Financial Pricing Models for Property-Casualty Insurance Products: Income Recognition and Performance Measurement

Topics:
GAAP,
GAAP and GAAS
Tags:
Accounting,
Accounting System,
Finance,
Financial,
Financial Services,
Income,
Operational Accounting,
Performance
Source:
Casualty Actuarial Society

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Overview: A financial pricing model determines premium rates that provide an adequate return on invested capital. The pricing of the policy depends on cash flows and capital requirements, both of which are external (exogenous) constraints. They do not depend on the accounting system used for performance measurement. Prospective pricing is not necessarily concerned with the pattern of profit recognition, which is an internal accounting construct. Management compensation systems depend on the profit recognition pattern. This paper examines six accounting systems: statutory accounting, GAAP, tax accounting, fair value accounting, an NPV accounting system, and an IRR accounting system.

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Format: PDF | Size: 1,731KB | Date: Mar 2004 | Pages: 48

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