Browse Research
Viewing 3051 to 3075 of 7695 results
2002
The Actuarial Standard of Practice No. 36 has highlighted several issues which have been implicitly cons/dared by property/casualty actuaries for years. For the first time, the types of statements of actuarial opinion have been standardized and listed for categorization by property/casualty actuaries. However, many other areas which the actuary needs to be familiar with are not documented in standard actuarial literature.
2002
This paper presents a possible vision for the treatment of property/casualty and other related risks in a converging financial-services marketplace. While each market-generated development is not equally probable, substantial change is likely.
To succeed in the coming decades, actuaries - like their employers - will have to meet changing marketplace needs.
2002
The Low Income Housing Tax Credit Program (LIHTC) was created by the Tax Reform Act of 1986 and was first utilized by the real estate development community during 1987. Section 42 of the Internal Revenue Code (IRC s. 42), as amended, is the federal law that governs the LIHTC Program. Each year the IRS allocates tax credits to each state based on population as defined in IRC s. 42.
2002
Actuaries who want to model correlated joint distributions have a choice of quite a few copulas, but little basis for choosing one over another. Methods are provided here to describe the features of different copulas, so that more informed choices can be made. Copulas differ not so much in the degree of association they provide, but rather in which part of the distributions the association is strongest.
2002
A fundamental aspect of insurance ratemaking is the calculation of the indicated rate level change for a segment of an insurer’s book of business. The indicated rate level change is simply the difference between the current rate level and the indicated rate level. So how do we determine the indicated rate level?
2002
It is well known that the total profit generated from an insurance product is fixed (unless the accounting system affects the product management), but the incidence of reported profit varies depending on the accounting system used and the way that assumptions are set and reset.
2002
Segregated funds have become an extremely popular Canadian investment vehicle. These instruments provide long-term maturity guarantees and often include complex option features. One controversial aspect is the reset feature, which provides the ability to lock in market gains. Recently, regulators have announced that firms offering these products will be subject to new capital requirements.
2002
Statutory capital requirements for insurers exist in several jurisdictions. They are generally formula-based and do not reflect the specific nature of a company’s asset or liability portfolio. Capital requirements for banks in the developed countries follow the Basel Capital Accord. In certain
circumstances, the Accord permits the use of internal models to determine portions of a bank’s required capital.
2002
The demands that financial reporting of insurance companies present to actuaries are great and growing. With the prospects of change in the rules for financial reporting becoming more likely and insurance products becoming more complex, it is desirable to examine the evolving roles of the actuary and the actuarial profession. This paper describes these changes and the value that actuaries bring to financial reporting.
2002
This paper briefly examines some trends that could affect future financial reporting for insurance companies and will explore some of the fundamental issues being discussed. Topics covered include: what needs to be fixed at the national and international level, the factors that contribute to the changes, evaluation of a new or enhanced financial reporting system, and the big issues in financial reporting of insurance.
2002
This paper compares performance measurement under fair value accounting vs. U.S. GAAP accounting. As illustrated in the paper, the main difference between fair value accounting and U.S. GAAP accounting lies in the treatment of gains and losses on both assets and liabilities. Fair value accounting would report all gains and losses on both assets and liabilities in the period in which they arise. U.S.
2002
This paper deals with the prediction of the amount of outstanding automobile claims that an insurance company will pay in the near future. We consider various competing models using Bayesian theory and Markov chain Monte Carlo methods. Claim counts are used to add a further hierarchical stage in the model with log-normally distributed claim amounts and its corresponding state space version.
2002
The systems' approach to planning fails take into account the political and social aspects of organizational life, such as power struggles, conflict and culture. The network, domain and field processes emerge as complementary paradigms to address these issues.
Organizational planning occurs in a complex environment where divergent and antagonistic points of view need to be reconciled if the organization is to have a common direction.
2002
We employ the Cox process (or a doubly stochastic Poisson process) to model the claim arrival process for common events. The shot noise process is used for the claim intensity function within the Cox process. The Cox process with shot noise intensity is examined by piecewise deterministic Markov processes theory. Since the claim intensity is not observable we employ state estimation on the basis of the number of claims i.e.
2002
In this paper, we deal with the problem of taking account of large claims in rate making procedure. Both Generalised Linear Models and Extreme Value Theory are applied in order to build a model to evaluate the fair premiums in a tariff system.
2002
-Forces of Change at the start of the 21st Century-
• 9/11 did not create the hard market, but consolidated an existing upward trend in pricing and terms which had been necessary and evident for some time.
2002
Following the axiomatic approach to measures of statistical quantities initiated by van Zwet (1964) and developed by several other authors, we present a general axiomatic system for the measure of the quantities risk and price.
2002
The problem of the presence and absence of arbitrage conditions on the three types of (B,S)- market is considered in this paper. In the first case when (B,S)- market is defined by the fractional stock, the absence of martingale measure is proved.
2002
The effect of including financial risk in actuarial reserve calculation is investigated. It is demonstrated that the requirements are quite sensitive towards the investment profile.
PowerPoint Presentation
2002
This is not a typical actuarial paper; there are no formulas or tables of numbers. Its goal is to present to an international audience an overview of the process unique to insurance M&A, and the role of the actuary in it. While much of this paper is written from the seller’s perspective, it is equally applicable to an investors point of view. In addition to being addressed to the practicing actuary, intended audiences include:
2002
This paper is a summary of the appliance of the Arch models in the selection of as best Portfolio.
2002
Dynamic Financial Analysis (DFA) represents a new area of study for insurance researchers, an area requiring new tools and new expertise. The need for DFA developed as the financial world became a more risky place, a trend that started in the 1970s when foreign exchange rates and interest rates became more volatile.
2002
The main objective of this paper is to show how the use of actuarial models and techniques may make a significant contribution when pricing reinsurance.
2002
In this paper we consider a risk model having two disjoint classes of insurance business. Correlation may exist among the two claim number processes. Claim occurrences of both classes relate to Poisson and Erlang processes. We derive general solutions to the ultimate survival (ruin) probabilities for some risk processes generated from the assumed model when the claim sizes are exponentially distributed.
