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1973
Actuarial literature is filled with technical studies of varying complexity, but few of these emphasize the importance of consistency in the actuary’s work. On the life insurance side, few actuaries would directly recognize that consistency in the results is perhaps the most important reason for using the traditional life insurance actuarial model.
1973
Adaptive decision models have been used with great success in many fields. This paper shows the value of the adaptive approach in underwriting individual automobile risks. Dropkin’s model of the accident process serves as the basis by which adaptive and non-adaptive decisions are compared.
1972
Natural hazards--floods, hurricanes, tornadoes, earthquakes, windstorms and hailstorms--cause considerable property damage in various parts of the world. In the United States, average annual damage resulting from these hazards is increasing rapidly. A large percentage of the damages occur as a result of infrequent, but severe, geophysical events (individual storms or earthquakes).
1972
Interest rates are now at historically high levels, and, as a result, the range of interest rates that responsible actuaries are assuming for the future has widened dramatically. Ten years ago an assumption of 4.5 per cent for nonparticipating rate calculations was a average high assumption compared with the previous twenty-five years' earnings.
1972
Models for the risk business of an insurance company are often constructed by weighting pure Poisson models. In this paper it is verified that it is possible to calculate the probability of ruin in such weighted models by weighting ruin probabilities of pure Poisson models.
1972
The conventional standards for full credibility are known to be inadequate. This inadequacy has been well treated in the Mayerson, et. al. paper’ and in the ensuing discussions, where the general problem of estimating pure premium was considered. However, in spite of this previous treatment, that old, familiar number, 1,082, still enjoys widespread patronage.
1972
Credibility is the foundation stone of casualty actuarial science. To the theoretician it offers endless opportunities to advance the mathematical basis of our art; to the practioner it provides a means for charting a course between the twin requirements of insurance pricing: stability and responsiveness.
1972
While receiving greater attention in the past few years, credibility standards still lack clarity and structure. This becomes all too apparent when it is realized the standards in common use today are intended for claim frequency only, but are routinely applied to pure premiums. In addition, the assumptions underlying the traditional Poisson claim frequency process are rarely fulfilled.
1972
By the end of 1971, the insurance pools writing nuclear property insurance (Nuclear Energy Property Insurance Association and Mutual Atomic Energy Reinsurance Pool) had since inception in 1959 earned about $47 million in premiums and had incurred loss and loss expense of nearly $15 million. After an accounting for all expenses, it was clear that a substantial profit had been made.
1972
Property-liability insurance company financial strength is important to the purchasers of the insurance product as well as to company stockholders, for this strength protects insureds against any possible company defaults. Because of this unusual buyer caveat, there are advantages to developing some generally applicable measures of insurance company strength.
1972
Incurred But Not Reported loss reserves (hereinafter referred to as IBNR reserves) represent vast sums of money, exceeding $100,000,000 for a number of U.S. property and liability insurers. Nevertheless, the subject has had little attention in the literature of insurance, especially the Proceedings of the Casualty Actuarial Society.
1972
The pricing of catastrophe reinsurance treaties is much more of an art than an actuarial science. The parties involved are usually well informed and-are free to bargain in the spirit of free and open competition. Reinsurance has also been favored with a high degree of integrity on the part of all participants.
1972
Motor insurers in the United Kingdom are not subject to Government control over the rating structures they use or the levels of
premiums they charge. The market is highly competitive, and each insurer therefore needs to make the best estimate he can of the premium required for each category of risk, to produce a given level of profit.
1972
In motorcar insurance at least in Europe is widely used a merit rating system called bonus (or malus) system, characterized among others by the fact that only the number of claims occurred does modify the premium. A great variety of different bonus systems is in use. Each country if not each company seems to prefer a different bonus system and there is a lack of agreement whether one of them is better than the other.
1972
We will in this paper consider the risk process from the point of view of random walk in one dimension. The particle starts out at the origin. Each claim is equivalent to a step ill the random walk. The length of the step is equal to the amount of the claim minus the amount of the premium which has been obtained since the preceding claim.
1972
As experience rating evolved over the years, a great deal of effort went into the refinement of the multi-split experience rating plan of Workmen’s Compensation. Perhaps because of this emphasis, attention has been directed away from no-split experience rating plans.
1972
One can hardly read Mr. Balcarek’s paper without becoming concerned about the adequacy of the industry’s automobile bodily injury reserves in New York, and although there may be reason to expect more upward development of these reserves in New York state than elsewhere, the concern inevitably extends to other states, and eventually to other bodily injury reserves as well.
1972
The author is grateful for the detailed discussion by Mr. Berquist. It shows that even after optimistic assumptions made by the reviewer the reserves still look inadequate. The questions arises as to how optimistic the reviewer was?
1972
For some time it has been obvious to the writer that recent loss reserves are not as strong as they were ten or fifteen years ago, This opinion he formed on the basis of loss reserve developments of a handful of selected companies. The steady rise in the bureau development factors used in Private Passenger Auto ratemaking tended to provide additional support for such an opinion.
1972
The reading requirements for the Associateship and Fellowship examinations have included the theory and the functions of reinsurance. Yet in recent years there have been no papers in the Proceedings dealing with this aspect as being practically applied by the actuarial profession.
