Browse Research
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1979
Auto Liability, Auto Physical Damage, Profit Factor, Rate of Return, Risk
1979
Since that fateful day in 1967 when Irving H. Plotkin burst upon the insurance scene I, the insurance industry has been treated to an awesome swirl of new ideas, concepts and intellectual, as well as operational, challenges. Reactions have ranged from outrage that the hallowed truths of our forefathers should even be questioned, to prompt assimilation because "that's what I've been thinking all along".
1979
Beginning In the mid-1960's, Increasing regulatory and scholarly attention has been focused on the insurance rate review process with particular emphasis on the determination of fair profits for Insurance companies.
1979
Another view of profit in a free enterprise system is that profit is a reward for uncertainty and risk. Certain elements of profit are also viewed as additional premiums for risk bearing, or as compensation for aversion to risk for risky industries. It is within the framework of these three views of profit that we will consider the total return due a property/casualty insurance company.
1979
Statement of Principles Regarding Property and Casualty Loss and Loss Adjustment Expense Liabilities
The purpose of this statement is to provide general guidelines for the use of actuaries engaged m the establishment and review of loss and loss adjustment expense reserves. I t is a statement of the Casualty Actuarial Society's Committee on loss Reserves. The statement consists of three parts.
1979
Some of the important problems of actuarial science lie also within the bounds of financial theory. The individual's and corporation's decision on the proper amount of insurance to buy can be viewed a sub-problem of the overall issue of how economic risk, insurable or not, should be handled.
1979
Introduces the distinction between systematic and diversifiable risk to the insurance problem, a lucid application of CAPM.
1979
It is axiomatic among casualty actuaries that the subject of profit/contingency factors, investment income, and measurements relating to the "riskiness" of an insurer's underwriting portfolio are interrelated and cannot be fairly appraised in isolation from one another. With his "Restatement" Mr. Harwayne has offered a major contribution to the literature covering these interdependent concepts.
1979
The purpose of this restatement of the treatment of investment income on reserves in workers' compensation insurance ratemaking is to appraise the expected total return on the workers' compensation insurance transaction, inclusive of investment income, and to describe the consideration given to investment income in the ratemaking process.
1979
Reinsurance Research - Risk Loads/Profitability
1979
The problem of rating the discount for an excess is considered under the condition where premium rates for excess-free policies are calculated according to a multiplicative (or equivalently, points rating) model.
Section 3 obtains some inequalities on the manner in which the discount should vary over the various risk-classes in the portfolio and compares the results with the current practical situation in Australia.
Section 4 derives a formula
1979
We have come a long way in our thinking about surplus requirements and the amount of premium that can be written comfortably - confident of our company's immortality.
1979
As its name suggests, the profit/contingency loading in the insurance rate serves two purposes: (1) to aid solvency by absorbing 8 some degree of fluctuation in loss experience and (2) t o provide a suitable average return to the underwriter.
1979
The effect of inflation of premium income and claims size distribution, but not of free reserves, on the probability of ruin of an insurer is studied.
An interesting similarity between this problem and the ruin problem in an experience-rated scheme is exhibited This similarity allows the deduction of parallel results for the two problems in later sections.
1979
LOB-Auto Physical Damage
1979
Auto Physical Damage, Auto Liability, Class Rating
1979
For the premium calculation the insurer will split up his collectivity of risks into risk groups which are homogeneous with respect to some directly observable risk factors. All risks of such a risk group will be charged the same base premium. But it is clear that by such an a priori classification not all determined factors can be taken into consideration, so that there will still remain accident proneness differentials within a risk group.
1979
A numerical procedure is described to evaluate the stop-loss premium in case the risk process is a compound Poisson process. The method is mainly based on an algorithm of R. Piessens and M. Branders for the numerical evaluation of Fourier transforms.
1979
The methods described in this paper can be used to fit five types of distribution to loss data: gamma, log-gamma, log-normal, gamma + log-gamma, and gamma + log-normal.
1979
Doc discusses several traditional methods of measuring rates of return but primarily the return on assets. After discussing the various uses for return on assets he gives a concrete example by showing the inter-relationship among the various rates of return as well as the rate of premium growth and the ratio of surplus to premium.
1979
A major subject of discussion in National Association of Insurance Commissioners meetings and among casualty and property insurers has been the measurement of profitability. Included in these discussions have been considerations of investment income, not only in the determination of profitability, but also in ratemaking.
1979
Stochastic-dynamic programming provides a technique for forecasting limits within which the insurance business will flow by a prefixed probability. The future development depends, among numerous other things, on management strategies, especially resources, that are planned for allocation in the acquisition of new business and for competition. This technique can be used to analyze different market situations.
1979
Mr. Smith's paper provides a useful basic approach to the entire question of measuring insurer profitability, the premise that insurance profitability must be viewed in the context of optimal resource allocation. Consequently, economic theory provides certain underlying principles which need to be observed when measuring or regulating insurance profitability in order to assure that optimal resource allocation takes place.
1979
The evil result of the failure to emphasize the theoretical character of economic speculation are apparent in every field of practical economic.... The problem of profit is one way of looking at the problem of the contrast between perfect competition and actual competition....
