Loss Reserving

Loss Reserving PDF Author: Gregory Taylor
Publisher: Springer Science & Business Media
ISBN: 1461545838
Category : Business & Economics
Languages : en
Pages : 396

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Book Description
All property and casualty insurers are required to carry out loss reserving as a statutory accounting function. Thus, loss reserving is an essential sphere of activity, and one with its own specialized body of knowledge. While few books have been devoted to the topic, the amount of published research literature on loss reserving has almost doubled in size during the last fifteen years. Greg Taylor's book aims to provide a comprehensive, state-of-the-art treatment of loss reserving that reflects contemporary research advances to date. Divided into two parts, the book covers both the conventional techniques widely used in practice, and more specialized loss reserving techniques employing stochastic models. Part I, Deterministic Models, covers very practical issues through the abundant use of numerical examples that fully develop the techniques under consideration. Part II, Stochastic Models, begins with a chapter that sets up the additional theoretical material needed to illustrate stochastic modeling. The remaining chapters in Part II are self-contained, and thus can be approached independently of each other. A special feature of the book is the use throughout of a single real life data set to illustrate the numerical examples and new techniques presented. The data set illustrates most of the difficult situations presented in actuarial practice. This book will meet the needs for a reference work as well as for a textbook on loss reserving.

Loss Reserving

Loss Reserving PDF Author: Gregory Taylor
Publisher: Springer Science & Business Media
ISBN: 1461545838
Category : Business & Economics
Languages : en
Pages : 396

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Book Description
All property and casualty insurers are required to carry out loss reserving as a statutory accounting function. Thus, loss reserving is an essential sphere of activity, and one with its own specialized body of knowledge. While few books have been devoted to the topic, the amount of published research literature on loss reserving has almost doubled in size during the last fifteen years. Greg Taylor's book aims to provide a comprehensive, state-of-the-art treatment of loss reserving that reflects contemporary research advances to date. Divided into two parts, the book covers both the conventional techniques widely used in practice, and more specialized loss reserving techniques employing stochastic models. Part I, Deterministic Models, covers very practical issues through the abundant use of numerical examples that fully develop the techniques under consideration. Part II, Stochastic Models, begins with a chapter that sets up the additional theoretical material needed to illustrate stochastic modeling. The remaining chapters in Part II are self-contained, and thus can be approached independently of each other. A special feature of the book is the use throughout of a single real life data set to illustrate the numerical examples and new techniques presented. The data set illustrates most of the difficult situations presented in actuarial practice. This book will meet the needs for a reference work as well as for a textbook on loss reserving.

Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance

Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance PDF Author: Robert L. Brown
Publisher:
ISBN: 9781566983945
Category : Business & Economics
Languages : en
Pages : 188

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Book Description


Handbook on Loss Reserving

Handbook on Loss Reserving PDF Author: Michael Radtke
Publisher: Springer
ISBN: 3319300563
Category : Business & Economics
Languages : en
Pages : 317

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Book Description
This handbook presents the basic aspects of actuarial loss reserving. Besides the traditional methods, it also includes a description of more recent ones and a discussion of certain problems occurring in actuarial practice, like inflation, scarce data, large claims, slow loss development, the use of market statistics, the need for simulation techniques and the task of calculating best estimates and ranges of future losses. In property and casualty insurance the provisions for payment obligations from losses that have occurred but have not yet been settled usually constitute the largest item on the liabilities side of an insurer's balance sheet. For this reason, the determination and evaluation of these loss reserves is of considerable economic importance for every property and casualty insurer. Actuarial students, academics as well as practicing actuaries will benefit from this overview of the most important actuarial methods of loss reserving by developing an understanding of the underlying stochastic models and how to practically solve some problems which may occur in actuarial practice.

Stochastic Loss Reserving Using Generalized Linear Models

Stochastic Loss Reserving Using Generalized Linear Models PDF Author: Greg Taylor
Publisher:
ISBN: 9780996889704
Category :
Languages : en
Pages : 100

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Book Description
In this monograph, authors Greg Taylor and Gráinne McGuire discuss generalized linear models (GLM) for loss reserving, beginning with strong emphasis on the chain ladder. The chain ladder is formulated in a GLM context, as is the statistical distribution of the loss reserve. This structure is then used to test the need for departure from the chain ladder model and to consider natural extensions of the chain ladder model that lend themselves to the GLM framework.

Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance

Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance PDF Author: Robert L. Brown
Publisher: ACTEX Publications
ISBN: 1566986117
Category : Business & Economics
Languages : en
Pages : 204

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Book Description


Loss Reserving

Loss Reserving PDF Author: Greg Taylor
Publisher:
ISBN:
Category :
Languages : en
Pages : 35

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Book Description
The paper reviews the development of loss reserving models over the past, classifying them according to an elementary taxonomy. The taxonomic components include (1) the algebraic structure of the model, (2) the form of its parameter estimation, (3) whether or not it is explicitly stochastic, and (4) whether or not its parameters evolve over time. Particular attention is given to one of the higher species of model, involving complex structure, optimal estimation, and evolutionary parameters. A generalisation of the Kalman filter is considered as a basis of adaptive loss reserving in this case. Real life numerical examples are provided.Some implications of this type of data analysis for loss reserving are discussed, with particular reference to the form of data set used. The use of triangular arrays is questioned, and alternatives examined. Again, real life numerical examples are provided.

Claims Reserving in General Insurance

Claims Reserving in General Insurance PDF Author: David Hindley
Publisher: Cambridge University Press
ISBN: 1107076935
Category : Business & Economics
Languages : en
Pages : 513

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Book Description
This is a single comprehensive reference source covering the key material on this subject, and describing both theoretical and practical aspects.

Claims Reserving in Non-life Insurance

Claims Reserving in Non-life Insurance PDF Author: Gregory Clive Taylor
Publisher: North Holland
ISBN:
Category : Business & Economics
Languages : en
Pages : 252

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Book Description


Loss Reserving-property/casualty Insurance

Loss Reserving-property/casualty Insurance PDF Author: Timothy M. Peterson
Publisher:
ISBN:
Category : Casualty insurance
Languages : en
Pages : 568

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Book Description


Stochastic Claims Reserving Methods in Insurance

Stochastic Claims Reserving Methods in Insurance PDF Author: Mario V. Wüthrich
Publisher: John Wiley & Sons
ISBN: 0470772727
Category : Business & Economics
Languages : en
Pages : 438

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Book Description
Claims reserving is central to the insurance industry. Insurance liabilities depend on a number of different risk factors which need to be predicted accurately. This prediction of risk factors and outstanding loss liabilities is the core for pricing insurance products, determining the profitability of an insurance company and for considering the financial strength (solvency) of the company. Following several high-profile company insolvencies, regulatory requirements have moved towards a risk-adjusted basis which has lead to the Solvency II developments. The key focus in the new regime is that financial companies need to analyze adverse developments in their portfolios. Reserving actuaries now have to not only estimate reserves for the outstanding loss liabilities but also to quantify possible shortfalls in these reserves that may lead to potential losses. Such an analysis requires stochastic modeling of loss liability cash flows and it can only be done within a stochastic framework. Therefore stochastic loss liability modeling and quantifying prediction uncertainties has become standard under the new legal framework for the financial industry. This book covers all the mathematical theory and practical guidance needed in order to adhere to these stochastic techniques. Starting with the basic mathematical methods, working right through to the latest developments relevant for practical applications; readers will find out how to estimate total claims reserves while at the same time predicting errors and uncertainty are quantified. Accompanying datasets demonstrate all the techniques, which are easily implemented in a spreadsheet. A practical and essential guide, this book is a must-read in the light of the new solvency requirements for the whole insurance industry.