The Effect of Deflation or High Inflation on the Insurance Industry
... government lower the value of those future promises. The Bureau of Labor Statistics provides a detailed discussion of the adjustments made in the CPI calculation since 1999 to move it closer to a cost-of-living measure than a price index by recognizing the substitution effect that occurs when prices ...
... government lower the value of those future promises. The Bureau of Labor Statistics provides a detailed discussion of the adjustments made in the CPI calculation since 1999 to move it closer to a cost-of-living measure than a price index by recognizing the substitution effect that occurs when prices ...
Determinants of Microinsurance Demand: Evidence from a Micro
... from Indonesia. The research opportunity came into existence thanks to the launch of a new microinsurance product, namely Tamadera, in the end of 2010. The microendowment insurance plan which integrates life and basic health insurance is suited to investigate determinants of household demand since c ...
... from Indonesia. The research opportunity came into existence thanks to the launch of a new microinsurance product, namely Tamadera, in the end of 2010. The microendowment insurance plan which integrates life and basic health insurance is suited to investigate determinants of household demand since c ...
Version: March 14, 1999 - Duke University`s Fuqua School of Business
... trillion in market value. In addition, corporate investment decisions hinge on the expectations of the risk premium (via the cost of capital) as do both U.S. and international asset allocation decisions. Therefore, it is important for financial economists to have a thorough understanding of the expe ...
... trillion in market value. In addition, corporate investment decisions hinge on the expectations of the risk premium (via the cost of capital) as do both U.S. and international asset allocation decisions. Therefore, it is important for financial economists to have a thorough understanding of the expe ...
mmi10 Posch 12046532 en
... made to understand their asset market implications (recent work includes Jermann, 1998; Tallarini, 2000; Lettau and Uhlig, 2000; Boldrin, Christiano and Fisher, 2001).1 One main advantage of using general equilibrium models to explain asset market phenomena is that the asset-pricing kernel is consis ...
... made to understand their asset market implications (recent work includes Jermann, 1998; Tallarini, 2000; Lettau and Uhlig, 2000; Boldrin, Christiano and Fisher, 2001).1 One main advantage of using general equilibrium models to explain asset market phenomena is that the asset-pricing kernel is consis ...
Chapter 6 - NYU Stern School of Business
... In contrast to top-down operational risk methodologies, more modern techniques employ a “bottom-up” approach. As the name implies, the bottom-up approach analyzes operational risk from the perspective of the individual business activities that make up the bank’s or firm’s “output.” That is, individu ...
... In contrast to top-down operational risk methodologies, more modern techniques employ a “bottom-up” approach. As the name implies, the bottom-up approach analyzes operational risk from the perspective of the individual business activities that make up the bank’s or firm’s “output.” That is, individu ...
Changes in Ownership Structure
... demutualization, foremost among these being the access to capital hypothesis, in order to shed light on possible motivations for the demutualization activity. On the basis of an empirical analysis of financial statement variables, this study discusses expropriation and policyholder rights as they re ...
... demutualization, foremost among these being the access to capital hypothesis, in order to shed light on possible motivations for the demutualization activity. On the basis of an empirical analysis of financial statement variables, this study discusses expropriation and policyholder rights as they re ...
risk appetite renaissance - RBC Global Asset Management
... single sector of the economy, be it households or businesses or some aspect of the credit market. Other proxies for risk appetite are theory-heavy and anchored in impressive math and statistics, but lack a reliable real-world connection.1 Each of these riffs on risk appetite has its value, but none ...
... single sector of the economy, be it households or businesses or some aspect of the credit market. Other proxies for risk appetite are theory-heavy and anchored in impressive math and statistics, but lack a reliable real-world connection.1 Each of these riffs on risk appetite has its value, but none ...
Definition of Risk Risk can be defined as “uncertainty about financial
... potential events and establish responses, reducing surprises and associated costs or losses. - Identifying and managing multiple and cross-enterprise risks – Every enterprise faces a myriad of risks affecting different parts of the organization, and enterprise risk management facilitates effective r ...
... potential events and establish responses, reducing surprises and associated costs or losses. - Identifying and managing multiple and cross-enterprise risks – Every enterprise faces a myriad of risks affecting different parts of the organization, and enterprise risk management facilitates effective r ...
Allocation of risks and equilibrium in markets with finitely many traders
... problem for a market where %i are coherent risk measures. This is the frame for which in the paper of Heath and Ku (2004) the Pareto equilibrium was characterized (even if not explicitely stated in that paper). In Remark 2.9 we comment on extensions of our results to the more general case of convex ...
... problem for a market where %i are coherent risk measures. This is the frame for which in the paper of Heath and Ku (2004) the Pareto equilibrium was characterized (even if not explicitely stated in that paper). In Remark 2.9 we comment on extensions of our results to the more general case of convex ...
METLIFE INC (Form: 8-K, Received: 05/21/2013 06
... expectations or forecasts of future events and use words such as “anticipate”, “estimate,” “expect,” “project” and other terms of similar meaning. Any or all forward-looking statements may turn out to be wrong, and actual results could differ materially from those expressed or implied in the forward ...
... expectations or forecasts of future events and use words such as “anticipate”, “estimate,” “expect,” “project” and other terms of similar meaning. Any or all forward-looking statements may turn out to be wrong, and actual results could differ materially from those expressed or implied in the forward ...
How to account for interdependence of risk in …nancial markets?
... Whereas AB (2010) are the …rst to our knowledge to attempt enhancing VaR measures to explicitly account for interdependence of risk, they are not the …rst to employ quantile regression in VaR estimation. Engle and Manganelli (2004) make use of such technique to develop CAViar estimates. CAViar - Con ...
... Whereas AB (2010) are the …rst to our knowledge to attempt enhancing VaR measures to explicitly account for interdependence of risk, they are not the …rst to employ quantile regression in VaR estimation. Engle and Manganelli (2004) make use of such technique to develop CAViar estimates. CAViar - Con ...
AUSTRALIAN CAPITAL TERRITORY INSURANCE AUTHORITY
... developed to protect the Territory from losses resulting from a catastrophic event or an accumulation of insurable losses. The Authority completed a review of the insurance and reinsurance structure to confirm suitability of these arrangements including consideration by the ACTIA Advisory Board of s ...
... developed to protect the Territory from losses resulting from a catastrophic event or an accumulation of insurable losses. The Authority completed a review of the insurance and reinsurance structure to confirm suitability of these arrangements including consideration by the ACTIA Advisory Board of s ...
capital - International Actuarial Association
... payment of emerging benefits and claims. This enhances policyholder security. Two ways of thinking about these risks are that they represent the uncertainty associated with (1) the current estimates of assets and liabilities on the current balance sheet and (2) their continued uncertainty and volati ...
... payment of emerging benefits and claims. This enhances policyholder security. Two ways of thinking about these risks are that they represent the uncertainty associated with (1) the current estimates of assets and liabilities on the current balance sheet and (2) their continued uncertainty and volati ...
Risk Management Terms - Society of Actuaries
... measurement used by the organization. We also encouraged respondents to answer questions based on their personal understanding of the terms rather than to identify an organization-wide definition. Respondents could also supply definitions for only a subset of risk terms. We were interested in their ...
... measurement used by the organization. We also encouraged respondents to answer questions based on their personal understanding of the terms rather than to identify an organization-wide definition. Respondents could also supply definitions for only a subset of risk terms. We were interested in their ...
Documento de Trabajo N° 14: Las Pensiones en el nuevo Sistema
... rates are very low in many countries—a result that has been attributed to the crowd-out by mandatory defined benefit plans, retirees’ demand for liquidity and adverse selection. The Chilean scheme gives us an opportunity to examine how pensioners and pension providers react when individual accounts ...
... rates are very low in many countries—a result that has been attributed to the crowd-out by mandatory defined benefit plans, retirees’ demand for liquidity and adverse selection. The Chilean scheme gives us an opportunity to examine how pensioners and pension providers react when individual accounts ...
Coherent Distortion Risk Measures in Portfolio Selection
... uniform distribution. This is not a very limiting assumption if we restrict ourselves to discrete portfolio loss distributions, which is typically the case if we are obtaining distributional information via scenario generation or from historical data samples. In addition, given any arbitrary discret ...
... uniform distribution. This is not a very limiting assumption if we restrict ourselves to discrete portfolio loss distributions, which is typically the case if we are obtaining distributional information via scenario generation or from historical data samples. In addition, given any arbitrary discret ...
Country risk, country risk indices, and valuation of FDI: A real options
... may be based on: written reports, information deduced from financial markets, and summary measures like risk indices and ratings. We are here primarily interested in how these sources of information may be used when deriving the value of an investment. Because it often is difficult to quantify count ...
... may be based on: written reports, information deduced from financial markets, and summary measures like risk indices and ratings. We are here primarily interested in how these sources of information may be used when deriving the value of an investment. Because it often is difficult to quantify count ...
R CAPITAL SOLUTIONS LTD DISCLOSURE AND MARKET
... Furthermore, the risk capacity/tolerance is the maximum amount of risk which the Company is technically able to assume before breaching one or more of its capital base, liquidity, borrowing capacity, reputational and regulatory constraints. The risk capacity represents the upper limit beyond which ...
... Furthermore, the risk capacity/tolerance is the maximum amount of risk which the Company is technically able to assume before breaching one or more of its capital base, liquidity, borrowing capacity, reputational and regulatory constraints. The risk capacity represents the upper limit beyond which ...
A common risk classification system for the Actuarial Profession
... exposed to fluctuations in the value of its assets, the amount of its liabilities, or the income from its assets; Credit Risk – the risk of loss a firm is exposed to if a counterparty fails to perform its contractual obligations (including failure to perform them in a timely manner) including losses ...
... exposed to fluctuations in the value of its assets, the amount of its liabilities, or the income from its assets; Credit Risk – the risk of loss a firm is exposed to if a counterparty fails to perform its contractual obligations (including failure to perform them in a timely manner) including losses ...
Adopting Enterprise Risk Management (ERM) in high
... the performance of corporate and business strategy. What is behind the rise of ERM? In the insurance sector, ERM started rising to prominence from the beginning of this century. The confluence of the 9/11 terrorist attacks and the almost simultaneous global stock market downturn caused the bursting ...
... the performance of corporate and business strategy. What is behind the rise of ERM? In the insurance sector, ERM started rising to prominence from the beginning of this century. The confluence of the 9/11 terrorist attacks and the almost simultaneous global stock market downturn caused the bursting ...
The Composite Index of Propensity to Risk – CIPR
... been shattered. The confidence in risk-predicting models is both difficult to regain and necessary. Since we cannot exclude risks from our lives, we must at least learn how to live with them. Unfortunately there is a huge amount of uncertainty that simply cannot be predicted1 in a plausible manner. ...
... been shattered. The confidence in risk-predicting models is both difficult to regain and necessary. Since we cannot exclude risks from our lives, we must at least learn how to live with them. Unfortunately there is a huge amount of uncertainty that simply cannot be predicted1 in a plausible manner. ...
Treatment of VOBA, Goodwill and Other Intangible Assets under
... An attractive attribute of Method 1 is that an actuarial appraisal containing VIF is often available. In addition, some companies have embedded value models in place that can be adjusted to include marketbased assumptions and deliver a VIF without too much difficulty. Consequently, the starting valu ...
... An attractive attribute of Method 1 is that an actuarial appraisal containing VIF is often available. In addition, some companies have embedded value models in place that can be adjusted to include marketbased assumptions and deliver a VIF without too much difficulty. Consequently, the starting valu ...
Measuring the Risk of Large Losses
... the risk by a factor larger than λ if the costs of bearing losses grow faster than their size. For example, the larger a position, the more costly it typically becomes to liquidate it. From an investor’s perspective, these additional costs should be measured appropriately. From a regulatory perspect ...
... the risk by a factor larger than λ if the costs of bearing losses grow faster than their size. For example, the larger a position, the more costly it typically becomes to liquidate it. From an investor’s perspective, these additional costs should be measured appropriately. From a regulatory perspect ...
GC17/2: Treatment of politically exposed persons (PEPs) under the
... establishing source of wealth and source of funds and the true beneficiaries of long-term insurance policies. This could include information from public registers, such as beneficial ownership registers and registers maintained by the Electoral Commission under the Political Parties, Elections and R ...
... establishing source of wealth and source of funds and the true beneficiaries of long-term insurance policies. This could include information from public registers, such as beneficial ownership registers and registers maintained by the Electoral Commission under the Political Parties, Elections and R ...
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).