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1962
The primary objective of this Society is the promotion of actuarial and statistical science. The furthering of any science, including our own, requires not only the discovery of new facts, new theoretical utilizations of formulas, and the exploration of new areas, but also requires the effective communication and transmittal of the results of such research. An aspect which, unfortunately, can too often be overlooked.
1962
We are favored to receive this bibliography on the negative binomial distribution, all the more so for its concise resumes and evaluations of references. The value of this work is much enhanced by the authors well conceived selectivity in choice of entries since so many discussions have been published on this distribution and on the related subject of accident proneness.
1962
I had hoped that somebody would write a paper on this subject to put together a coherent, chronological record of the chain of the many events involved in the development and growth of the Homeowners policy, thus providing a convenient, informative reference for the person with a casual or minimum knowledge of the subject and also the person who may have actually played a part in the shaping of this history but who needs a knowledge of collateral
1962
In summarizing his study "Size, Strength and Profit" Mr. Simon stated, "Within the limits of the study, we find that no meaningful relationship exists between the premium size of a company and its profitability or between the premium size of a company and its strength as measured by the ratio of surplus to net premiums written."
1962
Mr. Simon's paper is indeed thought-provoking and raises many questions for further study. His study of the relationship between size, strength and profit is thorough and is based on data painstakingly compiled in such a way as to eliminate the many shortcomings that so often characterize the data used in studies of profit by size of company.
1962
It has seemed almost axiomatic in America that the bigger something is, the better it is. There is a natural association of big with strong and of small with weak. This has permeated our way of life to such an extent that we often accept the conclusion without consideration of the conditions surrounding the specific situation.
1962
We have printed the foregoing paper by Mr. Munden as submitted because we think that the detailed analysis will be of interest to all who have interests in the field of motor insurance rating.
1962
Mr. Simon has been a leading contributor to our Proceedings both in quantity and quality. It is, therefore, with some regret that 1 report that, in this reviewer's opinion, his recent work entitled "Size, Strength and Profit" falls considerably short of his other current and earlier efforts. I hasten to assure Mr. Simon's reading public that a conclusion to the effect that the author is slipping is unwarranted. In this paper Mr.
1962
The Ministry of Social Affairs, which acts i.a. as the supervising office in Finland, has given instructions regarding the normal reserves of insurance companies. A summary of these and some comments are given here as far as they concern motor vehicle insurance. The instructions as far as they concern the subject referred to in the following in the items 2-6, 9 and IO, were compiled by a committee, presided over by Mr. I. Ketola, M.
1962
Actuaries of Polish National Insurance are in the happy position that they have at their disposal a wealth of complete statistics which permits study of the level of chance damage (the loss-rate) and its elements such as frequency of occurrence, spread, intensity, etc. This welcomed situation stems from the fact that in Poland there is general insurance in certain sectors of the national economy.
1962
The need and extent of reinsurance of third party motor insurance depends fundamentally on the risk limits prescribed in the legislation of the country in question (and on the other hand the legal limits of the compulsory insurance may have been fixed with regard to the reasonable possibilities of the insurers getting reinsurance). There are two kinds of risk limits which are applied in different countries: total limits and individual limits.
1962
In classical actuarial theory we are concerned exclusively with expected values. The net premium of an insurance contract is by definition equal to the expected value of the claim payments which will be made under the contract. Similarly the technical reserves of an insurance company are defined as the expected value of the payments to be made under all contracts in the company's portfolio.
1962
Mr. Blumenfeld's paper has presented an insight into the problems faced by a rapidly expanding health insurance industry and outlined methods for overcoming these problems. The substantial increase in medical costs coupled with the extremely rapid growth of health insurance coverage during the past few years, makes this paper very timely.
1962
There was not as much general discussion in this seminar as the chairman had hoped for, probably because the subject represented an area of insurance unfamiliar to most actuaries. However, a few actuaries who are familiar with excess insurance had been invited specifically to attend this seminar, and the Society was particularly fortunate to have as a guest at both sessions Mr.
1962
This topic invites reflection and encourages speculation. It has caused me to look back over the more than three decades I have been involved in ratemaking, compare current ratemaking techniques with those prevailing in the earlier years of this span of time and project this historical background into the probable future developments in ratemaking.
1962
The present movement toward experimentation, flexibility and diversity in rating systems in the casualty insurance field raises a question as to the future status of casualty rating organizations.
1962
In his comprehensive paper entitled "A General Survey of Problems Involved in Motor Insurance", Dr. Carl Philipson includes remarks with respect to mathematical reserves. The purpose of this paper is to discuss a method of statistical estimation of Third Party Motor Insurance claim reserves.
1962
Over the years, the contributions to the Society Proceedings on Accident and Health matters have not been in proportion to the emerging rate-making problems and to the developments of actuarial interest in this field. Mr. Kormes, however, does not share this responsibility since the paper under discussion is the second one he has authored on the general subject of coverage for catastrophic disabilities.
1962
A discussion of principles for package policy ratemaking at the present stage of package policy development will obviously produce more questions than answers. The paramount question raised in this seminar was the proper definition of a package policy.
1962
In the socialist countries, where insurance--like the other primary sectors of the national economy- has been nationalized and is conducted by a single state-owned insurance company, a whole number of actuarial problems have arisen. These are problems which either did not interest the private insurance companies or else were marginal questions for them, of no great practical importance.
1962
Discriminate analysis is an application of multivariate analysis, which may have its use in determining accident risk levels and premiums of industrial enterprises. This paper only aims to give some suggestions. The following questions will be considered.
1962
I1 found Mr. Harwayne's paper quite interesting in that, while aware of the fact that there are wide variations in actual expenses by individual company, this is the first time that I have seen, in exhibit form, average expenses by premium volume and also the range of lowest and highest.
1962
On March I0th, 1961, the majority of the Swedish Automobile Insurance Companies introduced a remarkable novelty in automobile insurance rating, a rating plan for private passenger cars partly based on a recent statistical investigation of the variation of risk with some characteristics of the driver and the vehicle. These characteristics had not until then been used for classification purposes, nor had they been studied in our current experience.
