On the Valuation of Investment Guarantees in Unit-linked Life Insurance PDF Download
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Author: Nadine Gatzert
Publisher:
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Languages : en
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Author: Nadine Gatzert
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Languages : en
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Author: Mary Hardy
Publisher: John Wiley & Sons
ISBN: 0471460125
Category : Business & Economics
Languages : en
Pages : 306
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Book Description
A comprehensive guide to investment guarantees in equity-linked life insurance Due to the convergence of financial and insurance markets, new forms of investment guarantees are emerging which require financial service professionals to become savvier in modeling and risk management. With chapters that discuss stock return models, dynamic hedging, risk measures, Markov Chain Monte Carlo estimation, and much more, this one-stop reference contains the valuable insights and proven techniques that will allow readers to better understand the theory and practice of investment guarantees and equity-linked insurance policies. Mary Hardy, PhD (Waterloo, Ontario, Canada), is an Associate Professor and Associate Chair of Actuarial Science at the University of Waterloo and is a Fellow of the Institute of Actuaries and an Associate of the Society of Actuaries, where she is a frequent speaker. Her research covers topics in life insurance solvency and risk management, with particular emphasis on equity-linked insurance. Hardy is an Associate Editor of the North American Actuarial Journal and the ASTIN Bulletin and is a Deputy Editor of the British Actuarial Journal.
Author: Patrice Edelmann
Publisher:
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Category :
Languages : en
Pages :
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Author: Alexandra Böselt
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Languages : en
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Author:
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Languages : en
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Author: Tomas Björk
Publisher: OUP Oxford
ISBN: 0191610291
Category : Business & Economics
Languages : en
Pages : 600
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Book Description
The third edition of this popular introduction to the classical underpinnings of the mathematics behind finance continues to combine sound mathematical principles with economic applications. Concentrating on the probabilistic theory of continuous arbitrage pricing of financial derivatives, including stochastic optimal control theory and Merton's fund separation theory, the book is designed for graduate students and combines necessary mathematical background with a solid economic focus. It includes a solved example for every new technique presented, contains numerous exercises, and suggests further reading in each chapter. In this substantially extended new edition Bjork has added separate and complete chapters on the martingale approach to optimal investment problems, optimal stopping theory with applications to American options, and positive interest models and their connection to potential theory and stochastic discount factors. More advanced areas of study are clearly marked to help students and teachers use the book as it suits their needs.
Author: Pierpaolo Marano
Publisher: Springer
ISBN: 3030116689
Category : Law
Languages : en
Pages : 258
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Book Description
The book addresses a topic at the intersection of two heavily regulated sectors: insurance and investment services. Until recently, scholars and professionals have approached insurance and investment services as two separate categories in the financial services sector, and as being governed by separate regulatory frameworks. In practice, however, the boundaries were and are blurred, a reality that regulators have begun to recognize and address in their more recent regulatory texts. The first part of the book approaches the new standards applicable to investment products based on insurance: insurance-based investment products (IBIPs). These rules are harmonized across the EU. The rationale behind this new definition is provided, together with a description of these products’ limitations. The analysis addresses the new rules and explores the legal regime and relevant standards applicable to IBIPs. The organizational rules concerning the design and distribution of IBIPs are also examined, and the book highlights e.g. how these rules are inspired by the principles of conduct. In closing, the ADR systems are analysed, in order to ascertain whether or not they can offer an effective tool for settling disputes over these products. In turn, the second part focuses on the liability for distribution of IBIPs, which ranks as one of the most conspicuous and relatively new legal phenomena, but at the same time, represents an exceptionally important field of civil liability in today’s world. Liability is still regulated at the national level. Thus, the four largest life insurance markets in the EU are considered, along with the largest emerging market for life insurance. The chapters on national laws also consider whether, and if so, how the new harmonized rules on IBIPs are being combined with those already in force in the jurisdictions considered. The goal is to determine whether the new rules are likely to change the doctrine and case law approach to these products, or whether the European legislators’ choices have no real impact on the protection of clients.
Author: KANINIKA MISHR
Publisher: PHI Learning Pvt. Ltd.
ISBN: 8120352661
Category : Business & Economics
Languages : en
Pages : 212
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Book Description
Human life, in all its manifestations, has immeasurable social and economic value. Since ancient times, human beings have tried to put in place systems to sustain and flourish in the face of adversity. In modern times, life insurance is one such financial arrangement that provides social and economic security to individuals and to the communities. Awareness of the basic features and categories of insurance is important in today’s life insurance market where all companies are offering a number of innovative products with multiple features. Divided into three parts, this book incorporates the basics of life insurance, risk management, and health and micro-insurance, in detail. Part I (Concepts, Principles and Processes) systematically defines life insurance, its legal contract and characteristics, marketing and distribution processes involved, and the future trends. Part II (Risk Management, Underwriting, Reinsurance and Claims) explicates the importance of risk management, the process of underwriting, and the types and concepts of reinsurance and claims. Part III (Employee Benefits, Pensions, Annuities, Micro-insurance and Health Insurance) covers allied topics, such as pension products, micro-insurance and health insurance which are increasingly becoming important for the industry for both the social and commercial perspectives.
Author: Thomas Møller
Publisher: Cambridge University Press
ISBN: 1139462970
Category : Business & Economics
Languages : en
Pages : 263
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Book Description
In classical life insurance mathematics the obligations of the insurance company towards the policy holders were calculated on artificial conservative assumptions on mortality and interest rates. However, this approach is being superseded by developments in international accounting and solvency standards coupled with other advances enabling a market-based valuation of risk, i.e., its price if traded in a free market. The book describes these approaches, and is the first to explain them in conjunction with more traditional methods. The various chapters address specific aspects of market-based valuation. The exposition integrates methods and results from financial and insurance mathematics, and is based on the entries in a life insurance company's market accounting scheme. The book will be of great interest and use to students and practitioners who need an introduction to this area, and who seek a practical yet sound guide to life insurance accounting and product development.
Author: Kathrin Glau
Publisher: Springer
ISBN: 331909114X
Category : Mathematics
Languages : en
Pages : 434
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Book Description
Quantitative models are omnipresent –but often controversially discussed– in todays risk management practice. New regulations, innovative financial products, and advances in valuation techniques provide a continuous flow of challenging problems for financial engineers and risk managers alike. Designing a sound stochastic model requires finding a careful balance between parsimonious model assumptions, mathematical viability, and interpretability of the output. Moreover, data requirements and the end-user training are to be considered as well. The KPMG Center of Excellence in Risk Management conference Risk Management Reloaded and this proceedings volume contribute to bridging the gap between academia –providing methodological advances– and practice –having a firm understanding of the economic conditions in which a given model is used. Discussed fields of application range from asset management, credit risk, and energy to risk management issues in insurance. Methodologically, dependence modeling, multiple-curve interest rate-models, and model risk are addressed. Finally, regulatory developments and possible limits of mathematical modeling are discussed.
