
1977
This paper is concerned with the valuation of multiperiod cash flows ina 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-adjused discount rates for each of the periods until the flow is realized.
1977
A series of laboratory studies of insurance decision making shows that people buy more insurance against events having a moderately high probability of inflicting a relatively small loss than against low-proba- bility, high-loss events. Two explanations are discussed, both contrary to traditional utility theory. One postulates a utility function convex over losses.
1976
Mr. Kallop mentions that in the ratemaking procedures utilized by independent bureaus, there are minor variations from the National Council procedures presented in his paper. In New York, there are three differences worth mentioning:
1976
The essence of a sound actuarial ratemaking procedure is a balanced intelligent appraisal of all pertinent information leading to a best estimate of future occurrences translated into unit costs. This suggests that a necessary and important element in the ratemaking process is the continuous evaluation of methods and data bases as they relate to the forces affecting losses and expenses.
1976
Actuaries generally predict the ultimate cost of a partially paid accident year from the pattern of earlier accident years’ payments. But this procedure ignores the development pattern of the current year itself. McClenahan’s paper utilizes each year’s development pattern by means of certain assumptions concerning the rates of payment, growth, and inflation; the result is a well-defined mathematical model which can serve several useful functions.
