Fundamentals of General Insurance Actuarial Analysis


Book Description

This text introduces the commonly used, basic approaches for reserving and ratemaking in General Insurance. The methods are described through detailed examples that are linked from one chapter to another to illustrate their practical application. Also, professionalism requirements and standards of practice are presented to set the context for the methods and examples.













ASTIN Bulletin


Book Description







Understanding Earth's Deep Past


Book Description

There is little dispute within the scientific community that humans are changing Earth's climate on a decadal to century time-scale. By the end of this century, without a reduction in emissions, atmospheric CO2 is projected to increase to levels that Earth has not experienced for more than 30 million years. As greenhouse gas emissions propel Earth toward a warmer climate state, an improved understanding of climate dynamics in warm environments is needed to inform public policy decisions. In Understanding Earth's Deep Past, the National Research Council reports that rocks and sediments that are millions of years old hold clues to how the Earth's future climate would respond in an environment with high levels of atmospheric greenhouse gases. Understanding Earth's Deep Past provides an assessment of both the demonstrated and underdeveloped potential of the deep-time geologic record to inform us about the dynamics of the global climate system. The report describes past climate changes, and discusses potential impacts of high levels of atmospheric greenhouse gases on regional climates, water resources, marine and terrestrial ecosystems, and the cycling of life-sustaining elements. While revealing gaps in scientific knowledge of past climate states, the report highlights a range of high priority research issues with potential for major advances in the scientific understanding of climate processes. This proposed integrated, deep-time climate research program would study how climate responded over Earth's different climate states, examine how climate responds to increased atmospheric carbon dioxide and other greenhouse gases, and clarify the processes that lead to anomalously warm polar and tropical regions and the impact on marine and terrestrial life. In addition to outlining a research agenda, Understanding Earth's Deep Past proposes an implementation strategy that will be an invaluable resource to decision-makers in the field, as well as the research community, advocacy organizations, government agencies, and college professors and students.




Moral Hazard in Health Insurance


Book Description

Addressing the challenge of covering heath care expenses—while minimizing economic risks. Moral hazard—the tendency to change behavior when the cost of that behavior will be borne by others—is a particularly tricky question when considering health care. Kenneth J. Arrow’s seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral hazard for health care, and Amy Finkelstein—recognized as one of the world’s foremost experts on the topic—here examines this issue in the context of contemporary American health care policy. Drawing on research from both the original RAND Health Insurance Experiment and her own research, including a 2008 Health Insurance Experiment in Oregon, Finkelstein presents compelling evidence that health insurance does indeed affect medical spending and encourages policy solutions that acknowledge and account for this. The volume also features commentaries and insights from other renowned economists, including an introduction by Joseph P. Newhouse that provides context for the discussion, a commentary from Jonathan Gruber that considers provider-side moral hazard, and reflections from Joseph E. Stiglitz and Kenneth J. Arrow. “Reads like a fireside chat among a group of distinguished, articulate health economists.” —Choice




Health Insurance


Book Description

Health Insurance aims at filling a gap in actuarial literature, attempting to solve the frequent misunderstanding in regards to both the purpose and the contents of health insurance products (and ‘protection products’, more generally) on the one hand, and the relevant actuarial structures on the other. In order to cover the basic principles regarding health insurance techniques, the first few chapters in this book are mainly devoted to the need for health insurance and a description of insurance products in this area (sickness insurance, accident insurance, critical illness covers, income protection, long-term care insurance, health-related benefits as riders to life insurance policies). An introduction to general actuarial and risk-management issues follows. Basic actuarial models are presented for sickness insurance and income protection (i.e. disability annuities). Several numerical examples help the reader understand the main features of pricing and reserving in the health insurance area. A short introduction to actuarial models for long-term care insurance products is also provided. Advanced undergraduate and graduate students in actuarial sciences; graduate students in economics, business and finance; and professionals and technicians operating in insurance and pension areas will find this book of benefit.