Browse Research
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1974
The retrospective rating plan of the California Inspection Rating Bureau is a tabular plan with a fixed per accident limit. In 1974, in order to bring the rating values up to date, a new table of charges was constructed.
1974
Supervision of Insurance Companies in the United Kingdom is based on the principle of ‘freedom with publicity’. For general insurance, publicity is provided through the returns required by the Insurance Companies (Accounts and Forms) Regulations 1968 (S.I. No. 1408) which was issued under the terms of the Companies Act 1967.
1974
Fisher and Lange offer a new method of testing the reserve for known claims. Like all reserve tests, the evaluation of the reserve for known claims is important for the purposes of maintaining solvency and correctly stating earnings. Furthermore, it also provides a tool for the management and control of the Claims Department. In fact, for large enough companies, this type of analysis can be applied to individual claims offices.
1974
We would like to begin our comments by thanking Mr. Skurnick for taking the time to prepare such a thoughtful review of our paper. In general, we agree with this review. The technique he suggests for organizing the data to overcome the problem of “variance” claims should have merit with many reserving techniques. It will be interesting to see what further stops will be taken to obtain data in this format.
1974
Chapter 3 described admitted assets and a few non-admitted assets. Industry practices are included, along with references to appropriate state insurance department regulations and state laws.
Chapter 10 discusses the varying rules applicable for the recording and reporting of asset valuations, sales and exchanges and investment income for individual type securities.
1974
For a number of reasons it is important /or an insurance company to estimate the claims costs of a year within the different branches of non-life insurance as soon as possible after tile end of the year. The claims cost of a year is hereby defined as the total cost, before taking reinsurance into account, of all claims generated by events that have occurred during the year.
1974
In the following, consequential losses after, fires are considered. A generalization to consequential losses after other risks is most likely rather trivial.
1974
The authors have studied the combined data on claims in fire insurance of dwelling houses reported 1958-1969 by Swedish fire insurance companies. The claims were cleared of deductibles and adjusted according to a suitable index. Only losses above the largest deductible (in real value) applied during the observation period were included.
1974
Our purpose is to introduce some models of inference for risk processes. The bayesian viewpoint is adopted and for our treatment tile concepts of exchangeability and partial exchangeability (due to B. de Finetti, [6], [17]) are essential•
1974
The Sparre Andersen model assumes that the interclaim times and the amount of claims are independent random variables, the former identically distributed according to a distribution function
1974
Quadratic programming means maximizing or minimizing a quadratic function of one or more variables subject to linear restrictions i.e. linear equations and/or inequalities. Among tile numerous insurance problems which can be formulated as quadratic programs we shall only discuss four, namely the Credibility, Retention, on, IBNR and the Cost Distribution problems.
1974
The event of an insurer undertaking to write a new line of business is not, under the most optimistic circumstances, a common occurrence.
1974
A premium calculation principle is a general rule that assigns a premium P to any given risk S. Intuitively, P is what the insurance carrier charges (apart from an expense allowance) for taking over the risk S (see [3], P. 85-87). Mathematically, S is a random variable, and 1 ) depends on S through its distribution function. The value of P may be finite or infinite; in the latter cast we speak of an uninsurable risk.
1974
The Society is indebted to Mr. Ferguson for a clear and understandable analytical disclosure of one of the arcane processes which have lead to the remarkable increases in recent excess of loss reinsurance rates. As a reinsurance buyer with no significant reinsurance actuarial experience, I feel enlightened and somewhat reassured that my reinsurance is not a rip-off.
1974
Not since the Depression of the ’30s has the country been so concerned about the state of the economy and, in particular, inflation. Everyone recognizes inflation to be the cruelest tax of all - a phenomenon that in its most virulent form can tear asunder the fabric of society. We are confronted with double digit inflation and double digit prime rates. In the words of President Ford, “Inflation is domestic enemy number one.”
1974
In 1935 the New York Insurance Department introduced the concept of special contingency funds for certain types of insurance. Such requirements had first been introduced in 1925 for mutual workmen's compensation companies. Clear, consistent principles for these funds were not stated at the time, but their purpose seems to be to provide a cushion t h a t may be used in time of serious financial difficulty.
1974
Chapter 18 reviews classical risk theory up to 1967 and argues for development of what is now known as collective risk theory. Other chapters in this collection of papers cover applications of utility theory, economic theory, and game theory to insurance, and approaches to the optimization of insurance and reinsurance contracts and programs.
1974
This paper contains little which can be considered as new. It gives a survey of results which have been presented over the last lO-15 years. At one time these results seemed very promising, but in retrospect it is doubtful if they have fulfilled the expectations they raised. In this situation it may be useful to retrace one's steps and see if problems can be reformulated or if new approaches can be found.
1974
We are coming to realize more and more each year that Homeowners ratemaking is a very complex subject. Mr. Walters has clearly illustrated this complexity in his paper on Homeowners Insurance Ratemaking. He has presented his concepts and the I.S.O. ratemaking procedures in such an excellent manner that even an uninitiated reader could follow. from step to step.
1974
There is no disagreement with the reviewers’ observation that the loss ratio method can yield the exact same answer as the pure premium method, given the same degree of statistical detail available under both. However, one of the principal advantages of the loss ratio method, namely, its simplicity of application. can he a potential drawback.
1974
Investment Income, Auto Liability, Auto Physical Damage
1974
The statistical theory of extreme values well described by Gumbel [I] has been fruitfully applied in many fields, but only in recent times has it been suggested in connection with fire insurance problems. Tim's idea originally stemmed from a consideration of the ECOMOR reinsurance treaty proposed by Thepaut [2]. Thereafter, a few papers appeared investigating the usefulness of the theory in the calculation of an excess of loss premium.
1974
A common procedure for experience rating is to use Whitney's credibility formula with the manual premium per risk unit estimated by the observed average claim amount per risk unit. As pointed out by Whitney himself, this observed average also needs to be subjected to credibility adjustment.
1974
In this paper, we are interested in a model related to a number of periods of Company's activity.
