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Author : OECD
Publisher : OECD Publishing
Page : 152 pages
File Size : 41,5 Mb
Release : 2003-07-23
Category : Electronic
ISBN : 9789264033962
This book presents an in-depth analysis on the assessment and the management of the major technical and financial risks insurance companies have to face.
Author : J. David Cummins,Richard A. Derrig
Publisher : Springer Science & Business Media
Page : 334 pages
File Size : 52,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789401138789
Two different applications have been considered, automobile claims from Massachusetts and health expenses from the Netherlands. We have fit 11 different distributions to these data. The distributions are conveniently nested within a single four parameter distribution, the generalized beta of the second type. This relationship facilitates analysis and comparisons. In both cases the GB2 provided the best fit and the Burr 3 is the best three parameter model. In the case of automobile claims, the flexibility of the GB2 provides a statistically siE;nificant improvement in fit over all other models. In the case of Dutch health expenses the improvement of the GB2 relative to several alternatives was not statistically significant. * The author appreciates the research assistance of Mark Bean, Young Yong Kim and Steve White. The data used were provided by Richard Derrig of The Massachusetts Automobile Rating and Accident Prevention Bureau and by Bob Van der Laan and The Silver Cross Foundation for the medical insurance claim data. 2~ REFERENCES Arnold, B. C. 1983. Pareto Distributions. Bartonsville: International Cooperative Publishing House. Cummins, J. D. and L. R. Freifelder. 1978. A comparative analysis of alternative maximum probable yearly aggregate loss estimators. Journal of Risk and Insurance 45:27-52. *Cummins, J. D., G. Dionne, and L. Maistre. 1987. Application of the GB2 family of distributions in collective risk theory. University of Pennsylvania: Mimeographed manuscript. Hogg, R. V. and S. A. Klugman. 1983. On the estimation of long tailed skewed distributions with actuarial applications.
Author : J. David Cummins,Richard A. Derrig
Publisher : Springer Science & Business Media
Page : 380 pages
File Size : 51,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789400925069
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.
Author : Edward B. Rappaport
Publisher : Unknown
Page : 42 pages
File Size : 46,8 Mb
Release : 1989
Category : Bankruptcy
ISBN : UGA:32108022441326
Author : Karel Van Hulle
Publisher : Unknown
Page : 0 pages
File Size : 49,6 Mb
Release : 2019
Category : Financial risk management
ISBN : 1780681771
Solvency II is the new regime that regulates the solvency requirements for EU insurers and reinsurers. Solvency II aims to reduce the risk that an insurer would be unable to meet claims, to provide early warning to supervisors so that they can intervene promptly if capital falls below the required level, and to promote confidence in the financial stability of the insurance sector. Solvency II not only sets out the minimum capital requirements to guarantee policyholder protection, but also includes measures to stimulate risk management and good governance and to improve transparency.0While the Solvency I regime only sets basic solvency standards, Solvency II has a much wider scope. Solvency II aims to unify the regulation of the European insurance market as well as to increase policyholder protection. Because it improves the protection of policyholders, creates an incentive e for good risk management, recognizes the economic reality of a group, establishes market transparency and provides for a modern risk based supervisory regime, the book’s subtitle is: Solvency II is Good for You.0This book provides a thorough and well-structured overview of the new regulatory regime and how it will affect insurers, re-insurers and other market participants, including policyholders. The author, who was closely involved in the making of Solvency II, offers all the necessary insights and explanations to better understand this new regulation. The book is written for a wide audience, from the non-expert who wants to gain some or more insight in the complex world of insurance and Solvency II, to the specialist who will find this book a very interesting and helpful reference work.0.
Author : David Buckham,Jason Wahl,Stuart Rose
Publisher : John Wiley & Sons
Page : 208 pages
File Size : 50,7 Mb
Release : 2010-09-23
Category : Business & Economics
ISBN : 0470925701
A straightforward guide to the evolution, benefits, and implementation of Solvency II Providing a guide to the evolution, practice, benefits, and implementation of Solvency II, Executive′s Guide to Solvency II deftly covers this major European regulation which ensures that insurers can meet their risk–based liabilities over a one–year period to a 99.5% certainty. Part of the Wiley and SAS Business series, this book will guide you through Solvency II, especially if you need to understand the subtleties of Solvency II and risk–based capital in basic business language. Among the topics covered in this essential book are: Background to Solvency II Learning from the Basel Approach The Economic Balance Sheet Internal Models People, Process, and Technology Business Benefits of Solvency II Executive′s Guide to Solvency II has as its aim an explanation for executives, practitioners, consultants, and others interested in the Solvency II process and the implications thereof, to understand how and why the directive originated, what its goals are, and what some of the complexities are. There is an emphasis on what in practice should be leveraged upon to achieve implementation, specifically data, processes, and systems, as well as recognition of the close alignment demanded between actuaries, the risk department, IT, and the business itself.
Author : Maria Heep-Altiner,Martin Mullins,Torsten Rohlfs
Publisher : Springer
Page : 219 pages
File Size : 40,8 Mb
Release : 2019-02-22
Category : Business & Economics
ISBN : 9783319770604
This book illustrates the EU-wide Solvency II framework for the insurance industry, which was implemented on January 1, 2016, after a long project phase. Analogous to the system for banks, it is based on three pillars and the authors analyze the complete framework pillar by pillar with a consistent data model for a non-life insurer, which was developed by the Research Group Financial & Actuarial Risk Management (FaRis) at the Institute for Insurance Studies of the TH Köln - University of Applied Sciences. The book leverages the long-standing and close cooperation between the University of Limerick (Ireland) and the Institute for Insurance Studies at TH Köln - University of Applied Sciences (Germany).
Author : OECD
Publisher : OECD Publishing
Page : 300 pages
File Size : 43,8 Mb
Release : 2002-04-03
Category : Electronic
ISBN : 9789264196230
This publication synthesises contributions made by the 30 OECD countries on national regulation of insurance solvency supervision, its practical organisation and the measures taken when difficulties arise. It also contains a comparative analysis of the various systems of solvency supervision.
Author : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Oversight and Investigations
Publisher : Unknown
Page : 142 pages
File Size : 54,5 Mb
Release : 1994
Category : Business & Economics
ISBN : PSU:000023025837
Author : J. David Cummins,Richard A. Derrig
Publisher : Springer Science & Business Media
Page : 198 pages
File Size : 51,6 Mb
Release : 1988-05-31
Category : Business & Economics
ISBN : 0898382726
The problem of solvency is, in fact, as old as insurance. The history of the industry knows many ways to meet the risks involved with underwriting, such as spreading the risk portfolio (Cato, Senior already applied it), risk selection, reserve funds, reinsurance, etc. Whilst these measures too often proved ineffective, the establish ment of legislative control and public supervision ensued. However, not until the last few decades has the solvency issue become an ob ject of intensive studies, very much thanks to the progress of related empirical and theoretical knowledge, and in the under standing of the concerned complicated processes. The research activities have grown extensively in many countries in recent years. The more the studies advance the more new relevant aspects are detected and a great variety of alternative proposals have come up for discussion. Therefore, it has become necessary to attempt a survey of the whole problem area in order to be able to place the quite numerous pieces of knowledge in their proper context, and also, among other things, to avoid the pitfalls of handling isolated problems omitting vital tie-ins to the environment. Many of the rele vant problems and subproblems are still lacking adequate and well tested solutions. Therefore, a survey of the whole problem area can also hopefully serve as guidance for future research efforts.
Author : Guillaume Plantin,Jean-Charles Rochet
Publisher : Princeton University Press
Page : 112 pages
File Size : 50,8 Mb
Release : 2009-04-11
Category : Business & Economics
ISBN : 9781400827770
In the 1990s, large insurance companies failed in virtually every major market, prompting a fierce and ongoing debate about how to better protect policyholders. Drawing lessons from the failures of four insurance companies, When Insurers Go Bust dramatically advances this debate by arguing that the current approach to insurance regulation should be replaced with mechanisms that replicate the governance of non-financial firms. Rather than immediately addressing the minutiae of supervision, Guillaume Plantin and Jean-Charles Rochet first identify a fundamental economic rationale for supervising the solvency of insurance companies: policyholders are the "bankers" of insurance companies. But because policyholders are too dispersed to effectively monitor insurers, it might be efficient to delegate monitoring to an institution--a prudential authority. Applying recent developments in corporate finance theory and the economic theory of organizations, the authors describe in practical terms how such authorities could be created and given the incentives to behave exactly like bankers behave toward borrowers, as "tough" claimholders.
Author : M. Starita,I. Malafronte
Publisher : Springer
Page : 292 pages
File Size : 48,5 Mb
Release : 2014-11-18
Category : Business & Economics
ISBN : 9781137390844
Capital Requirements, Disclosure, and Supervision in the European Insurance Industry provides an in-depth analysis of Solvency II's issues by combining both a theoretical approach and evidence of the empirical implications and effects on the European insurance industry.
Author : Anonim
Publisher : Unknown
Page : 80 pages
File Size : 51,5 Mb
Release : 1994
Category : Bankruptcy
ISBN : MINN:31951D002870547
Author : Teivo Pentikäinen
Publisher : Unknown
Page : 328 pages
File Size : 43,5 Mb
Release : 1982
Category : Insurance
ISBN : UOM:39015038963628
Author : United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopolies, and Business Rights,United States
Publisher : Unknown
Page : 444 pages
File Size : 52,9 Mb
Release : 1991
Category : Antitrust law
ISBN : STANFORD:36105045480402