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Introduction to Insurance Mathematics : Technical and Financial Features of Risk Transfers / by Annamaria Olivieri, Ermanno Pitacco
Contributor(s): Resource type: Ressourcentyp: Buch (Online)Book (Online)Language: English Series: SpringerLink BücherPublisher: Berlin, Heidelberg : Springer-Verlag Berlin Heidelberg, 2011Description: Online-Ressource (XV, 475p. 180 illus, digital)ISBN:- 9783642160295
- 519
- HB144 QA269-272
- HG8781
Contents:
Summary: Risks and insurance -- Managing a portfolio of risks -- Life insurance: modelling the lifetime -- Life insurance: pricing -- Life insurance: reserving -- Reserves and profits in a life insurance portfolio -- Finance in life insurance: linking benefits to the investment performance -- Pension plans: technical and financial perspectives -- Non-life insurance: pricing and reserving.Summary: The book aims at presenting technical and financial features of life insurance, non-life insurance, pension plans. The book has been planned assuming non-actuarial readers as its “natural” target, namely - advanced undergraduate and graduate students in Economics, Business and Finance; - professionals and technicians operating in Insurance and pension areas, whose job may regard investments, risk analysis, financial reporting, etc, and hence implies a communication with actuarial professionals and managers. Given the assumed target, the book focuses on technical and financial aspects of insurance, however avoiding the use of complex mathematical tools. In this sense, the book can be placed at some “midpoint” of the existing literature, part of which adopts more formal approaches to insurance problems implying the use of non-elementary mathematics, whereas another part addresses practical questions totally avoiding even simple mathematical tools (which, in our opinion, can conversely provide effective tools for presenting technical and financial features of the insurance business).PPN: PPN: 165075874XPackage identifier: Produktsigel: ZDB-2-SEB | ZDB-2-SXMS | ZDB-2-SMA
""Preface""; ""Contents""; ""1 Risks and insurance""; ""1.1 Introduction""; ""1.2 ``Risk'': looking for definitions""; ""1.2.1 Some preliminary ideas""; ""1.2.2 Transactions with random results""; ""1.2.3 A very basic insurable risk""; ""1.2.4 Random number of events and random amounts""; ""1.2.5 Risks inherent in the individual lifetime""; ""1.3 Managing risks""; ""1.3.1 General aspects""; ""1.3.2 Risk identification and risk assessment""; ""1.3.3 Risk management actions""; ""1.3.4 Self-insurance versus insurance""; ""1.3.5 Monitoring and the Risk Management cycle""
""1.4 Quantifying risks: some models""""1.4.1 Some preliminary ideas""; ""1.4.2 A very basic model""; ""1.4.3 Random number of events and random amounts""; ""1.4.4 Random sums: a critical assumption""; ""1.4.5 Introducing time into valuations""; ""1.4.6 Comparing random yields""; ""1.4.7 Risk-adjusted valuations""; ""1.5 Risk measures""; ""1.5.1 Some preliminary ideas""; ""1.5.2 Traditional risk measures""; ""1.5.3 Downside risk measures""; ""1.5.4 Risk measures and capital requirements""; ""1.6 Transferring risks""; ""1.6.1 Building up a pool""; ""1.6.2 Financing the pool""
""1.6.3 The role of the insurer""""1.7 Insurance products""; ""1.7.1 The insurance cover. Policy conditions""; ""1.7.2 Some examples""; ""1.7.3 Pricing insurance products""; ""1.7.4 Premium calculation""; ""1.7.5 Technical bases""; ""1.7.6 Reserving""; ""1.8 References and suggestions for further reading""; ""2 Managing a portfolio of risks""; ""2.1 Introduction""; ""2.2 Rating: the basics""; ""2.2.1 Some preliminary ideas""; ""2.2.2 Homogeneous risks""; ""2.2.3 Non-homogeneous risks""; ""2.2.4 A more general rating system""; ""2.2.5 Rating systems and technical equilibrium""
""2.2.6 From risk factors to rating classes""""2.2.7 Cross-subsidy: mutuality and solidarity""; ""2.3 Facing portfolio riskiness""; ""2.3.1 Expected outgo versus actual outgo""; ""2.3.2 Risk assessment""; ""2.3.3 The risk index""; ""2.3.4 The probability distribution of the total payment""; ""2.3.5 The safety loading""; ""2.3.6 Capital allocation and beyond""; ""2.3.7 Solvency""; ""2.3.8 Creating value""; ""2.3.9 Risk management and risk analysis: some remarks""; ""2.3.10 The ``uncertainty risk''""; ""2.4 Reinsurance: the basics""; ""2.4.1 General aspects""; ""2.4.2 Stop-loss reinsurance""
""2.4.3 From portfolios to contracts""""2.4.4 Two reinsurance arrangements""; ""2.4.5 Examples""; ""2.4.6 Optimal reinsurance policy""; ""2.5 Reinsurance: further aspects""; ""2.5.1 Reinsurance arrangements""; ""2.5.2 Random claim sizes. XL reinsurance""; ""2.5.3 Catastrophe reinsurance""; ""2.5.4 Purposes of reinsurance""; ""2.5.5 Insurance-reinsurance networks""; ""2.5.6 Reinsurance treaties. Reinsurance programmes""; ""2.6 Alternative risk transfers""; ""2.6.1 Some preliminary ideas""; ""2.6.2 Securitization and the role of capital markets""; ""2.6.3 An example: the mortality bonds""
""2.7 The time dimension""
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