Circumstances – How to recognise a circumstance
... might give rise to a claim’ under Professional Risks insurance. Circumstances can at times be obscure, so we have split them into two categories: obvious and less obvious types. While this list is useful, it is NOT intended to be a comprehensive listing of all possible types of circumstances. CGU Pr ...
... might give rise to a claim’ under Professional Risks insurance. Circumstances can at times be obscure, so we have split them into two categories: obvious and less obvious types. While this list is useful, it is NOT intended to be a comprehensive listing of all possible types of circumstances. CGU Pr ...
Insurance Companies and the Financial Crisis
... played in this crisis are related to the expansion into investment-bank-like activities of financial companies that conduct insurance business. In the past, different types of financial activities have often been combined under one company’s roof and such combinations have often been defended on the ...
... played in this crisis are related to the expansion into investment-bank-like activities of financial companies that conduct insurance business. In the past, different types of financial activities have often been combined under one company’s roof and such combinations have often been defended on the ...
solvency and financial condition report for the year ended 31
... Amounts due from reinsurers ii. Amounts held on deposit and on demand with banks iii. Amounts due from insurance policyholders and intermediaries Liquidity Risk The Company’s exposure to liquidity risk is considered to be low as it maintains a high level of liquid assets to meet its liabilities. Ope ...
... Amounts due from reinsurers ii. Amounts held on deposit and on demand with banks iii. Amounts due from insurance policyholders and intermediaries Liquidity Risk The Company’s exposure to liquidity risk is considered to be low as it maintains a high level of liquid assets to meet its liabilities. Ope ...
Number Slumber Understanding Rating Agency Evals 8
... Insurer Financial Strength Rating (IFSR) Objective ...
... Insurer Financial Strength Rating (IFSR) Objective ...
Dr. Krzysztof Ostaszewski, FSA, CFA, MAAA Actuarial Program
... be tangible. They need not be. For example, a patent is a real asset. Human capital (ability to earn income) is a real asset. A financial asset (also called a security, or a capital asset) is defined as a claim on the income produced by real assets. In other words, financial assets direct the distri ...
... be tangible. They need not be. For example, a patent is a real asset. Human capital (ability to earn income) is a real asset. A financial asset (also called a security, or a capital asset) is defined as a claim on the income produced by real assets. In other words, financial assets direct the distri ...
MICROECONOMIC THEORY
... Important Points to Note: • One of the most extensively studied issues in the economics of uncertainty is the “portfolio problem” – asks how an investor will split his wealth between risky and risk-free assets – in some cases, it is possible to obtain precise solutions to this problem • depends on ...
... Important Points to Note: • One of the most extensively studied issues in the economics of uncertainty is the “portfolio problem” – asks how an investor will split his wealth between risky and risk-free assets – in some cases, it is possible to obtain precise solutions to this problem • depends on ...
What is Lender`s Mortgage insurance (“LMI”)
... ICA believes the recommendations of the HIH Royal Commission as they relate to taxes on insurance, should be implemented by all Australian Governments. For the first home buyer, implementation of these proposals will significantly reduce ongoing costs associated with first homeownership while also h ...
... ICA believes the recommendations of the HIH Royal Commission as they relate to taxes on insurance, should be implemented by all Australian Governments. For the first home buyer, implementation of these proposals will significantly reduce ongoing costs associated with first homeownership while also h ...
Climate Change and Resource Depletion
... 2.1.6 We hope that this review will stimulate research and constructive debate in relation to these crucial topics. The Institute and Faculty of Actuaries has commissioned research to examine questions of resource and environmental limits to economic growth. We expect that the first findings from th ...
... 2.1.6 We hope that this review will stimulate research and constructive debate in relation to these crucial topics. The Institute and Faculty of Actuaries has commissioned research to examine questions of resource and environmental limits to economic growth. We expect that the first findings from th ...
Pricing Flood Insurance - Resources for the Future
... Office (GAO) raised concerns that some of the data used in this modeling were outdated or inaccurate. FEMA has been updating FIRMs and making other improvements, but certain items, such as probability estimates of floods, have not been updated in some time (GAO 2008). Premiums are then adjusted by s ...
... Office (GAO) raised concerns that some of the data used in this modeling were outdated or inaccurate. FEMA has been updating FIRMs and making other improvements, but certain items, such as probability estimates of floods, have not been updated in some time (GAO 2008). Premiums are then adjusted by s ...
Charting Changes in Saudi Arabian Insurance
... This law establishes rules governing financial sovency, technical reserve, statutory reserve, policy holders' rights, insurance company rights and that the insurance business must be conducted through a registered insurance company operating in cooperative manner and in compliance with principles of ...
... This law establishes rules governing financial sovency, technical reserve, statutory reserve, policy holders' rights, insurance company rights and that the insurance business must be conducted through a registered insurance company operating in cooperative manner and in compliance with principles of ...
Open full article - Acta Universitatis
... The investment decisions are made either under certainty, or uncertainty. The decision making under uncertainty is much more frequent because of rapidly changing macroeconomic and microeconomic conditions. But in most cases, there is possible to quantify the uncertainty, because there are available ...
... The investment decisions are made either under certainty, or uncertainty. The decision making under uncertainty is much more frequent because of rapidly changing macroeconomic and microeconomic conditions. But in most cases, there is possible to quantify the uncertainty, because there are available ...
Risk and Rates of Return
... Market risk premium = RPM = rM - rRF RPM = return associated with the riskiness of a portfolio that contains all the investments in the market RPM is based on how risk averse investors are on average Because an investment’s beta coefficient indicates volatility relative to the market, we can use β t ...
... Market risk premium = RPM = rM - rRF RPM = return associated with the riskiness of a portfolio that contains all the investments in the market RPM is based on how risk averse investors are on average Because an investment’s beta coefficient indicates volatility relative to the market, we can use β t ...
terrorism risk insurance act of 2002: a primer
... are required to offer terrorism coverage for voluntary purchase by businesses. In turn, the federal government agrees to initially absorb a portion of the cost of large attacks. It may recoup its outlays, within certain limits, through surcharges on future insurance premiums, over a period of years. ...
... are required to offer terrorism coverage for voluntary purchase by businesses. In turn, the federal government agrees to initially absorb a portion of the cost of large attacks. It may recoup its outlays, within certain limits, through surcharges on future insurance premiums, over a period of years. ...
agent commission and bonus schedules and remuneration rules
... according to the annual mode of payment by the percentages determined according to the Commission and Bonus Schedules. A new insurance contract comes into force when the application is approved by the Underwriting Department of the Company, the policy is issued and the premium, according to the mode ...
... according to the annual mode of payment by the percentages determined according to the Commission and Bonus Schedules. A new insurance contract comes into force when the application is approved by the Underwriting Department of the Company, the policy is issued and the premium, according to the mode ...
Incentive Compensation – The White Swan in Risk Management
... employees responsible for risk management are unlikely to take imprudent risks if their incentive payments are reduced ...
... employees responsible for risk management are unlikely to take imprudent risks if their incentive payments are reduced ...
Commercial Risk Europe
... professionals from the region to discuss these key topics. Below are some of the highlights from the event ...
... professionals from the region to discuss these key topics. Below are some of the highlights from the event ...
AMICE response to EIOPA Consultation on the review of specific
... Undertakings should not be required to quantify the degree of model error in precise quantitative terms or to recalculate the SCR using a more accurate method in order to demonstrate that the difference between the result of the chosen method and the result of a more accurate method is immaterial. I ...
... Undertakings should not be required to quantify the degree of model error in precise quantitative terms or to recalculate the SCR using a more accurate method in order to demonstrate that the difference between the result of the chosen method and the result of a more accurate method is immaterial. I ...
Global Insurance Market Opportunities - Thought Leadership
... The pace of change in the global economy today is truly staggering. Change is bringing new, emerging risk types, offering new opportunities for the insurance industry. At the same time, the industry has seen an influx of nontraditional capital as well as new enabling data, technology, and analytics c ...
... The pace of change in the global economy today is truly staggering. Change is bringing new, emerging risk types, offering new opportunities for the insurance industry. At the same time, the industry has seen an influx of nontraditional capital as well as new enabling data, technology, and analytics c ...
Indicators and metrics used in enterprise risk management
... development of different internal or environmental activities. This leads on to a growth of revenue from safest business. Reduce Defection and Bankruptcy: A key risk in any enterprise is bankruptcy risk. This risk is, however, consisted of the appearance of different types of risks that are signaled ...
... development of different internal or environmental activities. This leads on to a growth of revenue from safest business. Reduce Defection and Bankruptcy: A key risk in any enterprise is bankruptcy risk. This risk is, however, consisted of the appearance of different types of risks that are signaled ...
2010 - About KLP
... that each individual fire has been significantly larger in scope than similar claims in previous years. This will also vary over time, but as stated, this time the impact was unusually substantial. Some will remember some of these fires for the ensuing difficult and fundamental discussions that aros ...
... that each individual fire has been significantly larger in scope than similar claims in previous years. This will also vary over time, but as stated, this time the impact was unusually substantial. Some will remember some of these fires for the ensuing difficult and fundamental discussions that aros ...
bcbs239 – the $8 billion game changer for financial institutions
... Supervision (BCBS) issued its “Principles for effective risk data aggregation and risk reporting” (BCBS 239), as a result of recommendations made by the Financial Stability Board (FSB) in November 2011 and subsequent initiatives. The Basel Committee states in the introduction of BCBS 239: “One of th ...
... Supervision (BCBS) issued its “Principles for effective risk data aggregation and risk reporting” (BCBS 239), as a result of recommendations made by the Financial Stability Board (FSB) in November 2011 and subsequent initiatives. The Basel Committee states in the introduction of BCBS 239: “One of th ...
Insurance Concentration Risk Charge Natural Perils
... calibration, and the quality of underlying input data (portfolio information) ...
... calibration, and the quality of underlying input data (portfolio information) ...
Revisiting the Role of Insurance Company ALM
... Insurers have a variety of key stakeholders focused on, in some cases, vastly different metrics. They must answer to policyholders, shareholders, rating agencies, regulators and tax agencies, to name a few. Each stakeholder within a life insurer’s universe serves a unique purpose, with its own objec ...
... Insurers have a variety of key stakeholders focused on, in some cases, vastly different metrics. They must answer to policyholders, shareholders, rating agencies, regulators and tax agencies, to name a few. Each stakeholder within a life insurer’s universe serves a unique purpose, with its own objec ...
One year later: How much have consumer attitudes
... Key findings of the follow-up 2011 Allianz Reclaiming the Future Pulse Survey Consumers continued to display high levels of uncertainty about being financially prepared for retirement. In 2011, a majority of people still had fear of outliving their money more than death. In fact, the percentage of t ...
... Key findings of the follow-up 2011 Allianz Reclaiming the Future Pulse Survey Consumers continued to display high levels of uncertainty about being financially prepared for retirement. In 2011, a majority of people still had fear of outliving their money more than death. In fact, the percentage of t ...
Strategy and Plans of the Triglav Group
... position on the existing insurance markets. Financial investments. A lower investment return as the result of extremely low interest rates is planned. Adequate levels of investment security and liquidity remain at the forefront of the Group’s investment guidelines, followed by the criterion of profi ...
... position on the existing insurance markets. Financial investments. A lower investment return as the result of extremely low interest rates is planned. Adequate levels of investment security and liquidity remain at the forefront of the Group’s investment guidelines, followed by the criterion of profi ...
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).