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1983
LOB-Mortgage Insurance
1983
My paper points out that, in spite of voluminous readings in the Society of Actuaries literature, our Proceedings do not deal with this subject at all. The reviews by Mr. Lowe and by Messrs. Rothman and Deutsch have added significantly to the discussion, and subsequently to my deeper understanding of the underlying interrelationships affecting company valuations. My paper is largely a synthesis of classical life literature.
1983
This paper proposes a new version of the collective risk model that allows for uncertainty in selecting the expected number of claims and the claim severity distribution. We provide two different methods of estimating the parameters of this model. It is demonstrated by computer simulation that one must combine the experience of several insureds in order to accurately quantify parameter uncertainty.
1982
This FAS Statement establishes financial accounting and reporting standards (GAAP) for insurance enterprises other than mutual life insurance enterprises, assessment enterprises and fraternal benefit societies. The Statement provides definitions required to classify insurance contracts as short-duration or long-duration.
1982
Taylor (1981) introduces the See-Saw (SS) model for claims reserving in order to make allowance for speed of finalization.
1982
We shall define a mutual insurance firm as a firm whose stockholders are the bearers of the insurance contracts issued by the firm. The firm's insurance is then viewed as a collective process of say N persons seeking to protect themselves against claims that may occur to any one of them. For example, large employers protecting their employees by pooling risk and deducting for protection given amounts from salaries may be a case in point.
1982
One of the central problems in risk theory is the calculation of the distribution function F of aggregate claims of a portfolio. Whereas formerly mainly approximation methods could be used, nowadays the increased speed for the computers allows application of iterative methods of numerical mathematics. Nevertheless some of the classical approximation methods are still of some interest, especially a method developed by Esscher.
1982
The purpose of this paper is to examine the process by which underwriting decisions are generally made in insurance companies today and to propose an alternative methodology for making such decisions that will encompass concepts of capacity, survival, and stability.
In insurance companies, a decision to underwrite a given risk is frequently made within a given line of business.
1982
This paper describes the depopulation credits that are available in the private passenger auto residual market plans of many states and develops two models that can be used by an insurer to optimize the use of those credits. Each model represents an extreme case, with the real world falling somewhere between the two extremes.
1982
I would like to congratulate the author for his valuable contribution to our knowledge of credibility. The expanded discussion f the Hewitt examples and the figures in the first part of the paper are instructive and easy to understand. The purpose of my discussion is to expand upon some of the ideas raised in Mr. Phihbrick's paper. None of my ideas are new.
1982
The primary business of the insurance industry is insurance underwriting. The insurance business is also engaged in the investment of funds generated by its underwriting activity as well as the capital and surplus. Thus, the operating results of insurers are affected by two components: underwriting results and investments returns. Historically, both of these components have been negatively correlated with the rate of inflation.
1982
One important use of calendar year loss rations is in the determination of rate changes. Two basic methods exist for calculating calendar year loss ratios. They are the standard calendar year loss ratio and the calendar year loss ratio by policy year contribution.
1982
This is an account of the analytical work that eventuated in the table of the title. The problem and the available data are described, and several aspects of the analysis are dealt with in detail: historical studies of the data, the parametric
model used to fit the data, the trend analysis that led to the final parameter values, and the population averaging carried out to fit the NCCI age distribution for claimants.
1982
"The 1979 NCCI Remarriage Table" is a concise account of the construction of the remarriage table itself and corresponding revisions of the Unit Statistical Plan. The article is rich in actuarial concepts and sophisticated techniques. It is straightforward and well organized in its presentation of the extensive work underlying the 1979 NCCI Remarriage Table.
1982
Profit Factor/Rate of Return/Risk
1982
Ex/Ind. Risk Rating Plans/LOB-Workers Comp
1982
The valuation of property/casualty insurance companies is a topic that has been neglected in the actuarial, financial, and economic communities. As Mr. Sturgis points out, there has been a notable increase in property/casualty insurance company acquisition and merger activity. Hence, his paper represents a needed and timely addition to the existing body of literature, and we hope that it provides the impetus for further research in this area.
