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Author : Richard Lowndes
Publisher : Unknown
Page : 156 pages
File Size : 43,8 Mb
Release : 1884
Category : Insurance
ISBN : OXFORD:590624323
Author : Richard Lowndes
Publisher : Unknown
Page : 150 pages
File Size : 46,6 Mb
Release : 2017-08-20
Category : Business & Economics
ISBN : 1375695975
Author : Louis J. Lombardi
Publisher : ACTEX Publications
Page : 301 pages
File Size : 53,7 Mb
Release : 2006
Category : Business & Economics
ISBN : 9781566985604
Author : Mario Massari,Gianfranco Gianfrate,Laura Zanetti
Publisher : John Wiley & Sons
Page : 260 pages
File Size : 51,8 Mb
Release : 2014-03-31
Category : Business & Economics
ISBN : 9781118617335
This book presents the main valuation approaches that can be used to value financial institutions. By sketching 1) the different business models of banks (both commercial and investment banks) and insurance companies (life, property and casualty and reinsurance); 2) the structure and peculiarities of financial institutions’ reporting and financial statements; and 3) the main features of regulatory capital frameworks for banking and insurance (ie Basel III, Solvency II), the book addresses why such elements make the valuation of financial institutions different from the valuation of non-financial companies. The book then features the valuation models that can be used to determine the value of banks and insurance companies including the Discounted Cash Flow, Dividend Discount Model, and Residual Income Model (with the appropriate estimation techniques for the cost of capital and cash flow in financial industries). The main techniques to perform the relative valuation of financial institutions are then presented: along the traditional multiples (P/E, P/BV, P/TBV, P/NAV), the multiples based on industry-specific value drivers are discussed (for example, P/Pre Provision Profit, P/Deposits, P/Premiums, P/Number of branches). Further valuation tools such as the “Value Maps” or the “Warranted Equity Method” will be explained and discussed. The closing section of the book will briefly focus on the valuation of specific financial companies/vehicles such as closed-end funds, private equity funds, leasing companies, etc.
Author : Mario V. Wüthrich,Hans Bühlmann,Hansjörg Furrer
Publisher : Springer Science & Business Media
Page : 157 pages
File Size : 47,6 Mb
Release : 2010-09-02
Category : Mathematics
ISBN : 9783642148521
It is a challenging task to read the balance sheet of an insurance company. This derives from the fact that different positions are often measured by different yardsticks. Assets, for example, are mostly valued at market prices whereas liabilities are often measured by established actuarial methods. However, there is a general agreement that the balance sheet of an insurance company should be measured in a consistent way. Market-Consistent Actuarial Valuation presents powerful methods to measure liabilities and assets in a consistent way. The mathematical framework that leads to market-consistent values for insurance liabilities is explained in detail by the authors. Topics covered are stochastic discounting with deflators, valuation portfolio in life and non-life insurance, probability distortions, asset and liability management, financial risks, insurance technical risks, and solvency.
Author : Mark A. Tullis,Philip K. Polkinghorn
Publisher : Actex Publications Incorporated
Page : 191 pages
File Size : 40,5 Mb
Release : 1996-10-01
Category : Business & Economics
ISBN : 156698226X
Author : Franziska Arnold-Dwyer
Publisher : Routledge
Page : 274 pages
File Size : 49,8 Mb
Release : 2020-04-28
Category : Business & Economics
ISBN : 9780429664120
This book assesses the role of the doctrine of insurable interest within modern insurance law by examining its rationales and suggesting how shortcomings could be fixed. Over the centuries, English law on insurable interest – a combination of statutes and case law – has become complex and unclear. Other jurisdictions have relaxed, or even abolished, the requirement for an insurable interest. Yet, the UK insurance industry has overwhelmingly supported the retention of the doctrine of insurable interest. This book explores whether the traditional justifications for the doctrine – the policy against wagering, the prevention of moral hazard and the doctrine’s relationship with the indemnity principle – still stand up to scrutiny and argues that, far from being obsolete, they have acquired new significance in the global financial markets and following the liberalisation of gambling. It is also argued that the doctrine of insurable interest is an integral part of a system of insurance contract law rules and market practice. Rather than rejecting the doctrine, the book recommends a recalibration of insurable interest to afford better pre-contractual transparency to a proposer as to the suitability of the policy to his or her interest in the subject-matter to be insured. Providing a powerful defence for the retention of insurable interest, this book will appeal to both academics and practitioners working in the field of insurance law.
Author : Irwin T. Vanderhoof,Edward Altman
Publisher : Springer Science & Business Media
Page : 389 pages
File Size : 40,6 Mb
Release : 2013-04-17
Category : Business & Economics
ISBN : 9781475767322
This book explores theoretical and practical implications of reflecting the fair value of liabilities for insurance companies. In addition, the contributions discuss the disclosure of these values to the financial and regulatory communities and auditing firms which are actually calculating this illusive but important variable. It combines contributions by distinguished practitioners from the insurance, accounting and finance fields, with those of prominent academics. One of the central themes of the collection is that adequate disclosure of the true economic value of insurance company liabilities is both possible and desirable. Wherever possible, the insurance valuation process is wedded with modern financial theory. For example, the use of option pricing theory is applied to insurance companies, where the true value of the firm's liabilities is a critical variable. Methods such as cash flow, earned profit and indirect discount are explored.
Author : Anonim
Publisher : Unknown
Page : 620 pages
File Size : 45,5 Mb
Release : 1990
Category : Business & Economics
ISBN : UOM:39015040548284
Author : Mario V. Wüthrich,Michael Merz
Publisher : Springer Science & Business Media
Page : 438 pages
File Size : 50,6 Mb
Release : 2013-04-04
Category : Mathematics
ISBN : 9783642313929
Risk management for financial institutions is one of the key topics the financial industry has to deal with. The present volume is a mathematically rigorous text on solvency modeling. Currently, there are many new developments in this area in the financial and insurance industry (Basel III and Solvency II), but none of these developments provides a fully consistent and comprehensive framework for the analysis of solvency questions. Merz and Wüthrich combine ideas from financial mathematics (no-arbitrage theory, equivalent martingale measure), actuarial sciences (insurance claims modeling, cash flow valuation) and economic theory (risk aversion, probability distortion) to provide a fully consistent framework. Within this framework they then study solvency questions in incomplete markets, analyze hedging risks, and study asset-and-liability management questions, as well as issues like the limited liability options, dividend to shareholder questions, the role of re-insurance, etc. This work embeds the solvency discussion (and long-term liabilities) into a scientific framework and is intended for researchers as well as practitioners in the financial and actuarial industry, especially those in charge of internal risk management systems. Readers should have a good background in probability theory and statistics, and should be familiar with popular distributions, stochastic processes, martingales, etc.
Author : Ryan C. Fuhrmann
Publisher : CFA Institute
Page : 60 pages
File Size : 45,9 Mb
Release : 2017
Category : Business & Economics
ISBN : 9781942713425
Author : Freda Matassa
Publisher : Facet Publishing
Page : 240 pages
File Size : 42,5 Mb
Release : 2017-07-10
Category : Art
ISBN : 9781783301874
This book addresses the issue of valuing objects in cultural collections, ranging from high-value to low or no-value and featuring a range of collections including fine art, archives, science and photography. Practical advice is given on how to assign values and best practice examples are drawn from museums, libraries and archives. The subject of valuation has always been challenging for museums and public collections and is becoming more urgent as monetary values of many items continue to break records. There is an increase in lending, with more loans requiring a value for insurance. Cultural collections and exhibitions are expanding to all corners of the world, while, at the same time, lenders are becoming more risk-averse. Valuing Your Collection will address the issues and offer some solutions. Content covered includes: questions of valuing public and private cultural collectionsassigning values to individual objects or an entire collectionlegal and ethical considerationsdiscussion of authentication and attributionthe insurance business and valuationguides to valuing different types of collectionsa range of case studies showing valuation across multiple sectorssample templates with criteria for valuing different objects. This book will be useful for curators of cultural collections, professionals in museums, libraries and archives, cultural heritage students, private collectors, those involved with art insurance, art business and anyone requiring practical guidance on valuation.
Author : Casualty Actuarial Society
Publisher : Unknown
Page : 712 pages
File Size : 50,8 Mb
Release : 1999
Category : Casualty insurance
ISBN : UOM:39015049295366
List of members for the years 1914-20 are included in v. 1-7, after which they are continued in the Year book of the society, begun in 1922.
Author : John L. Maginn,Donald L. Tuttle,Dennis W. McLeavey,Jerald E. Pinto
Publisher : John Wiley & Sons
Page : 960 pages
File Size : 43,5 Mb
Release : 2007-03-09
Category : Business & Economics
ISBN : 9780470080146
"A rare blend of a well-organized, comprehensive guide to portfolio management and a deep, cutting-edge treatment of the key topics by distinguished authors who have all practiced what they preach. The subtitle, A Dynamic Process, points to the fresh, modern ideas that sparkle throughout this new edition. Just reading Peter Bernstein's thoughtful Foreword can move you forward in your thinking about this critical subject." —Martin L. Leibowitz, Morgan Stanley "Managing Investment Portfolios remains the definitive volume in explaining investment management as a process, providing organization and structure to a complex, multipart set of concepts and procedures. Anyone involved in the management of portfolios will benefit from a careful reading of this new edition." —Charles P. Jones, CFA, Edwin Gill Professor of Finance, College of Management, North Carolina State University
Author : Al Ehrbar
Publisher : John Wiley & Sons
Page : 264 pages
File Size : 41,7 Mb
Release : 1998-10-15
Category : Business & Economics
ISBN : 0471298603
EVA ("economic value added" - wirtschaftliche Wertschöpfung) ist eine Maßeinheit zur Ermittlung des echten Finanzergebnisses eines Unternehmens und eine Strategie zur Schaffung von Unternehmens- und Aktionärsvermögen. Das EVA-Prinzip besagt, daß ein Unternehmen kein Vermögen schafft, solange es nicht in der Lage ist, Gewinne einzufahren, die höher sind als die Kapitalkosten. EVA ist auch eine Methode, die Prioritäten innerhalb eines Unternehmens so zu gewichten, daß das Hauptaugenmerk auf der Schaffung von Vermögen liegt, und zwar zum Nutzen aller. Leicht verständlich geschrieben, mit zahlreichen Fallbeispielen bekannter Firmen und einem Minimum an Gleichungen und Finanzjargon. (11/98)