The problem of determining estimators for the different structural
... max(0, â), but this is of course no longer a unbiased estimator. Remark 2.3. If we use the formula: Mja = (1 − ẑj )M0 + ẑj Mj , we have E(Mja ) = m, in case the estimators from Theorem 2.1 are used, because then ẑj is dependent of Mj and M0 , j = 1, k. Of course, the attractive property of unbi ...
... max(0, â), but this is of course no longer a unbiased estimator. Remark 2.3. If we use the formula: Mja = (1 − ẑj )M0 + ẑj Mj , we have E(Mja ) = m, in case the estimators from Theorem 2.1 are used, because then ẑj is dependent of Mj and M0 , j = 1, k. Of course, the attractive property of unbi ...
Stronger Risk Controls, Lower Risk: Evidence from US Bank Holding
... non-performing loans during the crisis years. Moreover, BHCs with a high 2006 RMI fared (weakly) better in terms of stock return performance, and had lower implied volatilities during the crisis years. Next, we examine a panel spanning the 9 year period from 2000–2008 to investigate whether BHCs wit ...
... non-performing loans during the crisis years. Moreover, BHCs with a high 2006 RMI fared (weakly) better in terms of stock return performance, and had lower implied volatilities during the crisis years. Next, we examine a panel spanning the 9 year period from 2000–2008 to investigate whether BHCs wit ...
CAS: The Yale Central Authentication Service
... uPortal can authenticate users securely with CAS But it does not know about users’ primary credentials This is a good thing, except uPortal can’t impersonate the user in order to acquire secure data for the user ...
... uPortal can authenticate users securely with CAS But it does not know about users’ primary credentials This is a good thing, except uPortal can’t impersonate the user in order to acquire secure data for the user ...
How to note: Managing fiduciary risk when providing
... financial accountability environment. This note focuses on assessing, mitigating and monitoring risks associated with national PFM systems. 7. This note does not address the management of risks outside the fiduciary and corruption fields in depth, although these may be closely connected – for exampl ...
... financial accountability environment. This note focuses on assessing, mitigating and monitoring risks associated with national PFM systems. 7. This note does not address the management of risks outside the fiduciary and corruption fields in depth, although these may be closely connected – for exampl ...
pension schemes electronic discussion group
... government social policy obligations (SPO). On-going work on how to properly account for post employment social benefits is also being carried out by national standards setters as well as the International Accounting Standard Board (IASB). ...
... government social policy obligations (SPO). On-going work on how to properly account for post employment social benefits is also being carried out by national standards setters as well as the International Accounting Standard Board (IASB). ...
On Credit Risk Modeling and Management
... The Reduced form approach Both of these approaches rely on the options pricing theory of Black and Scholes (1973). ...
... The Reduced form approach Both of these approaches rely on the options pricing theory of Black and Scholes (1973). ...
Regulatory Capital Requirements under FTK and
... II. We also test whether the Regulatory Capital Requirements which we find under the Financial Assessment Framework and Solvency II are indeed sufficient according to models based on historical data. This means that the probability of a funding ratio below 100% should be 2.5% under the Financial Ass ...
... II. We also test whether the Regulatory Capital Requirements which we find under the Financial Assessment Framework and Solvency II are indeed sufficient according to models based on historical data. This means that the probability of a funding ratio below 100% should be 2.5% under the Financial Ass ...
risk management five years after the crisis
... • Although 43% of banks said they have achieved a strong culture, up slightly from last year, more than half believe there is further distance to travel, underscoring the need for a sustained effort over a long period to effect significant cultural change. • Banks are taking different approaches t ...
... • Although 43% of banks said they have achieved a strong culture, up slightly from last year, more than half believe there is further distance to travel, underscoring the need for a sustained effort over a long period to effect significant cultural change. • Banks are taking different approaches t ...
between insurance companies Different forms of cooperation and
... approach. First, we used a well-established framework (Berliner’s) for assessing risk insurability, which takes into account actuarial, market and societal conditions. This framework is frequently used by market participants in order to determine whether a risk can be insured on a stand-alone basis ...
... approach. First, we used a well-established framework (Berliner’s) for assessing risk insurability, which takes into account actuarial, market and societal conditions. This framework is frequently used by market participants in order to determine whether a risk can be insured on a stand-alone basis ...
State Auto Financial CORP (Form: 10-K, Received: 03/01
... All statements, other than statements of historical facts, included in this Annual Report on Form 10-K (this “Form 10-K”) of State Auto Financial Corporation (“State Auto Financial” or “STFC”) or incorporated herein by reference, including, without limitation, statements regarding State Auto Financi ...
... All statements, other than statements of historical facts, included in this Annual Report on Form 10-K (this “Form 10-K”) of State Auto Financial Corporation (“State Auto Financial” or “STFC”) or incorporated herein by reference, including, without limitation, statements regarding State Auto Financi ...
Guidelines to Emerging Market Regulators
... financial products. Consequently, increasing number of IOSCO members are now moving away from a rigid rules-based system of regulation to a system that is more reliant on the supervisor‟s discretion and professional judgment through adoption of a risk-based supervisory structure. This includes licen ...
... financial products. Consequently, increasing number of IOSCO members are now moving away from a rigid rules-based system of regulation to a system that is more reliant on the supervisor‟s discretion and professional judgment through adoption of a risk-based supervisory structure. This includes licen ...
Here - Connecticut Insurance Law Journal
... Persistently high profits on “insurance” for small value losses sold as an add-on to other products or services (such as extended warranties sold with consumer electronics, loss damage waivers sold with a car rental, and credit life insurance sold with a loan) pose a twofold challenge to the standar ...
... Persistently high profits on “insurance” for small value losses sold as an add-on to other products or services (such as extended warranties sold with consumer electronics, loss damage waivers sold with a car rental, and credit life insurance sold with a loan) pose a twofold challenge to the standar ...
Measuring Retiree Group Benefit Obligations
... Accounting Standards Board was raising the visibility of financial issues related to retiree group benefits with its development of Statement of Financial Accounting Standard (SFAS) No. 106, Employers’ Accounting for Postretirement Benefits Other Than Pensions. Prior to the issuance of SFAS No. 106, ...
... Accounting Standards Board was raising the visibility of financial issues related to retiree group benefits with its development of Statement of Financial Accounting Standard (SFAS) No. 106, Employers’ Accounting for Postretirement Benefits Other Than Pensions. Prior to the issuance of SFAS No. 106, ...
Community Wildfire Protection Plans
... • Not all high fire risk areas impact the community • Not all treatment methods will be effective in every location ...
... • Not all high fire risk areas impact the community • Not all treatment methods will be effective in every location ...
Regulatory guidance – Integrated risk
... within its actuarial valuation cycle. It does not have to wait until the next valuation is due. 15. Putting an IRM framework in place, with appropriate documentation, requires an initial investment of time and resources. This will then be repaid as the framework is used by current and future trustee ...
... within its actuarial valuation cycle. It does not have to wait until the next valuation is due. 15. Putting an IRM framework in place, with appropriate documentation, requires an initial investment of time and resources. This will then be repaid as the framework is used by current and future trustee ...
Financial facts - Great West Life
... number of reasons, including to help maintain the strength and stability of the company. Great-West Life reviews the dividend scale and the participating account insurance contract liabilities at least once per year. This review involves analyzing factors such as investment returns, mortality experi ...
... number of reasons, including to help maintain the strength and stability of the company. Great-West Life reviews the dividend scale and the participating account insurance contract liabilities at least once per year. This review involves analyzing factors such as investment returns, mortality experi ...
Possible Appendix/Side panel/Sidebar/Footnote(s) re: references
... framework of users’ need to understand the changes in economic resources and claims and the degree of variability that reported results may have as a result (emphasis added): Information about a reporting entity’s financial performance helps users to understand the return that the entity has produce ...
... framework of users’ need to understand the changes in economic resources and claims and the degree of variability that reported results may have as a result (emphasis added): Information about a reporting entity’s financial performance helps users to understand the return that the entity has produce ...
Federalism and Insurance Regulation: Basic Source Materials
... the subject has descended on the public, on the Congress, and on the professions whose livelihoods are dependent on insurance regulation. Our aim is more modest. We seek to present a factual historical account of what has happened, using primary sources with a minimum of connective text. For the mos ...
... the subject has descended on the public, on the Congress, and on the professions whose livelihoods are dependent on insurance regulation. Our aim is more modest. We seek to present a factual historical account of what has happened, using primary sources with a minimum of connective text. For the mos ...
Shaping change in insurance - Analysts` conference 2017
... Increase of insurers’ claims severity and frequency due to different drivers, e.g. construction cost, medical or wage inflation ...
... Increase of insurers’ claims severity and frequency due to different drivers, e.g. construction cost, medical or wage inflation ...
Premium Liabilities - Actuaries Institute
... insurance liability (that is, the sum of outstanding claims liabilities and premium liabilities). More rigorous standards were also introduced regarding the determination of insurance liabilities, for example, insurance liability estimates are required to target a 75% likelihood of adequacy. The APR ...
... insurance liability (that is, the sum of outstanding claims liabilities and premium liabilities). More rigorous standards were also introduced regarding the determination of insurance liabilities, for example, insurance liability estimates are required to target a 75% likelihood of adequacy. The APR ...
QIS4 Technical Specifications
... The technical specifications laid out in this document have been written exclusively for the purposes of the QIS4 exercise. Whilst the results of this exercise will be the main quantitative input used by CEIOPS in the development of their final advice on potential level 2 implementing measures, whic ...
... The technical specifications laid out in this document have been written exclusively for the purposes of the QIS4 exercise. Whilst the results of this exercise will be the main quantitative input used by CEIOPS in the development of their final advice on potential level 2 implementing measures, whic ...
Rare events and investor risk aversion
... Our results, briefly, are as follows. We find that exogenous events have a short-term impact on risk aversion (the investor’s tolerance for risk), but not on the pricing kernel (intertemporal substitution of wealth). The effect on risk aversion depends on the nature of the shock. End-of-cycle (antic ...
... Our results, briefly, are as follows. We find that exogenous events have a short-term impact on risk aversion (the investor’s tolerance for risk), but not on the pricing kernel (intertemporal substitution of wealth). The effect on risk aversion depends on the nature of the shock. End-of-cycle (antic ...
Backtesting Value-at-Risk based on Tail Losses Woon K. Wong
... converge to the required limiting distribution. The backtest proposed in this paper uses small sample asymptotic technique to calculate the p-value of the proposed size-based test statistic, TR. It is very accurate and a lot more powerful than its frequency counterpart. This is especially importa ...
... converge to the required limiting distribution. The backtest proposed in this paper uses small sample asymptotic technique to calculate the p-value of the proposed size-based test statistic, TR. It is very accurate and a lot more powerful than its frequency counterpart. This is especially importa ...
Reports and Financial Statements for the Financial
... There were no material events subsequent to the reporting date that require disclosure or adjustments to the financial statements. DIVIDEND The amount of dividend declared and paid by the Company since the end of the previous financial year was as follows: RM’000 In respect of the financial year end ...
... There were no material events subsequent to the reporting date that require disclosure or adjustments to the financial statements. DIVIDEND The amount of dividend declared and paid by the Company since the end of the previous financial year was as follows: RM’000 In respect of the financial year end ...
Actuary
An actuary is a business professional who deals with the measurement and management of risk and uncertainty (BeAnActuary 2011a). The name of the corresponding profession is actuarial science. These risks can affect both sides of the balance sheet, and require asset management, liability management, and valuation skills (BeAnActuary 2011b). Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms (Trowbridge 1989, p. 7).While the concept of insurance dates to antiquity (Johnston 1903, §475–§476, Loan 1992, Lewin 2007, pp. 3–4), the mathematics and finance needed to scientifically measure and mitigate risks have their origins in the 17th century studies of probability and annuities (Heywood 1985). Actuaries of the 21st century require analytical skills, business knowledge, and an understanding of human behavior and information systems to design and manage programs that control risk (BeAnActuary 2011c). The actual steps needed to become an actuary are usually country-specific; however, almost all processes share a rigorous schooling or examination structure and take many years to complete (Feldblum 2001, p. 6, Institute and Faculty of Actuaries 2014).The profession has consistently ranked as one of the most desirable (Riley 2013). In various studies, being an actuary was ranked number one or two multiple times since 2010 (Thomas 2012, Weber 2013, CareerCast 2015).