Browse Research
Viewing 6401 to 6425 of 7690 results
1967
Professor Ferrari's paper sets forth an interesting application of the Markowitz investment model to the problems of portfolio diversification among a number of lines of property-liability insurance. Apart from certain theoretical difficulties noted below, the paper makes several practical contributions. It helps to eliminate the confusion in property-liability insurance over the concepts of risk and return.
1967
The Ferrari paper is one of the most significant papers we have had in the Casualty Actuarial Society Proceedings. It will stand as a landmark to be referred to many, many times in the future by researchers and actuaries alike.
1967
Although unnecessary assumptions are something we all try to avoid, advice on how to do so is much harder to come by than admonition. The most widely quoted dictum on the subject, often referred to by writers on philosophy as "Ockham's razor" and attributed generally to William of Ockham, states Entia non sunt multiplicanda praeter necessitatem (Entities are not to be multiplied without necessity).
1967
Like the American Indian, with his intangible political status, the reciprocals constitute a quasi-separate segment of the insurance industry whose corporate legal status is neither fully defined nor definable, representing a peculiarity not uncommon in the American way of doing things. In fact, in chapter 1, Dr. Reinmuth does state that reciprocals are indeed typically and exclusively American in origin and existence.
1967
Two problems arise out of the use of the method of least squares for determining an average claim cost trend line. First, a single odd point in the data has an excessive influence on the fitted line, and second, the oldest and newest points are given excessive weight relative to intermediate points, which may result in an inordinately large change in slope when a new point is added to the data and the oldest is deleted.
1967
Under Subject 4 at this Congress we have discussed the practical application of modern statistical techniques in different branches of insurance. During the last decades, there has been an almost explosive development in theoretical statistics and related branches of mathematics. I think it has been very useful to survey the techniques, which have been developed, and find out if they can be used in insurance.
1967
The response to the invitation for the 5th Colloquium has been, especially for subject I, very gratifying; a large number of meritorious papers have been sent in. Fortunately, it took not much time in this case to find a good guide for all this work. R. E. Beard presents in his article "Some Actuarial Aspects of Non-Life Insurance Company Management" 1) a broad cross-section of the many problems that confront the non-life insurer.
1967
Professor Ferrari's paper is scholarly, well-written, interesting, and, not least, courageous. The author is welcomed to the Society as an Associate at the November meeting, but his paper was presented to the Society in May by
1967
The recent financial literature contains numerous applications of portfolio selection that generally attempt to develop optimal diversification strategies and (perhaps inappropriately) 1 to gauge investment performance. Most of these efforts, however, have been limited to common stock portfolios mainly because equity price movements provide a convenient input to investment models that measure risk by variability of return.
1967
Professor Ferrari's paper is a thought-provoking one and well worth the reading. However, as is the case with treatises presenting basic concepts, its chief value lies not in its immediate applicability to the solution of problems but in the broad idea it suggests.
1967
The author is gratified that his paper on portfolio selection inspired comment by four reviewers of considerable stature in the insurance industry. The large body of literature on portfolio selection is no longer void of an application to the property and liability insurance business and the dialogue contained in the reviews is a welcome supplement to the original effort.
1967
Reinsurance Research - Outward Program Design
1967
The purpose of this paper is to describe a technical procedure, which enables one to compute values of the generalized Poisson distribution function, with an accuracy considered sufficient for insurance companies and with satisfactory speed. The procedure requires a fast medium sized computer.
1967
Dr. Hartman's book is well organized, well written, and should be useful to students of insurance. The scope of the book goes far beyond the subject matter suggested by its title. Ironically, the author devotes most of his talent to the events leading up to the current state of the art of Homeowners ratemaking, but his description of the procedures now in use is the weakest part of his book.
1967
The author presents an interesting discussion and defense of the hypothesis in fire insurance bureau rate making that, "For rate adequacy, we must limit the data to the experience of stock companies, as otherwise they will not, on the average, experience the underwriting profit assumed in the rating formula."
1967
I greatly appreciate Mr. DuRose's careful review of my paper on profit in fire bureau rates. This is an important subject and Mr. DuRose's comments call for a considered reply.
1967
Mr. Bailey's provocative and interesting paper on underwriting profit from investments lends itself to five areas of discussion:
1967
Investment income has long been recognized by the insurance business when determining insurance premiums. In the property and liability segment of the business, investment income has been taken into account by depressing
1967
Bob Bailey's timely and thought-provoking paper is an important actuarial contribution to the perennial and occasionally emotional debate on whether, and to what extent, investment income should be included in ratemaking. Bob's paper is one of the few discussions of this topic to contribute more light than heat to the controversy.
1967
Mr. Bailey is to be congratulated for bringing this timely and important subject of underwriting profit from investments before the Society. He has succeeded in pointing out the many facets of this complex subject, and he has avoided many of the pitfalls that less sophisticated commentators have fallen into. He has, for example, distinguished between policyholder and stockholder funds, even in the case of mutuals.
1967
Mr. Bailey states his hope that his "suggestions and data will contribute to a better understanding of the problems and possible answers regarding how much underwriting profit is realized from investments." He develops his definitions of investment income, invested assets, and "the stockholders'
1967
The inclusion of investment income in the ratemaking process for the casualty lines is a subject which is difficult to consider objectively. An individual's sentiment on the subject seems to depend upon which half of the facts he chooses to rely. Each of us has heard good arguments both pro and con. It is true, of course, that the carriers do have a source of income in addition to the premiums being charged.
1967
The reviewers have discussed many facets of the subject and have made many helpful suggestions. This is clearly a controversial subject and difficult to discuss without getting involved in the political aspects of it.
1967
Investment income has long been recognized in making rates for life insurance and perpetual fire insurance. Investment income is also recognized in dividend formulas for group accident and health insurance but, with rare exceptions, no formal recognition of underwriting income from investments has been made in fire and casualty insurance.
1967
Ruth Saizmann's paper suggests improvements to Schedule P "which are practical and feasible at the present time." With this limitation of subject
