Risk Measurement in Insurance: A Guide to Risk Measurement, Capital Allocation and Related Decision Support Issues

Topics:
Insurance
Tags:
Allocation,
Productivity,
Measurement,
Management,
Insurance,
Industry,
Financial Planning,
Finance,
Decision Support,
Corporate Insurance,
...
Source:
Casualty Actuarial Society

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Overview: Risk measurement provides fundamental support to decision making within the insurance industry. In spite of this, the limitations of the common measures are not well appreciated and there is little non-specialist awareness of the more powerful techniques. However, it is fragmented and is not always in a form that is accessible to many industry practitioners. This paper aims to give an accessible overview of the full range of risk measurement and allocation techniques, critiquing both technical properties and practical considerations. A simple example is used throughout the paper to help illustrate the various measures and methods, with values being calculated using stochastic simulation.

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Format: PDF | Size: 519KB | Date: Apr 2005 | Pages: 34

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