Description
Book Synopsis: PRICING INSURANCE RISK—A comprehensive framework for measuring, valuing, and managing risk
Pricing Insurance Risk: Theory and Practice delivers an accessible and authoritative account of how to determine the premium for a portfolio of non-hedgeable insurance risks and how to allocate it fairly to each portfolio component. The authors synthesize hundreds of academic research papers, bringing to light little-appreciated answers to fundamental questions about the relationships between insurance risk, capital, and premium. They lean on their industry experience throughout to connect the theory to real-world practice, such as assessing the performance of business units, evaluating risk transfer options, and optimizing portfolio mix.
Readers will discover:
- Definitions, classifications, and specifications of risk
- An in-depth treatment of classical risk measures and premium calculation principles
- Properties of risk measures and their visualization
- A logical framework for spectral and coherent risk measures
- How risk measures for capital and pricing are distinct but interact
- Why the cost of capital, not capital itself, should be allocated
- The natural allocation method and how it unifies marginal and risk-adjusted probability approaches
- Applications to reserve risk, reinsurance, asset risk, franchise value, and portfolio optimization
Perfect for actuaries working in the non-life or general insurance and reinsurance sectors, Pricing Insurance Risk: Theory and Practice is also an indispensable resource for banking and finance professionals, as well as risk management professionals seeking insight into measuring the value of their efforts to mitigate, transfer, or bear nonsystematic risk.
Details
Are you looking for a comprehensive framework to measure, value, and manage risk in insurance? Look no further than Pricing Insurance Risk: Theory and Practice, a groundbreaking book that delivers accessible and authoritative insights into determining premiums and fair allocations for non-hedgeable insurance risks.
Authored by industry experts, this book brings together years of research and practical experience to offer little-known answers to fundamental questions about the relationships between insurance risk, capital, and premium. Whether you're assessing business unit performance, evaluating risk transfer options, or optimizing portfolio mix, this book provides the tools and knowledge you need to succeed.
Discover definitions, classifications, and specifications of risk, dive into classical risk measures and premium calculation principles, and explore properties of risk measures and their visualization. With a logical framework for spectral and coherent risk measures, you'll gain a deep understanding of how risk measures for capital and pricing interact and contribute to the overall costs of risk management.
Perfect for actuaries working in the non-life or general insurance and reinsurance sectors, Pricing Insurance Risk: Theory and Practice is also a valuable resource for banking and finance professionals, as well as risk management professionals seeking to measure the value of their efforts to mitigate, transfer, or bear nonsystematic risk.
Don't miss out on this essential resource that bridges the gap between theory and real-world practice. Take your risk management skills to the next level with Pricing Insurance Risk: Theory and Practice.
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