Fundamentals Of General Insurance Actuarial Analysis

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.

This text introduces the commonly used, basic approaches for reserving and ratemaking in General Insurance. It can be viewed as the next step in a progression from the mathematical content of the preliminary examinations to the mixture of theory and practice in the Fundamentals of Actuarial Practice Course to a practice-oriented approach. Professionalism requirements are interspersed throughout - setting a context for the work that actuaries perform. A very practical approach to education is given through varied examples that are linked from one chapter to another, and from one part of the textbook to another. The examples encountered in one chapter for four fictitious insurers (Auto Insurer, Dental Insurer, Collision Insurer, and Homeowners Insurer) continue in later chapters, as well as in the appendices. Detailed examples are also provided for two self-insured organizations, a captive insurer and a self-insurance pool. These examples demonstrate how traditional actuarial approaches can be applied to self-insurers, a topic not typically addressed in actuarial educational material.

Actuarial work is the application of mathematics and statistics to the analysis of financial problems in life insurance, pensions, general insurance and investments. This unique introduction to the topic employs both a deterministic and stochastic treatment of the subject. It combines interest theory and life contingencies in a unified manner as well as covering basic risk theory. Fundamentals of Actuarial Mathematics presents the concepts in an original, accessible style, assuming a minimal formal background. * Provides a complete review of necessary probability theory. * Covers the Society of Actuaries' syllabus on Actuarial Models. * Orders the topics specifically to facilitate learning, beginning with the simplest case of the deterministic discrete model, and then moving to the more complicated stochastic, continuous models. * Employs modern calculation and computing techniques, such as spreadsheets. * Contains a variety of exercises, both computational and theoretical. * Supported by a website featuring exercises and further examples. * Written by a highly respected academic with over 35 years teaching experience. This book will be invaluable to senior undergraduate and graduate students, as well as actuarial professionals working in the life insurance or pension fields. Applied mathematicians and economists will also benefit greatly from the clear presentation and numerous examples.

A wide range of topics give students a firm foundation in statistical and actuarial concepts and their applications.