Market Valuation Methods In Life And Pension Insurance

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Market-Valuation Methods in Life and Pension Insurance

Thomas Møller,Mogens Steffensen
Market Valuation Methods in Life and Pension Insurance Book PDF

Author : Thomas Møller,Mogens Steffensen
Publisher : Cambridge University Press
Page : 263 pages
File Size : 42,5 Mb
Release : 2007-01-18
Category : Business & Economics
ISBN : 9781139462976

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Market-Valuation Methods in Life and Pension Insurance by Thomas Møller,Mogens Steffensen Pdf

In classical life insurance mathematics the obligations of the insurance company towards the policy holders were calculated on artificial conservative assumptions on mortality and interest rates. However, this approach is being superseded by developments in international accounting and solvency standards coupled with other advances enabling a market-based valuation of risk, i.e., its price if traded in a free market. The book describes these approaches, and is the first to explain them in conjunction with more traditional methods. The various chapters address specific aspects of market-based valuation. The exposition integrates methods and results from financial and insurance mathematics, and is based on the entries in a life insurance company's market accounting scheme. The book will be of great interest and use to students and practitioners who need an introduction to this area, and who seek a practical yet sound guide to life insurance accounting and product development.

How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter

Gregorio Impavido,Ian Tower
How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter Book PDF

Author : Gregorio Impavido,Ian Tower
Publisher : International Monetary Fund
Page : 58 pages
File Size : 44,5 Mb
Release : 2009-07
Category : Business & Economics
ISBN : IND:30000111481895

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How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter by Gregorio Impavido,Ian Tower Pdf

We use a calibrated multi-sector DSGE model to analyze the likely impact of oil windfalls on the Ghanaian economy, under alternative fiscal and monetary policy responses. We distinguish between the short-run impact, associated with demand-related pressures, and the medium run impact on competitiveness and growth. The impact on inflation and the real exchange rate could be moderate, especially if the fiscal authorities smooth oil-related spending or increase public spending's import content. However, a policy mix that results in both a fiscal expansion and the simultaneous accumulation of the foreign currency proceeds from oil as international reserves to offset the real appreciation would raise demand pressures and crowd-out the private sector. In the medium term, the negative impact on competitiveness resulting from "Dutch Disease" effects could be small, provided public spending increases the stock of productive public capital. These findings highlight the role of different policy responses, and their interaction, for the macroeconomic impact of oil proceeds.

The Fair Value of Insurance Liabilities

Irwin T. Vanderhoof,Edward Altman
The Fair Value of Insurance Liabilities Book PDF

Author : Irwin T. Vanderhoof,Edward Altman
Publisher : Springer Science & Business Media
Page : 389 pages
File Size : 54,7 Mb
Release : 2013-04-17
Category : Business & Economics
ISBN : 9781475767322

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The Fair Value of Insurance Liabilities by Irwin T. Vanderhoof,Edward Altman Pdf

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.

Pension Mathematics with Numerical Illustrations

Howard E. Winklevoss
Pension Mathematics with Numerical Illustrations Book PDF

Author : Howard E. Winklevoss
Publisher : University of Pennsylvania Press
Page : 342 pages
File Size : 55,5 Mb
Release : 1993-03-29
Category : Business & Economics
ISBN : 0812231961

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Pension Mathematics with Numerical Illustrations by Howard E. Winklevoss Pdf

A text that quantifies and provides new or improved actuarial notation for long recognized pension cost concepts and procedures and, in certain areas, develops new insights and techniques. With the exception of the first few chapters, the text is a virtual rewrite of the first edition of 1977. Among the major additions are chapters on statutory funding requirements, pension accounting, funding policy analysis, asset allocation, and retiree health benefits.

Issues in Pension Economics

Zvi Bodie,John B. Shoven,David A. Wise
Issues in Pension Economics Book PDF

Author : Zvi Bodie,John B. Shoven,David A. Wise
Publisher : University of Chicago Press
Page : 390 pages
File Size : 47,5 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226062907

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Issues in Pension Economics by Zvi Bodie,John B. Shoven,David A. Wise Pdf

In the past several decades, pension plans have become one of the most significant institutional influences on labor and financial markets in the U.S. In an effort to understand the economic effects of this growth, the National Bureau of Economic Research embarked on a major research project in 1980. Issues in Pension Economics, the third in a series of four projected volumes to result from thsi study, covers a broad range of pension issues and utilizes new and richer data sources than have been previously available. The papers in this volume cover such issues as the interaction of pension-funding decisions and corporate finances; the role of pensions in providing adequate and secure retirement income, including the integration of pension plans with social security and significant drops in the U.S. saving rate; and the incentive effects of pension plans on labor market behavior and the implications of plans on labor market behavior and the implications of plans for different demographic groups. Issues in Pension Economics offers important empirical studies and makes valuable theoretical contributions to current thinking in an area that will most likely continue to be a source of controversy and debate for some time to come. The volume should prove useful to academics and policymakers, as well as to members of the business and labor communities.

Monte Carlo Methods and Models in Finance and Insurance

Ralf Korn,Elke Korn,Gerald Kroisandt
Monte Carlo Methods and Models in Finance and Insurance Book PDF

Author : Ralf Korn,Elke Korn,Gerald Kroisandt
Publisher : CRC Press
Page : 485 pages
File Size : 51,5 Mb
Release : 2010-02-26
Category : Business & Economics
ISBN : 9781420076196

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Monte Carlo Methods and Models in Finance and Insurance by Ralf Korn,Elke Korn,Gerald Kroisandt Pdf

Offering a unique balance between applications and calculations, Monte Carlo Methods and Models in Finance and Insurance incorporates the application background of finance and insurance with the theory and applications of Monte Carlo methods. It presents recent methods and algorithms, including the multilevel Monte Carlo method, the statistical Rom

Introduction to Insurance Mathematics

Annamaria Olivieri,Ermanno Pitacco
Introduction to Insurance Mathematics Book PDF

Author : Annamaria Olivieri,Ermanno Pitacco
Publisher : Springer
Page : 508 pages
File Size : 42,8 Mb
Release : 2015-09-30
Category : Mathematics
ISBN : 9783319213774

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Introduction to Insurance Mathematics by Annamaria Olivieri,Ermanno Pitacco Pdf

This second edition expands the first chapters, which focus on the approach to risk management issues discussed in the first edition, to offer readers a better understanding of the risk management process and the relevant quantitative phases. In the following chapters the book examines life insurance, non-life insurance and pension plans, presenting the technical and financial aspects of risk transfers and insurance without the use of complex mathematical tools. The book is written in a comprehensible style making it easily accessible to advanced undergraduate and graduate students in Economics, Business and Finance, as well as undergraduate students in Mathematics who intend starting on an actuarial qualification path. With the systematic inclusion of practical topics, professionals will find this text useful when working in insurance and pension related areas, where investments, risk analysis and financial reporting play a major role.

Encyclopedia of Quantitative Risk Analysis and Assessment

Anonim
Encyclopedia of Quantitative Risk Analysis and Assessment Book PDF

Author : Anonim
Publisher : John Wiley & Sons
Page : 2163 pages
File Size : 47,8 Mb
Release : 2008-09-02
Category : Mathematics
ISBN : 9780470035498

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Encyclopedia of Quantitative Risk Analysis and Assessment by Anonim Pdf

Leading the way in this field, the Encyclopedia of Quantitative Risk Analysis and Assessment is the first publication to offer a modern, comprehensive and in-depth resource to the huge variety of disciplines involved. A truly international work, its coverage ranges across risk issues pertinent to life scientists, engineers, policy makers, healthcare professionals, the finance industry, the military and practising statisticians. Drawing on the expertise of world-renowned authors and editors in this field this title provides up-to-date material on drug safety, investment theory, public policy applications, transportation safety, public perception of risk, epidemiological risk, national defence and security, critical infrastructure, and program management. This major publication is easily accessible for all those involved in the field of risk assessment and analysis. For ease-of-use it is available in print and online.

The Valuation of Financial Companies

Mario Massari,Gianfranco Gianfrate,Laura Zanetti
The Valuation of Financial Companies Book PDF

Author : Mario Massari,Gianfranco Gianfrate,Laura Zanetti
Publisher : John Wiley & Sons
Page : 260 pages
File Size : 45,6 Mb
Release : 2014-01-07
Category : Business & Economics
ISBN : 9781118617267

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The Valuation of Financial Companies by Mario Massari,Gianfranco Gianfrate,Laura Zanetti Pdf

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.

Handbook of Solvency for Actuaries and Risk Managers

Arne Sandström
Handbook of Solvency for Actuaries and Risk Managers Book PDF

Author : Arne Sandström
Publisher : CRC Press
Page : 1084 pages
File Size : 44,7 Mb
Release : 2016-04-19
Category : Business & Economics
ISBN : 9781439821329

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Handbook of Solvency for Actuaries and Risk Managers by Arne Sandström Pdf

Reflecting the author's wealth of experience in this field, Handbook of Solvency for Actuaries and Risk Managers: Theory and Practice focuses on the valuation of assets and liabilities, the calculation of capital requirement, and the calculation of the standard formula for the European Solvency II project.The first three sections of the book examin

Business Impacts of COVID-19

Tomasz Bernat,Joanna Duda
Business Impacts of COVID 19 Book PDF

Author : Tomasz Bernat,Joanna Duda
Publisher : Taylor & Francis
Page : 273 pages
File Size : 51,8 Mb
Release : 2023-07-21
Category : Business & Economics
ISBN : 9781000915648

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Business Impacts of COVID-19 by Tomasz Bernat,Joanna Duda Pdf

The coronavirus disease (COVID-19) pandemic has caused serious disruptions to the economy and business activities. The COVID-19 crisis has also exposed important weaknesses in business and supply chains. It pointed to specific sectors of the economy, primarily related to services, that suffered the most. On the other hand, it has highlighted the great flexibility of the activities of entrepreneurs in their attempts to fight the crisis. The role of government has also been important in tackling this pandemic crisis to contain the epidemic and adopt activities to help entrepreneurs who were most affected by the crisis. Numerous national aid and recovery packages have been announced to support businesses and workers. At the same time, financial decisions were made at the international level, resulting in the mobilization of huge funds that were intended to support the functioning of enterprises. This book shares observations and conclusions from contemporary research and analyses, as well as from personal experiences in creating and implementing anti-crisis solutions in economies and enterprises caused by the COVID-19 pandemic on the economy and its entities. It will be of interest to researchers, academics, policymakers, and students in the fields of international business, economics, crisis management, and entrepreneurship.

Market-Consistent Actuarial Valuation

Mario V. Wüthrich,Hans Bühlmann,Hansjörg Furrer
Market Consistent Actuarial Valuation Book PDF

Author : Mario V. Wüthrich,Hans Bühlmann,Hansjörg Furrer
Publisher : Springer Science & Business Media
Page : 164 pages
File Size : 44,8 Mb
Release : 2010-09-02
Category : Mathematics
ISBN : 9783642148521

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Market-Consistent Actuarial Valuation by Mario V. Wüthrich,Hans Bühlmann,Hansjörg Furrer Pdf

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.

Mathematics – Key Technology for the Future

Willi Jäger,Hans-Joachim Krebs
Mathematics Key Technology for the Future Book PDF

Author : Willi Jäger,Hans-Joachim Krebs
Publisher : Springer Science & Business Media
Page : 353 pages
File Size : 54,7 Mb
Release : 2008-04-10
Category : Computers
ISBN : 9783540772033

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Mathematics – Key Technology for the Future by Willi Jäger,Hans-Joachim Krebs Pdf

This book is about the results of a number of projects funded by the BMBF in the initiative "Mathematics for Innovations in Industry and Services". It shows that a broad spectrum of analytical and numerical mathematical methods and programming techniques are used to solve a lot of different specific industrial or services problems. The main focus is on the fact that the mathematics used is not usually standard mathematics or black box mathematics but is specifically developed for specific industrial or services problems. Mathematics is more than a tool box or an ancilarry science for other scientific disciplines or users. Through this book the reader will gain insight into the details of mathematical modeling and numerical simulation for a lot of industrial applications.

Backward Stochastic Differential Equations with Jumps and Their Actuarial and Financial Applications

Łukasz Delong
Backward Stochastic Differential Equations with Jumps and Their Actuarial and Financial Applications Book PDF

Author : Łukasz Delong
Publisher : Springer Science & Business Media
Page : 285 pages
File Size : 42,9 Mb
Release : 2013-06-12
Category : Mathematics
ISBN : 9781447153313

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Backward Stochastic Differential Equations with Jumps and Their Actuarial and Financial Applications by Łukasz Delong Pdf

Backward stochastic differential equations with jumps can be used to solve problems in both finance and insurance. Part I of this book presents the theory of BSDEs with Lipschitz generators driven by a Brownian motion and a compensated random measure, with an emphasis on those generated by step processes and Lévy processes. It discusses key results and techniques (including numerical algorithms) for BSDEs with jumps and studies filtration-consistent nonlinear expectations and g-expectations. Part I also focuses on the mathematical tools and proofs which are crucial for understanding the theory. Part II investigates actuarial and financial applications of BSDEs with jumps. It considers a general financial and insurance model and deals with pricing and hedging of insurance equity-linked claims and asset-liability management problems. It additionally investigates perfect hedging, superhedging, quadratic optimization, utility maximization, indifference pricing, ambiguity risk minimization, no-good-deal pricing and dynamic risk measures. Part III presents some other useful classes of BSDEs and their applications. This book will make BSDEs more accessible to those who are interested in applying these equations to actuarial and financial problems. It will be beneficial to students and researchers in mathematical finance, risk measures, portfolio optimization as well as actuarial practitioners.

Risk Modelling in General Insurance

Roger J. Gray,Susan M. Pitts
Risk Modelling in General Insurance Book PDF

Author : Roger J. Gray,Susan M. Pitts
Publisher : Cambridge University Press
Page : 409 pages
File Size : 41,5 Mb
Release : 2012-06-28
Category : Business & Economics
ISBN : 9780521863940

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Risk Modelling in General Insurance by Roger J. Gray,Susan M. Pitts Pdf

A wide range of topics give students a firm foundation in statistical and actuarial concepts and their applications.