INDEX 1. INTRODUCTION 3. RATE / PREMIUM 4. FREQUENCY / SEVERITY & NRP 5. NET PREMIUM METHOD 7. GLM
|
|
- Andrew Scott
- 8 years ago
- Views:
Transcription
1 WELCOME PRICING AND MODELING OF THE PERSONAL AUTO INSURANCE
2 INDEX 1. INTRODUCTION 2. MAINTARGET INPRICING 3. RATE / PREMIUM 4. FREQUENCY / SEVERITY & NRP 5. NET PREMIUM METHOD 6. LOSS RATIOMETHOD 7. GLM
3 INTRODUCTION Insurance is aform of risk management primarily il used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment.
4 In non life insurance sector, increasing costs and nearly stopping the growth of insured ratio make the competition more difficult. Free tariff system in auto insurance ( Own Damage OD ) sector has caused big problem. This competition has engendered decreasing the companies profit and huge differences among the premiums. The essence of this competition is the application of the different criteria in tariffs and differences in the premium accordingly. While determining the rates in OD actuarial analysis are made considering the risk factors The aim of the modeling method is to determine expected cost in the future. Through the past data, the efficient premium is determined to reach the expected profit. The logic in calculating the premium depends on expected loss. IBNR ( Incurred But Not Reported ) is being evaluated separately in calculation of expected loss.
5 Success in Pricing Sell the right product to the right customer at the right time at the right price
6 The Right Pi Price Meets the objectives primarily financial secondarily volume, mix, brand etc. of all interested parties
7 MAIN TARGET FOR PRICING : In conjunction with given coverage the aim is to reach up to expected profitability. ( The more efficient pricing for the company, the greater is its profitability ) To determine adequate premium and rates align with competition in the sector EXPRESSING WITH ADEQUATE PREMIUM Premium should be able to cover both indemnities and other business expenses accordingly, Each coverage should be priced separately,
8 IN PRICING WORK ; Average prices are set per companies Average prices are set per sectors Regional differences are determined Risks are segmented
9 RATE Rate consists of a lot of elements. These are Cost of Claim + Cost of Production + Operating Expense + Profit In addition to that ; Improvements in the insurance market, Pricecompetition with the other insurance companies, Growth Strategy are the some other factors which play roles in forming the rate.
10 Components of Premium Profit Technical Epenses& Expenses Premium Loads Profit Load General Expenses Allowance for Reinsurance Acquisition Expenses Levies Risk Premium Cost Expected Claims Cost
11 The organizations and managers most of the times are interested in and worried about the costs. The control of the costs of the past, present and future is part of the job of all the managers in a company. In the companies that try to have profits, control the costs. Knowing the cost of the product is essential for decision making regarding price and mix assignation of products and services. What is the cost of insurance?
12 EVALUATION PARAMETERS 1 Written Premium 2 Earned Premium / Unearned Premium 3 Risk Premium 4 Cancellation Rate 5 Average Written Premium 6 Frequency 7 Severity 8 Net Loss Incurred 9 Loss Ratio
13 PREMIUM The amount to be charged for a certain amount of insurance coverage is called the premium It can be grouped as Written Earned and Unearned. Written premium :The amount of premium an insured agrees to pay for specified coverage over and agreed length of time. Earned premium : The portion of written premium for the protection and insurance company has actually provided. For example, an insured prepays $ for a oneyear policy which is effective January 1 st. On July 1, the company providing coverage has earned 50 % ( or $ 500 ) of the written premium. Because it has provided coverage for half of the year. Unearned premium : Not provided coverage for the rest of the year
14 The essence of the premium is formed by the risk premium. The risk premium is the level that equalize the expected loss expenses, The claims / losses are the cost for the insurance. In order to be able to calculate the risk premium we need two main ratios Frequency, Severity Frequency and severity are derived from the claims. Expected value derived from loss allocation determines the premium applied to the portfolio. The size of the standard deviation regarding loss allocation identifies the defect / error / deviation in the premium. Small deviation points out that the risk over the company is less.
15 Frequency : Frequency is the number of occurrences of a repeating event per unit time. There is a relation between the policies issued and the count of claims. Count of Claim Files f : Count of Policy Example :3.000 / = 30% Severity : Severity impliesthe averageclaim li Total Amount of Claims s: Total Count of Claim Files Example : / = In the meantime Paid Incurred Reported claims canbe defined under the claim terminology
16 Net Risk Premium ( Cost of Claim ): The risk premium is the level that equalize the expected loss expenses. The main point in calculation of the net risk premium is to know frequency (exposure of making claims ) and severity ( average claim amount ) NRP is calculated by Count of Claim Files f : Count of Policy Total Amount of Claims X s: Total Count of Claim Files
17 Expenses, Commission, Profit : Expenses ( cost ) are grouped as fixed costs and variable costs Some costs tend to remain the same even during busy periods, unlike variable costs, which rise and fall with volume of work. Over time, the importance of these fixed costs" has become more important to managers. Examples of fixed costs include the depreciation of equipment, and the cost of department such as employee salaries software license. Commission is the amount that is paid to producers ( agents, brokers ) Variable costs are expenses that change in proportion to the activity of a business. Variable cost is the sum of marginal cost over all units produced. It can also be considered normal costs. Fixed costs and variable costs make up the two components of total cost. These variables ibl are used to dt determine the rate.
18 NRP + Fixed Costs R = = = ( Variable Cost + Profit ) 1 ( 20% +10% ) 0,70
19 Loss Adjusted Expenses ( LAE ): Expenses incurred in the process of adjusting claims either allocated or unallocated ( These expenses are the out of indemnity payments ) Allocated Loss Adjustment Expenses ( ALAE ) : Includes all loss adjustment expenses that can be directly applied or allocated to claim file number. ( expenses for the claim file such as outsource of legal advisory ) Unallocated Loss Adjustment Expenses ( ULAE ) : Includes all loss adjustment expenses that can not be directly applied or allocated to a claim file number, such as claim department salaries and operating expenses. LAE = ALAE + ULAE
20 PRICING METHODS : There are different type of pricing methods. Net Premium Method and Loss Ratio Method are the basic methods. Net Premium Method : In this methodology, average premium for each risk, loss adjusted expenses and fixed costs in accordance with insurance period are included in calculation. The total amount of this parameters are confronted with variable costs and expected profit.
21 NtP Net Premium Method Mthd: Count of Policy = X Premium = P Premium with existing rate = Pe Average Premium with existing rate = APe Average Premium = AP Incurred dloss = L Loss incurred per risk = Lr Loss Adjusted Expenses = LAE LAE per risk = LAEr Fixed Costs = F Fixed Costs per risk = Fr Variable Costs = V Variable Costs per risk = Vr Variable cost ratio = VR ( V is divided by premium ) Expected profit = P
22 Net Premium Method : Price is formulated as, Net premium ( LAE included ) + Fixed Costs Rate = 1 ( Variable costs + expected profit ) Count of Incurred Loss In net premium calculation Count of Policy x s ratio is taken into account Incurred loss covers paid and outstanding losses within the related period Rate formula can be re written below according to risk based P = [Lr + LAE + Fr ] / [ 1 VR P]
23 Net PremiumMethod : P = [Lr + LAE + Fr ] / [ 1 VR P] Conformity with this formula an example can be given as ; Losses and LAE are 650 TL per risk Fixed costs are 100 TL Variable cost ratio is 20 % Expected profit is 10 % P = [ ] / [ 1 0,20 0,10] P = TL
24 Loss Ratio Method : In generally It is defined as loss ratio is calculated to earned premium. This method confronts with incurred loss and expected loss. Incurred loss covers paid and reserved losses while the expected loss is loss level for being profitable LR method = Incurred Loss Ratio / Expected Loss Ratio ILR = 85 % ELR = 70% 0,85 / 0,7 =1,21 As a result of this ratio average premium level is insufficient with existing rates and need to be increased 21 %.
25 GLM ( Generalized Linear Modeling ) In statistics, the generalized linear model (GLM) is a flexible generalization of ordinary linear regression that allows for response variables that have other than a normal distribution. The GLM generalizes linear regression by allowing the linear model to be related to the response variable via a link function and by allowing the magnitude of the varianceof each measurement to be a function of its predicted d value. Generalized linear models were formulated by John Nelder and Robert Wedderburn as awayof unifying i various other statistical ti ti models, They proposed an iteratively reweighted least squares method for maximum likelihood estimation of the model parameters. Maximum likelihood estimation remains popular and is the default method on many statistical computing packages.
26 GLM is a predictive modeling involves using historical data to construct a statistical model that will be predictive of the future. Each observation in the historical dataset contains information or data elements that are essential in building a predictive model. There are three types of elements in the historical dataset. First, there will be a dependentd variable ibl which h is what htyou are trying to predict. For example, when modeling severity, the dependent variable is the loss amount.
27 Second, there will be a weight associated with each observation. When modeling severity, the weight is the number of claims associated with ihthe loss amount of theobservation. Finally, there are independent variables. These are the characteristics of each observation that are being studied to ascertain whether a variable has any predictive power. Actuaries uses the historical data to build a statistical model. The majority of companies using predictive modeling are building such models to identify new rating variables and to better quantify the relationships between these new variables and existing rating variables.
28 GLM explains the relation between dependent variable. variable and independent For example frequency or severity can be accepted as dependent variable whereas those factors such as ; Client ( Age, Gender, Driving license year, Loss history ) Vehicle ( Vehicle age, Sum Insured, Type of usage, make&model, ) Region, city are independent factors This model works on multiple varied analysis. GLM is a statistical / actuarial method which is widely used in Global insurance
29 VEHICLE BRAND Row Number Level 1 Description Exposure 95 % Confidence Interval 1 KIA , VOLVO , NISSAN , PEUGEOT , BMW , HONDA , CITROEN , TOYOTA ,047 9 VOLKSWAGEN , MERCEDES HYUNDAI , FORD , RENAULT , AUDI , OTHERS ,10097 According to segmentation these factors are taken into account in terms of brands
30 VEHICLE REGISTERED CITY Row Number Level 1 Description Exposure 95 % Confidence Interval 1 CITY A , CITY B CITY C , CITY D , CITY E , CITY F , CITY G , Those cities type of usage are also determined. 5 CITY E % confidence interval results are shown USAGE OF THE VEHICLE Row Number Level 1 Description Exposure 95 % Confidence Interval 1 PERSON COMPANY ,224877
31 NO CLAIM DISCOUNT LEVEL Row Number Level 1 Description Exposure 95 % Confidence Interval , , , , The numbers in the 95% confidence level show coefficient of the factors. These coeffcients are showing reduction orloading ratios.
32 The numbers in the 95% confidence level show coefficient of the factors. These coefficients are showing reduction or loading ratios. Adding 1 with these coefficients you can reach to the risk premium
33 VEHICLE BRAND Row Number Level 1 Description Exposure 95 % Confidence Interval 1 KIA , VOLVO , NISSAN , PEUGEOT , BMW , HONDA , CITROEN , TOYOTA ,047 9 VOLKSWAGEN , MERCEDES HYUNDAI , FORD , RENAULT , AUDI , OTHERS ,89903 USAGE OF THE VEHICLE Row Number Level 1 Description Exposure 95 % Confidence Interval 1 PERSON COMPANY , NO CLAIM DISCOUNT LEVEL Row Number Level 1 Description Exposure 95 % Confidence Interval , , , , VEHICLE REGISTERED CITY Row Number Level 1 Description Exposure 95 % Confidence Interval 1 CITY A , CITY B CITY C , CITY D , CITY E , CITY F , CITY G ,645242
34 Example = Insured is a person and living in city A His car is 2012 model Honda He has got no NCD The risk premium is = 1, x 1, x 1,46789 x 1 =2,278 Than you make necessary loadings over the risk premium
35 THANK YOU
Educational Note. Premium Liabilities. Committee on Property and Casualty Insurance Financial Reporting. November 2014.
Educational Note Premium Liabilities Committee on Property and Casualty Insurance Financial Reporting November 2014 Document 214114 Ce document est disponible en français 2014 Canadian Institute of Actuaries
More informationBRAZILIAN AUTOMOTIVE INDUSTRY AT A GLANCE
BRAZILIAN AUTOMOTIVE INDUSTRY AT A GLANCE BRAZILIAN AUTOMOTIVE INDUSTRY GENERAL MARKET INFORMATION Brazil has become the 7th largest vehicle producer and the 4th largest vehicle consumer market in the
More informationSGS GLOBAL WARRANTY SURVEY 2014 SURVEY OVERVIEW
SGS GLOBAL WARRANTY SURVEY 2014 SURVEY OVERVIEW WHAT DOES SGS DO IN AUTOMOTIVE? DRIVING PERFORMANCE AND SAFETY WORLDWIDE SOURCE We test materials and parts to OEM and industry standards to facilitate the
More informationGLOSSARY OF ACTUARIAL AND RATEMAKING TERMINOLOGY
GLOSSARY OF ACTUARIAL AND RATEMAKING TERMINOLOGY Term Accident Accident Date Accident Period Accident Year Case- Incurred Losses Accident Year Experience Acquisition Cost Actuary Adverse Selection (Anti-Selection,
More informationGLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death.
The glossary contains explanations of certain terms and definitions used in this prospectus in connection with us and our business. The terms and their meanings may not correspond to standard industry
More informationNewfoundland and Labrador Board of Commissioners of Public Utilities. Newfoundland and Labrador Automobile Insurance Expense Survey Instructions
Newfoundland and Labrador Board of Commissioners of Public Utilities Newfoundland and Labrador Automobile Insurance Expense Survey Instructions TABLE OF CONTENTS INTRODUCTION AND GENERAL INSTRUCTIONS...
More informationOverview of Vehicle Leasing (Renting) Market in Portugal Current trends and future prospects
Overview of Vehicle Leasing (Renting) Market in Portugal Current trends and future prospects 2 Moderate growth for the overall company car market 450,000 400,000 350,000 300,000 250,000 200,000 + 65000
More informationhub bearing and why is it critical to your safety? A: See inside. It could save your life.
Q: What is a wheel hub bearing and why is it critical to your safety? A: See inside. It could save your life. Q: How do my car s hub bearings affect braking safety? A: Your car s hub bearings include the
More informationGLOSSARY. A contract that provides for periodic payments to an annuitant for a specified period of time, often until the annuitant s death.
The glossary contains explanations of certain terms and definitions used in this prospectus in connection with the Group and its business. The terms and their meanings may not correspond to standard industry
More informationGENERAL INSURANCE BUSINESS UNDERWRITING
GENERAL INSURANCE BUSINESS UNDERWRITING R.Qaiser, Professor, NIA, Pune For a general insurance company, underwriting business is the basic core activity. All other activities, in fact, emanate from this
More informationOverview of TPMS TPR Application Release
Overview of TPMS TPR Application Release This TPMS update is a significant improvement to the TPMS in terms of content and usability, and includes: - Greatly simplified user interface for Tire Pressure
More informationMinnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report
Minnesota Workers' Compensation Assigned Risk Plan Financial Statements Together with Independent Auditors' Report December 31, 2012 CONTENTS Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Balance
More informationIASB Educational Session Non-Life Claims Liability
IASB Board Meeting Observer Note- Agenda Paper 10 January 2005 IASB Educational Session Non-Life Claims Liability Presented by the International Actuarial Association January 19, 2005 Sam Gutterman and
More informationSession1: Commercial Pricing & Rate Adequacy
08/08/2014 INSTITUTE OF ACTUARIES OF INDIA 5th Capacity Building Seminar in GI Session1: Commercial Pricing & Rate Adequacy Table of Contents 1. What is Commercial Insurance? 2. SME and Large Enterprises
More informationPOLICY POSITION PAPER ON THE PRUDENTIAL TREATMENT OF CAPITALISED EXPENSES
POLICY POSITION PAPER ON THE PRUDENTIAL TREATMENT OF CAPITALISED EXPENSES RESULTS OF A SURVEY OF AUTHORISED DEPOSIT-TAKING INSTITIONS, UNDERTAKEN BY THE AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY June
More informationBenchmarking Key Financial Ratios
Benchmarking Key Financial Ratios 10 May, 2012 Presented by: Mujtaba Datoo, ACAS, MAAA, FCA Actuarial Practice Leader Aon Global Risk Consulting Phone: 949-608-6332 Fax: 949-608-6475 email: mujtaba.datoo@aon.com
More informationCorporate Finance in the Automotive Arena. - Navigating the next decade. of auto industry transformation -
Corporate Finance in the Automotive Arena - Navigating the next decade of auto industry transformation - Jens Diehlmann Partner at IBM Global Business Services; Global Leader Captive Finance Agenda 1 Who
More informationGRF_115_1: Premiums Liabilities - Insurance Risk Charge
GRF_115_1: Premiums Liabilities - Insurance Risk Charge These instructions must be read in conjunction with the general instruction guide. Explanatory notes Direct business Sections 1A, 1B and 1C are to
More informationI-FILE Standardized Rate Indication Workbook Homeowners, Mobile Homeowners, Dwelling Fire
I-FILE Standardized Rate Indication Workbook Homeowners, Mobile Homeowners, Dwelling Fire House Insurance & Banking Subcommittee January 23, 2013 Ken Ritzenthaler, Actuary Property & Casualty Product Review
More informationGuidance notes for application of AASB 1023: General Insurance Contracts to Registered Health Benefit Organisations.
Guidance notes for application of AASB 1023: General Insurance Contracts to Registered Health Benefit Organisations. 28 TH OCTOBER 2005 TABLE OF CONTENTS TABLE OF CONTENTS... 2 INTRODUCTION... 3 INSURANCE
More informationpractical problems. life) property) 11) Health Care Insurance. 12) Medical care insurance.
Training Courses Busisness Soluation For The Insurance Services Industry First: Professional Insurance Programs 1) Fundamental of Risk &Insurance. 2) Individual life Insurance Policies. 3) Group life Insurance
More informationHow Clean is Your Car Brand?
How Clean is Your Car Brand? The car industry's commitment to the EU to reduce CO 2 emissions: a brand-by-brand progress report October 2006 How Clean is Your Car Brand? The car industry's commitment to
More informationFinancial Reporting of General Insurance Activities
Accounting Standard AASB 1023 November 1996 Financial Reporting of General Insurance Activities Issued by the Australian Accounting Standards Board Obtaining a Copy of this Accounting Standard Copies of
More informationFinancial Review. 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations
2011 Financial Review 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations 82 Quantitative and Qualitative Disclosures About Market Risk 90
More informationReserving for Extended Reporting Endorsement Coverage, Including the Death, Disability, and Retirement Policy Provision
Including the Death, Disability, and Retirement Policy Provision Susan J. Forray, FCAS, MAAA Abstract. Writers of physicians professional liability (PPL) claims-made coverage typically offer a death, disability
More informationAEB REAL WORLD VALIDATION USING UK MOTOR INSURANCE CLAIMS DATA
AEB REAL WORLD VALIDATION USING UK MOTOR INSURANCE CLAIMS DATA Murray Doyle Alix Edwards Matthew Avery Thatcham MIRRC Research UK Paper Number 15-0058 ABSTRACT City Safety is a low-speed autonomous emergency
More informationFINANCIAL REVIEW. 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations
2012 FINANCIAL REVIEW 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations 82 Quantitative and Qualitative Disclosures About Market Risk 88
More informationIntroduction of P/C Insurance Market in China
Introduction of P/C Insurance Market in China Context Economic Environment in China P/C Insurance Market in China Development Status Market Potential P/C Insurance Regulation in China Overview Solvency
More informationStochastic programming approaches to pricing in non-life insurance
Stochastic programming approaches to pricing in non-life insurance Martin Branda Charles University in Prague Department of Probability and Mathematical Statistics 11th International Conference on COMPUTATIONAL
More informationAudits of Financial Statements that Contain Amounts that Have Been Determined Using Actuarial Calculations
Audits of Financial Statements that Contain Amounts that Have Been Determined Using Actuarial Calculations January 2011 Canadian Institute of Chartered Accountants Canadian Institute of Actuaries Audits
More informationFlorentin AQUENIN Pauline BOUVIER Estelle BUCAILLE Edouard GIBERT Manon LEMIRE
The image cannot be displayed. Your computer may not have enough memory to open the image, or the image may have been corrupted. Restart your computer, and then open the file again. If the red x still
More informationCO 2. emissions performance of car manufacturers in 2010
emissions performance of car manufacturers in 2010 Executive summary Executive summary Data collected by the European Environment Agency (EEA) on emissions from passenger cars reveal that the majority
More informationModelling Uncertainty in Claims Experience to Price General Insurance Contracts
Modelling Uncertainty in Claims Experience to Price General Insurance Contracts Vanita Duggal Actuary Palisade Risk Conference, Mumbai January 13, 2015 What is Insurance? Coverage by contract whereby one
More informationVehicle & Equipment Finance
Vehicle & Equipment Finance Vehicle & Equipment Finance There are a number of different ways to finance the purchase of vehicles and equipment in your business including lease, chattel mortgage and commercial
More informationAll replacement hub units are not created equal. What you don t know can cost you time, money, and customers.
All replacement hub units are not created equal. What you don t know can cost you time, money, and customers. Premium quality vs. value grade Before you get the hubs, get the facts. As a supplier of original
More informationChapter 9 Experience rating
0 INTRODUCTION 1 Chapter 9 Experience rating 0 Introduction The rating process is the process of deciding on an appropriate level of premium for a particular class of insurance business. The contents of
More informationPremium Rating in Motor Business: an international perspective Rob van Horssen, Gen Re 30 August / 2 September 2004
Premium Rating in Motor Business: an international perspective Rob van Horssen, Gen Re 30 August / 2 September 2004 My own actuarial control cycle... are we getting the results we were expecting? Monitoring
More informationCharacteristics of Commercial Lines
GENERAL INSURANCE PRICING SEMINAR 13 JUNE 2008, LONDON PRACTICAL PRICING FOR COMMERCIAL LINES AN INTRODUCTION Martin Cross Characteristics of Commercial Lines Very wide product range Policies of widely
More informationHow To Calculate The Annual Rate Of Return On A Car In Alberta
February 11, 2005 Review of Alberta Automobile Insurance Experience as of June 30, 2004 Contents 1. Introduction and Executive Summary...1 Data and Reliances...2 Limitations...3 2. Summary of Findings...4
More informationSAS Software to Fit the Generalized Linear Model
SAS Software to Fit the Generalized Linear Model Gordon Johnston, SAS Institute Inc., Cary, NC Abstract In recent years, the class of generalized linear models has gained popularity as a statistical modeling
More informationBasic Track I. 2011 CLRS September 15-16, 2011 Las Vegas, Nevada
Basic Track I 2011 CLRS September 15-16, 2011 Las Vegas, Nevada Introduction to Loss 2 Reserving CAS Statement of Principles Definitions Principles Considerations Basic Reserving Techniques Paid Loss Development
More informationSECONDARY SAFETY PERFORMANCE OF VEHICLES IN FLEET: THE ROLE OF VEHICLE MASS
SECONDARY SAFETY PERFORMANCE OF VEHICLES IN FLEET: THE ROLE OF VEHICLE MASS Reza Tolouei, PhD Candidate, Centre for Transport Studies, University College London, UK, email: reza@transport.ucl.ac.uk ABSTRACT
More informationCombining Linear and Non-Linear Modeling Techniques: EMB America. Getting the Best of Two Worlds
Combining Linear and Non-Linear Modeling Techniques: Getting the Best of Two Worlds Outline Who is EMB? Insurance industry predictive modeling applications EMBLEM our GLM tool How we have used CART with
More informationFreedom of Information Request. 5128 Lease Car Contracts
Freedom of Information Request 5128 Lease Car Contracts Can you provide a description for each contract please (number of vehicles, type of vehicles-cars, vans, plant), also if this is leased or hired?
More information2012 SuRe (Supplier Relationship) index
2012 SuRe (Supplier Relationship) index Automotive News Europe Congress - Monaco Matteo Fini Senior Consultant IHS Automotive 21 st of June, 2012 What is the SuRe index? Objective Benchmark of OEM working
More information3. ASSET REVALUATION RESERVE The asset revaluation reserve represents the surplus in fair value of land and buildings after revaluation.
GLOSSARY The following definitions have been provided to assist readers in gaining a better understanding of this Annual Report and its Financial Statements. 1. ACERH Australian Centre for Economic Research
More information2 Appendix 2. Insurance Transactions and Positions, and Pension Schemes. Insurance Transactions and Positions APPENDIX.
2 Appendix 2 APPENDIX Transactions and Positions, and Pension Schemes Transactions and Positions Introduction A2.1 Over the lifetime of insurance contracts, insurance companies produce services to their
More informationNew Plug-in Car Grant Levels from March 2016
New Plug-in Car Grant Levels from March 2016 1. From 1 March 2016, plug-in car grant levels are changing. The new grant levels will be based on the environmental performance of the vehicle. 2. Ultra low
More informationGUIDELINES ON VALUATION OF POLICY LIABILITIES OF GENERAL BUSINESS
Guideline No: ID 1/04 Issue Date: 24 August 2004 Last Updated: 3 January 2008 GUIDELINES ON VALUATION OF POLICY LIABILITIES OF GENERAL BUSINESS [Note: These Guidelines should be read in conjunction with
More informationAPPENDIX II. INSURANCE TRANSACTIONS AND POSITIONS, STANDARDIZED GUARANTEES AND PENSION SCHEMES
DRAFT APPENDIX II. INSURANCE TRANSACTIONS AND POSITIONS, STANDARDIZED GUARANTEES AND PENSION SCHEMES I. INSURANCE TRANSACTIONS AND POSITIONS A. Introduction Reference BPM6 Chapter 10; Appendix 6c; and
More informationA Pricing Model for Underinsured Motorist Coverage
A Pricing Model for Underinsured Motorist Coverage by Matthew Buchalter ABSTRACT Underinsured Motorist (UIM) coverage, also known as Family Protection coverage, is a component of most Canadian personal
More informationGLM, insurance pricing & big data: paying attention to convergence issues.
GLM, insurance pricing & big data: paying attention to convergence issues. Michaël NOACK - michael.noack@addactis.com Senior consultant & Manager of ADDACTIS Pricing Copyright 2014 ADDACTIS Worldwide.
More informationABC Auto Insurance Company Actuarial Review of Loss and LAE Reserves As of 12/31/11
ABC Auto Insurance Company Actuarial Review of Loss and LAE Reserves As of 12/31/11 Prepared by: Joe Actuary, ACAS, MAAA What s the Point Actuarial Consultants, Inc. Background and Scope ABC Auto Ins Co
More informationHAMILTON TOWNSHIP MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS AS AT DECEMBER 31, 2015
FINANCIAL STATEMENTS AS AT DECEMBER 31, 2015 TABLE OF CONTENTS AS AT DECEMBER 31, 2015 INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS Balance Sheet 2 Statement of Surplus and Resources for Protection
More informationREPORT ON EXAMINATION OF THE MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP AS OF
REPORT ON EXAMINATION OF THE MAKE TRANSPORTATION INSURANCE, INC., A RISK RETENTION GROUP AS OF DECEMBER 31, 2011 TABLE OF CONTENTS SALUTATION... 1 SCOPE OF EXAMINATION... 1 SUMMARY OF SIGNIFICANT FINDINGS...
More informationCosts of car ownership in Russia
www.pwc.ru/automotive PwC Annual Survey, 2015 Costs of car ownership in Russia INTELLI GROUP Market Intelligence & Strategy Key findings on the cost of car ownership The year 201 saw many events that have
More informationLegal & General Insurance Limited
Annual PRA Insurance Returns for the ended 31 December 2014 IPRU(INS) Appendices 9.1, 9.2, 9.5, 9.6 Balance Sheet and Profit and Loss Account Contents Form 1 Statement of solvency - general insurance
More informationINSTRUCTIONS FOR COMPLETING INSURANCE COMPANY FINANCIAL STATEMENTS
INSTRUCTIONS FOR COMPLETING INSURANCE COMPANY "DRAFT VERSION FOR FIRST REVIEW ONLY" Submitted to: Minstry of Finance and Economy Head of Insurance Department Republic of Armenia Submitted by: BearingPoint
More informationTITLE 114 LEGISLATIVE RULES INSURANCE COMMISSIONER SERIES 22 MEDICAL MALPRACTICE ANNUAL REPORTING REQUIREMENTS
TITLE 114 LEGISLATIVE RULES INSURANCE COMMISSIONER SERIES 22 MEDICAL MALPRACTICE ANNUAL REPORTING REQUIREMENTS 114-22-1. General. 1.1. Scope. -- This legislative rule establishes guidelines and procedures
More informationACTUARIAL ESTIMATION OF TECHNICAL PROVISIONS ADEQUACY IN LIFE INSURANCE COMPANIES
ACTUARIAL ESTIMATION OF TECHNICAL PROVISIONS ADEQUACY IN LIFE INSURANCE... 523 ACTUARIAL ESTIMATION OF TECHNICAL PROVISIONS ADEQUACY IN LIFE INSURANCE COMPANIES Jasmina Selimović, MSc School of Economics
More informationCEIOPS-DOC-33/09. (former CP 39) October 2009
CEIOPS-DOC-33/09 CEIOPS Advice for Level 2 Implementing Measures on Solvency II: Technical provisions Article 86 a Actuarial and statistical methodologies to calculate the best estimate (former CP 39)
More informationStarr Insurance & Reinsurance Limited and Subsidiaries
Starr Insurance & Reinsurance Limited and Subsidiaries Consolidated Financial Statements December 31,2014 and 2013 Table of Contents December 31, 2014 and 2013 Page Independent Auditors' Report 1 Consolidated
More informationDigiMasterIII-Audio Decoding Car Model List
Manufacturer Car Model Method Adapter Alfa BE2580 Audi Audi 94 Audi Audi 98 Audi Audi 99 years-2.4 Audi Audi AUZIZ2S Audi Audi CQ-LA1020 Audi Audi CQ-LA1120 Audi Music Audi Audi AUZ2Z2C1103010 Audi AUZ5Z3B9054278
More informationDEALERS VIEW OF WARRANTY: SGS GLOBAL WARRANTY SATISFACTION SURVEY RESULTS FOR BRAZIL
DEALERS VIEW OF WARRANTY: SGS GLOBAL WARRANTY SATISFACTION SURVEY RESULTS FOR BRAZIL WARRANTY ADMINISTRATION SYSTEMS SERVE TO IMPROVE AFTER SALES PROCESSES AND BUILD LONG-TERM CUSTOMER LOYALTY MAY 14 AUTHOR
More informationThe Study of Chinese P&C Insurance Risk for the Purpose of. Solvency Capital Requirement
The Study of Chinese P&C Insurance Risk for the Purpose of Solvency Capital Requirement Xie Zhigang, Wang Shangwen, Zhou Jinhan School of Finance, Shanghai University of Finance & Economics 777 Guoding
More informationRenault continues to lead volume brands as new car CO 2 emissions fall across Europe
PRESS RELEASE 00:01 GMT, 3 rd March 2015 Renault continues to lead volume brands as new car CO 2 emissions fall across Europe Renault claims lowest average CO 2 emissions among volume brands in Europe
More informationAUTOMOTIVE INTERNATIONAL BRANDS A QUALITATIVE AND QUANTITATIVE RESEARCH
AUTOMOTIVE INTERNATIONAL BRANDS A QUALITATIVE AND QUANTITATIVE RESEARCH Manuela Rozalia Gabor Petru Maior University of Tîrgu Mureş, Romania David Martin Consuegra Navarro Universidad Castilla la Mancha,
More informationComparison of Terms Used in Non-Life Insurance in the US and UK
1999 General Insurance Convention Comparison of Terms Used in Non-Life Insurance in the US and UK Kevin Armstrong 225 COMPARISON OF TERMS USED IN NON-LIFE INSURANCE IN THE US AND UK KEVIN ARMSTRONG The
More informationCasualty Actuarial Society
Casualty Actuarial Society Basic Ratemaking Geoff Werner, FCAS, MAAA Claudine Modlin, FCAS, MAAA EMB With significant contributions by other EMB associates: Alice Gannon, FCAS, MAAA; Serhat Guven, FCAS,
More informationGAP Insurance Techniques and Challenges
Lee Bowron, ACAS, MAAA, and John Kerper, FSA, MAAA Abstract: GAP (Guaranteed Asset Protection) insurance is an insurance product that insures the difference (if any) between the loan balance and the actual
More informationSTATISTICA Formula Guide: Logistic Regression. Table of Contents
: Table of Contents... 1 Overview of Model... 1 Dispersion... 2 Parameterization... 3 Sigma-Restricted Model... 3 Overparameterized Model... 4 Reference Coding... 4 Model Summary (Summary Tab)... 5 Summary
More informationGuidance on Best Estimate and Margin for Uncertainty
2014 Guidance on Best Estimate and Margin for Uncertainty Guidance on Best Estimate and Margin for Uncertainty Contents Introduction... 3 Best Estimate of Claims Liabilities... 3 Margin for Uncertainty...
More informationMeasuring per-mile risk for pay-as-youdrive automobile insurance. Eric Minikel CAS Ratemaking & Product Management Seminar March 20, 2012
Measuring per-mile risk for pay-as-youdrive automobile insurance Eric Minikel CAS Ratemaking & Product Management Seminar March 20, 2012 Professor Joseph Ferreira, Jr. and Eric Minikel Measuring per-mile
More informationSYLLABUS OF BASIC EDUCATION Fall 2016 Basic Techniques for Ratemaking and Estimating Claim Liabilities Exam 5
The syllabus for this four-hour exam is defined in the form of learning objectives, knowledge statements, and readings. set forth, usually in broad terms, what the candidate should be able to do in actual
More informationFinancial Services Commission of Ontario. Technical Notes for Automobile Insurance. Rates and Risk Classification Filings
Rate and Risk Classification Filings A. Introduction All insurers writing non-fleet automobile insurance on Ontario Automobile Policy (OAP) 1 or OAP 2 must have their rates and risk classification systems
More informationSolution. The premium is simply the Loss Cost grossed up for expenses: $382.78 1 0.24 $503.66.
Exercise 1. In a PC insurance company, the estimated average Loss Cost per exposure unit for 2009 is 382.78 and the Expense Ratio for 2009 is determined to be 24%. Find the premium to be charged for a
More informationFriends Life Limited
Annual PRA Insurance Returns for the year ended 31 December 2014 IPRU(INS) Appendices 9.1, 9.3, 9.4, 9.4A, 9.6 Balance Sheet and Profit and Loss Account Contents Form 2 Statement of solvency - long-term
More informationSupplementary Planning Guidance
Supplementary Planning Guidance 2013 January 2013 Page 1 DOMESTIC GARAGES 2013 Purpose 1. To provide additional guidance to developers and specify standards in relation to domestic garages. Preview 2.
More informationExecutive Summary On Target Marketing On-Demand Email Marketing from Payment Alliance International (PAI)
Executive Summary On Target Marketing On-Demand Email Marketing from Payment Alliance International (PAI) Copyright 2011; Payment Alliance International, Inc., All rights reserved. I. Overview The Payment
More informationPress-release 13 May 2014
Press-release 13 May 2014 April shows significant sales decline Sales of new passenger cars and LCVs in Russia dropped by 8% in April 2014 Among the top ten bestselling models so far, ten models are locally
More informationDepartment of Consumer & Business Services Oregon Insurance Division 5 350 Winter St. NE Salem, Oregon 97301-3883 Phone (503) 947-7983
Department of Consumer & Business Services Oregon Insurance Division 5 350 Winter St. NE Salem, Oregon 97301-3883 Phone (503) 947-7983 WORKERS COMPENSATION FORMS RATES FOR ADVISORY LOSS COST MODIFICATION
More informationDEPARTMENT OF BANKING AND INSURANCE VERMONT REGULATION I-84-1 (REVISED) CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE
DEPARTMENT OF BANKING AND INSURANCE VERMONT REGULATION I-84-1 (REVISED) CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE Table of Contents Section 1. Section 2. Section 3. Section 4. Section 5. Section
More informationReducing CO2 Emissions from New Cars: A Study of Major Car Manufacturers' Progress in 2006. November 2007
Reducing CO2 Emissions from New Cars: A Study of Major Car Manufacturers' Progress in 2006 November 2007 1 Reducing CO2 Emissions from New Cars: A Study of Major Car Manufacturers' Progress in 2006 November
More informationA.P. Eagers 2015 First Half Results August 2015
A.P. Eagers 2015 First Half Results August 2015 2015 Half Year Highlights Record PBT $59.5m up 29.5% Record NPAT $44.1m up 32.2% Record Basic EPS 24.5 cents up 31.0% Record Full Franked interim dividend
More informationAtasan Industrial Group which is located in Turkey is one of leading manufacturer and supplier of automotive parts for OE and Aftermarket.
ATAPART is registered trademark of ATASAN GROUP Atasan Industrial Group which is located in Turkey is one of leading manufacturer and supplier of automotive parts for OE and Aftermarket. Atasan Group carry
More informationInternational Accounting Standard 32 Financial Instruments: Presentation
EC staff consolidated version as of 21 June 2012, EN EU IAS 32 FOR INFORMATION PURPOSES ONLY International Accounting Standard 32 Financial Instruments: Presentation Objective 1 [Deleted] 2 The objective
More informationExtended Warranties for New and Used Cars in Latin America
Extended Warranties for New and Used Cars in Latin America Report Prospectus April 2015 Finaccord Ltd., 2015 Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents Page What is the research?
More informationPricing Private Health Insurance Products in China. Chen Tao
Pricing Private Health Insurance Products in China Chen Tao Abstract In this paper an overview of how to price private health insurance products in China is given. In the beginning the Chinese private
More informationData Compilation Financial Data
Data Compilation Financial Data CONTENTS 1. Transition of Significant Management Indicators, etc. Japan Post Group (Consolidated) 122 Japan Post Holdings Co., Ltd. (Non-consolidated) 122 Japan Post Co.,
More informationAviva Insurance Limited
Annual FSA Insurance Returns for the ended st December (Appendices 9.1, 9.2, 9.5, 9.6) Produced using BestESP Services - UK Year ended st December Contents Page Appendix 9.1 Form 1 Statement of solvency
More informationChallenge. Solutions. Early results. Personal Lines Case Study Celina Insurance Reduces Expenses & Improves Processes Across the Business.
Celina Insurance Reduces Expenses & Improves Processes Across the Business About Celina Insurance Group Founded in 1914, Celina Insurance Group is composed of four mutual property and casualty insurance
More informationANNUAL RETURN: FORM 1 - FUND BALANCE SHEET
ANNUAL RETURN: FORM - FUND BALANCE SHEET R98G General: Singapore Insurance Fund Annex Row No. ASSETS Equity securities A Debt securities B Land and buildings C Loans D Cash and deposits 5,96,57 Other invested
More informationFleet Markets Presentation 2005
A Datamonitor report Fleet Markets Presentation 2005 Published: Sep-05 Product Code: DMAU0279 Providing you with: Sizes of the company car market and main financing methods used within the market in the
More informationQuantitative Impact Study 1 (QIS1) Summary Report for Belgium. 21 March 2006
Quantitative Impact Study 1 (QIS1) Summary Report for Belgium 21 March 2006 1 Quantitative Impact Study 1 (QIS1) Summary Report for Belgium INTRODUCTORY REMARKS...4 1. GENERAL OBSERVATIONS...4 1.1. Market
More information- A Brokers Perspective
GEARING UP FOR A DE-TARIFF REGIME Strategies & Experiences in Managing Risk Transfers - A Brokers Perspective IFC, New Delhi August 22, 2006 Sanjay Kedia Content Market Overview Total Cost of Risk Components
More informationLife Insurance Corporation (Singapore)Pte Ltd UEN 201210695E MANAGEMENT REPORT 31/12/2014
Life Insurance Corporation (Singapore)Pte Ltd UEN 201210695E MANAGEMENT REPORT 31/12/2014 LIFE INSURANCE CORPORATION (SINGAPORE) PTE. LTD. For the financial year from 1 January 2014 to 31 December 2014
More informationHierarchical Insurance Claims Modeling
Hierarchical Insurance Claims Modeling Edward W. (Jed) Frees, University of Wisconsin - Madison Emiliano A. Valdez, University of Connecticut 2009 Joint Statistical Meetings Session 587 - Thu 8/6/09-10:30
More informationA Deeper Look Inside Generalized Linear Models
A Deeper Look Inside Generalized Linear Models University of Minnesota February 3 rd, 2012 Nathan Hubbell, FCAS Agenda Property & Casualty (P&C Insurance) in one slide The Actuarial Profession Travelers
More informationStarr Insurance & Reinsurance Limited and Subsidiaries
Starr Insurance & Reinsurance Limited and Subsidiaries Financial Statements Table of Contents Page Independent Auditors Report 1 Financial Statements Consolidated Balance Sheet 2 Consolidated Statement
More informationDate of release: 01/29/2015. The Chubb Corporation 2014 Update on Asbestos Reserves
Date of release: 01/29/2015 The Chubb Corporation 2014 Update on Asbestos Reserves Forward-Looking Statements The following materials contain forward-looking statements, including those relating to loss
More information