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1915
The laws of the various states, relating to liability and workmen's compensation insurance, are crude in the extreme when viewed from a logical and scientific viewpoint. Even more crude are the plans advanced by some of our able actuaries. What we lack more than anything else is a standard, legalized, accident table by which we can measure the expected cost and determine the proper reserves regardless of the premiums collected.
1915
When I was invited by your committee on program to address you on my subject I hesitated for some time to accept the invitation because I felt as a layman in appearing before you specialists concerning a matter which has occupied your professional talents for many years.
1915
Mr. Mowbray in this paper discusses the application of the Gaussian Normal Curve--or as he prefers to call it--the " Law of Error" to the test of pure premiums in compensation rates.
1915
It has been held by many underwriters that classifications and rates for workmen's compensation insurance should apply only to industries as a whole, and that each risk should be written at a single rate, representing as accurately as possible, the average cost of carrying the insurance for that particular industry.
1915
The necessity of some system of cost accounting in casualty insurance catches the attention of all who look even superficially at the accounting and statistical exhibits of organizations in the field of casualty science. No study is necessary to make this need impressive, a quick glance, a bird's-eye view portrays the condition.
1915
Burglary Insurance in various forms has been written in the United States for approximately twenty years. During the year 1894 there was only one burglary insurance company operating in this country, and that company insured banks only. The volume of premiums for that year amounted to $48,360 and the losses to $5,930.
1915
Actual statistics relating to the cost of workmen's compensation claims in the United States are up to the present difficult to obtain. For this reason it is thought that some analysis of the 10,307 accidents reported to the New York State Insurance fund during the year ended June 30, 1915, the first year of the operation of the act, may not be without interest to the members of this Society.
1915
In one of my addresses before this Society, I had occasion to point out the difficulty of defining the province of actuarial science and my own preference for as broad a definition as possible, which would cover the entire domain of insurance science.
1914
The death benefits of the various compensation laws effective in the United States may be classified as follows: I. Benefits limited as to the sum total of compensation payments. II. Pensions limited in duration to a stipulated period. III. Pensions ceasing at the death of the beneficiary,--and, in case of certain classes of pensioners, terminating also either when the beneficiary attains a certain age, or when he remarries.
1914
Theoretically the problem of compensation rates does not differ from that of rates in many other forms of insurance. The formula for premiums in any classification appears as [formula] any loading for commissions and expenses agreed upon or found necessary. There is only one difficulty about this formula--we do not know the numerator of this fraction, under which condition it is not quite an easy matter to compute its value.
1914
The answer to this question, of fundamental importance in dealing with compensation rates, depends upon the answer to two others: (1) What are the characteristics of a dependable pure premium? (2) What factors tend to make a pure premium derived from experience undependable?
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Within the European Union, risk-based funding requirements for life in- surance companies are currently being revised as part of the Solvency II project. However, many insurers are struggling with the implementation, which is in part due to the ine±cient methods underlying their numerical computations.
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This article proposes a computer-intensive methodology to build bonus-malus scales in automobile insurance. The claim frequency model is taken from Pinquet, Guillén, and Bolancé (2001). It accounts for overdispersion, heteroskedasticity, and dependence among repeated observations. Explanatory variables are taken into account in the determination of the relativities, yiedling an integrated automobile ratemaking scheme.
