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1971
At an earlier ASTIN Colloquium participants were invited to present notes on problems which they considered as important but unsolved. There was little response to this invitation, presumably because a problem, once it is well formulated, is almost solved.
In this Note I do not present any new problems. Instead I try to outline a framework which may be useful for analyzing different risk problems and seeing them in their proper perspective.
1971
In order to make this report clear to those without experience in insurance matters, we first present some basic facts about the insurance business. In so doing we intentionally omit certain facts irrelevant to the present study. "File most important omission of this kind is our assumption that the insurance business operates without administrative expenses and without sales costs.
1971
Scientific information today has a half-life of less than ten years. This means that in less than ten years, half of today's scientific knowledge will be obsolete. The same is true of business knowledge to a lesser degree. In the insurance industry, ideas, information and attitudes are changing even though insurance is a tradition-bound business, usually slow to innovate and often hampered by uninspired and politically oriented regulation.
1971
The subject of reserves for incurred but not reported claims has received very scant consideration in our Proceedings, nor is there available to the writer's knowledge any written material of consequence on either the theoretical or practical aspects of the subject.
1971
Risks of a catastrophic nature, such as war or earthquake, can differ, in a statistical sense, from other ordinarily insured perils only in respect of the distribution of the probability function. For example, although the probability of a loss occurring may be small, its magnitude once it occurs may be very large. One reason for the latter feature is that the sum insured may itself be heavy.
1971
In a note on the security loading of excess loss rates I am deducing a simple formula intended to replace some tedious calculations. In the beginning of that note I made the point that some authors recommend a loading proportional to the dispersion of the total claims amount of a treaty 81 while others tend to favor 812.
1971
It is fantastic how the computer has changed our attitude to numerical problems. In the old days when our numerical tools were paper, pencil, desk calculator and logarithm tables we had to stay away from formulas and methods which led to too lengthy calculations. A consequence is that we have a tendency to think of numerical analysis in terms of the classical tools.
1971
Let me thank the organizers of this symposium for the honor they have done me by inviting me to present nay report before this eminent audience. I would also like to express my thanks to all who are present here for the confidence shown to me as reporter. The genesis and development of the theory of random processes is closely related to the problems of demography and insurance.
1971
In many risk theoretical questions a central problem is the numerical evaluation of a convolution integral and much effort has been devoted over the years to mathematical and computational aspects. The paper presented to this colloquium by O. Thorin shows the subject to be topical but the present note stems from a recent paper by H. L.
1971
In this paper we are going to study some properties of a stochastic process, which has been proposed by Cramfir (1968) as a model of the claims arising in an insurance company. This process has been studied by Cox in a different context. A few elementary results, concerning moments, are given by Cox and Lewis (1966). The present paper will be a survey of some results derived by the author (1970:1) and (1970:2).
1971
When critical conditions and insurable objects exist in such relationship that accidents may result there is said to be exposure. The term critical conditions is intended to cover, rather broadly, the presence of or the absence of anything, objective or subjective, generally external to the insurable object, which contributes to the accident frequency and/or the accident severity.
1971
The present referendum is only indirectly connected with the themes of the fifth Colloquium of ASTIN.
1971
The subject of reserves for incurred but not reported claims has received very scant consideration in our Proceedings, nor is there available to the writer's knowledge any written material of consequence on either the theoretical or practical aspects of the subject.
1971
Much has been written in recent years on scientific approaches to management decision-making. Primary factors that have contributed to this surge of literature have been the increasing complexity of the type of decisions necessary in today's increasingly complex world and the development of the electronic computer providing the wherewithal for operations research.
1971
Mr. Beckman has done an excellent job of summarizing the impact of Federal Income Taxes on property/casualty insurance companies and the various factors that influence the total tax liability.
