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The insurance industry currently discusses to which extent they can integrate an illiquidity premium into their best estimate considerations of insurance liabilities. The present position paper studies this question from an actuarial perspective that is based on marketconsistent valuation. We conclude that mathematical theory does not allow for discounting insurance liabilities with an illiquidity spread.
We argue against the use of an illiquidity premium based on our understanding of market consistent valuation.
Purpose - This paper examines a new insurance policy against natural catastrophes. This paper proves the market for insurance could grow with a combination of participating contracts and market-based instruments. The first cover individual risks while the second cover systematic risks. Design/methodology/approach - We propose an optimisation model, which involves both the insurer and the farmer.
