Browse Research
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1973
In their paper “Underwriting Individual Drivers: A Sequential Approach,” Cozzolino and Freifelder have formulated a model of an aspect of the underwriting process. Like any mathematical model, it is an abstraction of reality and must omit many details of the actual process.
1973
Two events that occurred in November 1969 stick in my mind. The University of Michigan football team upset the Ohio State team to become Big Ten champions and the Casualty Actuarial Society and the Society of Actuaries co-sponsored a research seminar based on the decision analysis work of Howard Raiffa and Robert Schlaifer.
1973
Ohhn [7] showed optimality properties of Stop Loss reinsurance when the ceding insurer uses a continuous loss function to evaluate his risks. We generalize this property to the range of the distribution; we then show that Stop Loss reinsurance is no longer the best form when the company uses a percentile parameter.
1973
In this paper the authors remind of the known formulas for the double Laplacc-Sticltjes transforms of the ruin probabilities (n,l), where u is the initial risk reserve and t stands for the operational time, in the case of independent interoccurence times and claim amounts such that the interoccurrence times are identically distributed
1973
Although it is clear that Mr. Welch’s primary concern is with the experience rating plans in use in the third party lines, he has chosen to use as one main vehicle for his discussion the no-split workmen’s compensation experience rating plan of Pennsylvania. This then allows him to compare and contrast the workmen’s compensation experience rating plan with the other plans.
1973
Mr. Strug is to be commended for his fine effort in handling a very difficult reinsurance problem.
1973
I concur with Mr. Stevens’ comment that the formula as it appears in the paper is somewhat overburdened with numerous variables. Most of these variables were introduced to represent those monetary elements which could affect the operating results of the Dental Plan.
1973
Miss Salzmann in this paper has pinpointed an area of need that has been only partially met- that of providing regulatory authorities with a simple yardstick for evaluating the level of loss and loss expense liabilities. She proposes another and admittedly better yardstick but readily concedes its fallibility and notes some of its limitations.
1973
Upon first reading Mr. Wade’s paper, “Expense Analysis in Ratemaking and Pricing,” 1 was not overly impressed with its content. I felt the paper to be mainly of referential value. The “constant percentage loading” and “use of expense constant” approaches to ratemaking are not unfamiliar to the actuary.
1973
While the title of Roger Wade’s paper, “Expense Analysis in Ratemaking and Pricing”, may suggest a narrow discussion of various techniques for developing final premiums from pure premiums, Mr. Wade, explicitly or implicitly, covers a wide range of expense allocation problems with a very few words.
1973
What was not so obvious, however, was the subtle questioning of whether companies using their same old traditional methods are allocating expenses in the best manner and whether advantages would accrue to the company that was able to refine its procedures beyond those of its competitors.
1973
This paper analyses the traditional method of including non-loss expenses in property-liability insurance ratemaking processes and makes several suggestions concerning procedures for including expenses in profitability analyses and planning activities.
1973
It is difficult to imagine that anyone with a just appreciation for historical facts is likely to be much influenced by those who would summarily dismiss all that has gone before in the fire insurance field as the workings of an industry, hide-bound in its conservatism, devoted to the past, and inflicted with a never-ending infancy.
1973
The rapid economic growth in the last decade and the fierce competition have forced industry to raise its output, to develop new manufacturing methods and, where possible, to lower the fixed costs per unit of output. Consequently bigger factories and warehouses have been and are being built. Furthermore increasing labor costs have speeded up rationalization and the introduction of efficient machinery.
1973
Mr. Resony has presented an interesting method for determining the allocated loss expense reserve and his work displays a good deal of ingenuity. Furthermore, I suspect that, at least for him, the method’ works. There are some parts of his formula which, 1 think, fall short of the ideal and which might be considered for modification or, as suggested later in this review, for which an alternative approach might have merit.
1973
Once again Mr. Simon favors the Proceedings with a new direction that should receive significant attention in the future. The importance of maintaining logical consistency among various reinsurance alternatives can hardly escape either the reinsurer of the reinsured.
1973
First, let me commend Mr. Simon on a thought provoking paper in an area which has received very little attention in our Proceedings.
When first asked to review this paper, 1 was something less than enthusiastic. I had initially expected the paper to present a methodology for pricing catastrophe reinsurance treaties and, in this context, it did not seem particularly remarkable that Mr.
1973
Mr. Simon has written an interesting paper which reveals itself to be more a collection of ingenious manipulations of assumed relationships than a set of directions for calculating catastrophe reinsurance premiums.
The key sentence is in Section 2.
1973
Actuarial literature is filled with technical studies of varying complexity, but few of these emphasize the importance of consistency in the actuary’s work. On the life insurance side, few actuaries would directly recognize that consistency in the results is perhaps the most important reason for using the traditional life insurance actuarial model.
1973
Adaptive decision models have been used with great success in many fields. This paper shows the value of the adaptive approach in underwriting individual automobile risks. Dropkin’s model of the accident process serves as the basis by which adaptive and non-adaptive decisions are compared.
1972
Natural hazards--floods, hurricanes, tornadoes, earthquakes, windstorms and hailstorms--cause considerable property damage in various parts of the world. In the United States, average annual damage resulting from these hazards is increasing rapidly. A large percentage of the damages occur as a result of infrequent, but severe, geophysical events (individual storms or earthquakes).
1972
Interest rates are now at historically high levels, and, as a result, the range of interest rates that responsible actuaries are assuming for the future has widened dramatically. Ten years ago an assumption of 4.5 per cent for nonparticipating rate calculations was a average high assumption compared with the previous twenty-five years' earnings.
