Download or read book Pricing in General Insurance written by Pietro Parodi and published by CRC Press. This book was released on 2014-10-15 with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the syllabus of the actuarial industry course on general insurance pricing- with additional material inspired by the author's own experience as a practitioner and lecturer- Pricing in General Insurance presents pricing as a formalised process that starts with collecting information about a particular policyholder or risk and ends with a co
Download or read book Pricing Insurance Risk written by Stephen J. Mildenhall and published by John Wiley & Sons. This book was released on 2022-06-15 with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt: PRICING INSURANCE RISK A comprehensive framework for measuring, valuing, and managing risk Pricing Insurance Risk: Theory and Practice delivers an accessible and authoritative account of how to determine the premium for a portfolio of non-hedgeable insurance risks and how to allocate it fairly to each portfolio component. The authors synthesize hundreds of academic research papers, bringing to light little-appreciated answers to fundamental questions about the relationships between insurance risk, capital, and premium. They lean on their industry experience throughout to connect the theory to real-world practice, such as assessing the performance of business units, evaluating risk transfer options, and optimizing portfolio mix. Readers will discover: Definitions, classifications, and specifications of risk An in-depth treatment of classical risk measures and premium calculation principles Properties of risk measures and their visualization A logical framework for spectral and coherent risk measures How risk measures for capital and pricing are distinct but interact Why the cost of capital, not capital itself, should be allocated The natural allocation method and how it unifies marginal and risk-adjusted probability approaches Applications to reserve risk, reinsurance, asset risk, franchise value, and portfolio optimization Perfect for actuaries working in the non-life or general insurance and reinsurance sectors, Pricing Insurance Risk: Theory and Practice is also an indispensable resource for banking and finance professionals, as well as risk management professionals seeking insight into measuring the value of their efforts to mitigate, transfer, or bear nonsystematic risk.
Download or read book Risk Modelling in General Insurance written by Roger J. Gray and published by Cambridge University Press. This book was released on 2012-06-28 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: A wide range of topics give students a firm foundation in statistical and actuarial concepts and their applications.
Download or read book Non Life Insurance Pricing with Generalized Linear Models written by Esbjörn Ohlsson and published by Springer Science & Business Media. This book was released on 2010-03-18 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: Non-life insurance pricing is the art of setting the price of an insurance policy, taking into consideration varoius properties of the insured object and the policy holder. Introduced by British actuaries generalized linear models (GLMs) have become today a the standard aproach for tariff analysis. The book focuses on methods based on GLMs that have been found useful in actuarial practice and provides a set of tools for a tariff analysis. Basic theory of GLMs in a tariff analysis setting is presented with useful extensions of standarde GLM theory that are not in common use. The book meets the European Core Syllabus for actuarial education and is written for actuarial students as well as practicing actuaries. To support reader real data of some complexity are provided at www.math.su.se/GLMbook.
Download or read book Pricing in General Insurance written by Pietro Parodi and published by CRC Press. This book was released on 2023-05-02 with total page 739 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the syllabus of the actuarial profession courses on general insurance pricing – with additional material inspired by the author’s own experience as a practitioner and lecturer – Pricing in General Insurance, Second Edition presents pricing as a formalised process that starts with collecting information about a particular policyholder or risk and ends with a commercially informed rate. The first edition of the book proved very popular among students and practitioners with its pragmatic approach, informal style, and wide-ranging selection of topics, including: Background and context for pricing Process of experience rating, ranging from traditional approaches (burning cost analysis) to more modern approaches (stochastic modelling) Exposure rating for both property and casualty products Specialised techniques for personal lines (e.g., GLMs), reinsurance, and specific products such as credit risk and weather derivatives General-purpose techniques such as credibility, multi-line pricing, and insurance optimisation The second edition is a substantial update on the first edition, including: New chapter on pricing models: their structure, development, calibration, and maintenance New chapter on rate change calculations and the pricing cycle Substantially enhanced treatment of exposure rating, increased limit factors, burning cost analysis Expanded treatment of triangle-free techniques for claim count development Improved treatment of premium building and capital allocation Expanded treatment of machine learning Enriched treatment of rating factor selection, and the inclusion of generalised additive models The book delivers a practical introduction to all aspects of general insurance pricing and is aimed at students of general insurance and actuarial science as well as practitioners in the field. It is complemented by online material, such as spreadsheets which implement the techniques described in the book, solutions to problems, a glossary, and other appendices – increasing the practical value of the book.
Download or read book Fundamentals of General Insurance Actuarial Analysis written by Jacqueline Friedland, FCIA, FCAS, MAAA and published by ACTEX Publications. This book was released on 2014-01-01 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text introduces the commonly used, basic approaches for reserving and ratemaking in General Insurance. The methods are described through detailed examples that are linked from one chapter to another to illustrate their practical application. Also, professionalism requirements and standards of practice are presented to set the context for the methods and examples.
Download or read book Health Insurance written by Ermanno Pitacco and published by Springer. This book was released on 2014-11-04 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Health Insurance aims at filling a gap in actuarial literature, attempting to solve the frequent misunderstanding in regards to both the purpose and the contents of health insurance products (and ‘protection products’, more generally) on the one hand, and the relevant actuarial structures on the other. In order to cover the basic principles regarding health insurance techniques, the first few chapters in this book are mainly devoted to the need for health insurance and a description of insurance products in this area (sickness insurance, accident insurance, critical illness covers, income protection, long-term care insurance, health-related benefits as riders to life insurance policies). An introduction to general actuarial and risk-management issues follows. Basic actuarial models are presented for sickness insurance and income protection (i.e. disability annuities). Several numerical examples help the reader understand the main features of pricing and reserving in the health insurance area. A short introduction to actuarial models for long-term care insurance products is also provided. Advanced undergraduate and graduate students in actuarial sciences; graduate students in economics, business and finance; and professionals and technicians operating in insurance and pension areas will find this book of benefit.
Download or read book The Price We Pay written by Marty Makary and published by Bloomsbury Publishing USA. This book was released on 2019-09-10 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: New York Times bestseller Business Book of the Year--Association of Business Journalists From the New York Times bestselling author comes an eye-opening, urgent look at America's broken health care system--and the people who are saving it--now with a new Afterword by the author. "A must-read for every American." --Steve Forbes, editor-in-chief, FORBES One in five Americans now has medical debt in collections and rising health care costs today threaten every small business in America. Dr. Makary, one of the nation's leading health care experts, travels across America and details why health care has become a bubble. Drawing from on-the-ground stories, his research, and his own experience, The Price We Pay paints a vivid picture of the business of medicine and its elusive money games in need of a serious shake-up. Dr. Makary shows how so much of health care spending goes to things that have nothing to do with health and what you can do about it. Dr. Makary challenges the medical establishment to remember medicine's noble heritage of caring for people when they are vulnerable. The Price We Pay offers a road map for everyday Americans and business leaders to get a better deal on their health care, and profiles the disruptors who are innovating medical care. The movement to restore medicine to its mission, Makary argues, is alive and well--a mission that can rebuild the public trust and save our country from the crushing cost of health care.
Download or read book Group Insurance written by William F. Bluhm and published by ACTEX Publications. This book was released on 2012 with total page 914 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text is a comprehensive treatment of all aspects of group insurance in the United States and Canada. It addresses life and health insurance as well as government programs and more specialized forms of insurance. Emphasis is placed on the actuarial aspects of this important field of insurance including pricing, regulation, underwriting, financial reporting, and modeling. Since its original publication in 1992, Group Insurance has become the resource of choice for experts as well as beginners. It is an essential tool for anyone who wishes to practice in the group benefits field. The Sixth Edition has been updated for the industry and regulatory changes which have occurred since 2007. Of particular note is the impact that healthcare reform in the United States will have on all facets of this topic.
Download or read book Claims Reserving in General Insurance written by David Hindley and published by Cambridge University Press. This book was released on 2017-10-26 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a single comprehensive reference source covering the key material on this subject, and describing both theoretical and practical aspects.
Download or read book Generalized Linear Models for Insurance Rating written by Mark Goldburd and published by . This book was released on 2016-06-08 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Machine Learning in Insurance written by Jens Perch Nielsen and published by MDPI. This book was released on 2020-12-02 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Machine learning is a relatively new field, without a unanimous definition. In many ways, actuaries have been machine learners. In both pricing and reserving, but also more recently in capital modelling, actuaries have combined statistical methodology with a deep understanding of the problem at hand and how any solution may affect the company and its customers. One aspect that has, perhaps, not been so well developed among actuaries is validation. Discussions among actuaries’ “preferred methods” were often without solid scientific arguments, including validation of the case at hand. Through this collection, we aim to promote a good practice of machine learning in insurance, considering the following three key issues: a) who is the client, or sponsor, or otherwise interested real-life target of the study? b) The reason for working with a particular data set and a clarification of the available extra knowledge, that we also call prior knowledge, besides the data set alone. c) A mathematical statistical argument for the validation procedure.
Download or read book Insurance 4 0 written by Bernardo Nicoletti and published by Springer Nature. This book was released on 2020-10-31 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt: Industry 4.0 has spread globally since its inception in 2011, now encompassing many sectors, including its diffusion in the field of financial services. By combining information technology and automation, it is now canvassing the insurance sector, which is in dire need of digital transformation. This book presents a business model of Insurance 4.0 by detailing its implementation in processes, platforms, persons, and partnerships of the insurance companies alongside looking at future developments. Filled with business cases in insurance companies and financial services, this book will be of interest to those academics and researchers of insurance, financial technology, and digital transformation, alongside executives and managers of insurance companies.
Download or read book Smart Pricing written by Jagmohan Raju and published by Pearson Prentice Hall. This book was released on 2010-03-11 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Smart Pricing: How Google, Priceline and Leading Businesses Use Pricing Innovation for Profitability, Wharton professors and renowned pricing experts Jagmohan Raju and Z. John Zhang draw on examples from high tech to low tech, from consumer markets to business markets, and from U.S. to abroad, to tell the stories of how innovative pricing strategies can help companies create and capture value as well as customers. They teach the pricing principles behind those innovative ideas and practices. Smart Pricing introduces many innovative approaches to pricing, as well as the research and insights that went into their creation. Filled with illustrative examples from the business world, readers will learn about restaurants where customers set the price, how Google and other high-tech firms have used pricing to remake whole industries, how executives in China successfully start and fight price wars to conquer new markets. Smart Pricing goes well beyond familiar approaches like cost-plus, buyer-based pricing, or competition-based pricing, and puts a wide variety of pricing mechanisms at your disposal. This book helps you understand them, choose them, and use them to win.
Download or read book Care Without Coverage written by Institute of Medicine and published by National Academies Press. This book was released on 2002-06-20 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many Americans believe that people who lack health insurance somehow get the care they really need. Care Without Coverage examines the real consequences for adults who lack health insurance. The study presents findings in the areas of prevention and screening, cancer, chronic illness, hospital-based care, and general health status. The committee looked at the consequences of being uninsured for people suffering from cancer, diabetes, HIV infection and AIDS, heart and kidney disease, mental illness, traumatic injuries, and heart attacks. It focused on the roughly 30 million-one in seven-working-age Americans without health insurance. This group does not include the population over 65 that is covered by Medicare or the nearly 10 million children who are uninsured in this country. The main findings of the report are that working-age Americans without health insurance are more likely to receive too little medical care and receive it too late; be sicker and die sooner; and receive poorer care when they are in the hospital, even for acute situations like a motor vehicle crash.
Download or read book Stochastic Claims Reserving Methods in Insurance written by Mario V. Wüthrich and published by John Wiley & Sons. This book was released on 2008-04-30 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: Claims reserving is central to the insurance industry. Insurance liabilities depend on a number of different risk factors which need to be predicted accurately. This prediction of risk factors and outstanding loss liabilities is the core for pricing insurance products, determining the profitability of an insurance company and for considering the financial strength (solvency) of the company. Following several high-profile company insolvencies, regulatory requirements have moved towards a risk-adjusted basis which has lead to the Solvency II developments. The key focus in the new regime is that financial companies need to analyze adverse developments in their portfolios. Reserving actuaries now have to not only estimate reserves for the outstanding loss liabilities but also to quantify possible shortfalls in these reserves that may lead to potential losses. Such an analysis requires stochastic modeling of loss liability cash flows and it can only be done within a stochastic framework. Therefore stochastic loss liability modeling and quantifying prediction uncertainties has become standard under the new legal framework for the financial industry. This book covers all the mathematical theory and practical guidance needed in order to adhere to these stochastic techniques. Starting with the basic mathematical methods, working right through to the latest developments relevant for practical applications; readers will find out how to estimate total claims reserves while at the same time predicting errors and uncertainty are quantified. Accompanying datasets demonstrate all the techniques, which are easily implemented in a spreadsheet. A practical and essential guide, this book is a must-read in the light of the new solvency requirements for the whole insurance industry.
Download or read book Financial Models of Insurance Solvency written by J. David Cummins and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: The First International Conference on Insurance Solvency was held at the Wharton School, University of Pennsylvania from June 18th through June 20th, 1986. The conference was the inaugural event for Wharton's Center for Research on Risk and Insurance. In atten dance were thirty-nine representatives from Australia, Canada, France, Germany, Israel, the United Kingdom, and the United States. The papers presented at the Conference are published in two volumes, this book and a companion volume, Classical Insurance Solvency Theory, J. D. Cummins and R. A. Derrig, eds. (Norwell, MA: Kluwer Academic Publishers, 1988). The first volume presented two papers reflecting important advances in actuarial solvency theory. The current volume goes beyond the actuarial approach to encom pass papers applying the insights and techniques of financial economics. The papers fall into two groups. The first group con sists of papers that adopt an essentially actuarial or statistical ap proach to solvency modelling. These papers represent methodology advances over prior efforts at operational modelling of insurance companies. The emphasis is on cash flow analysis and many of the models incorporate investment income, inflation, taxation, and other economic variables. The papers in second group bring financial economics to bear on various aspects of solvency analysis. These papers discuss insurance applications of asset pricing models, capital structure theory, and the economic theory of agency.
