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Application of Crossed Classification Credibility Model in Third-party Auto Insurance in Slovak Republic  [PDF]
Erik ?oltés,Tatiana ?oltésová
International Scientific Journal of Management Information Systems , 2006,
Abstract: In this article we reviewed the two-way crossed classification credibility model. This model is an extension of the hierarchical models of Jewell and Taylor. When the risk factors are not nested then 3 hierarchical model is not applicable. In the crossed classification credibility models, the risk factors are modelled without restrictions of a hierarchical structure and that makes them of great practical interest. In the two-way crossed classification credibility model the risks in a portfolio are classified based on two risk factors. In this model the credibility premium for a certain contract is equal to the overall mean for the portfolio plus adjustments for the risk experience within the contract itself and the risk experience within the class of the risk factors to which it belongs. The objective of this article is to show alternatives of an application of crossed classification credibility models in third-party auto insurance in Slovak Republic.
An importance sampling approach for copula models in insurance  [PDF]
Philipp Arbenz,Mathieu Cambou,Marius Hofert
Quantitative Finance , 2014,
Abstract: An importance sampling approach for sampling copula models is introduced. We propose two algorithms that improve Monte Carlo estimators when the functional of interest depends mainly on the behaviour of the underlying random vector when at least one of the components is large. Such problems often arise from dependence models in finance and insurance. The importance sampling framework we propose is general and can be easily implemented for all classes of copula models from which sampling is feasible. We show how the proposal distribution of the two algorithms can be optimized to reduce the sampling error. In a case study inspired by a typical multivariate insurance application, we obtain variance reduction factors between 10 and 30 in comparison to standard Monte Carlo estimators.
Insurance Models of Wood Sector Companies  [PDF]
Mario Koprol?ec,Darko Motik,Leon Oblak
Drvna Industrija , 2012,
Abstract: The research goals were to determine how the wood sector companies were insured and which risks were covered by insurance. The following parameters were studied: the structure of insurance, company size, technological capabilities requiring insurance coverage, and the overall security of wood sector companies with respect to property and property interests. The results have shown that the wood sector companies use the services of insurance companies but not to a suffi cient extent. It has been shown that companies that had suffered great damage have greater security for the recovery of damage. It has also been shown that insurance models should be applied since the share of insurance premium costs in the total cost structure is almost negligible and that saving on these costs is not desirable taking into consideration that it brings the necessary security to the wood sector companies. By analyzing and comparing the obtained results, insurance models that would be the most effective have been presented and elaborated.
The Mode of Dual Agricultural Insurance Institution: Way out of the Plight of Chinese Agricultural Insurance Institution  [cached]
Guoqu Deng
International Journal of Business and Management , 2009, DOI: 10.5539/ijbm.v4n9p131
Abstract: Chinese agricultural insurance institution has not broken through the framework of initial choice, always evolving within the framework of unitary institution, which is the root of the plight of Chinese agricultural insurance. The way out of the plight is to establish and perfect a dual agricultural insurance institution in China, that is, existing agricultural insurance institution and organization structure should be employed in general agricultural disaster insurance, while agricultural catastrophe insurance should be led step by step by the government, with an agricultural catastrophe insurance institution gradually established and perfected, thus constructing the new mode of dual agricultural insurance institution.
Exact and asymptotic results for insurance risk models with surplus-dependent premiums  [PDF]
Hansj?rg Albrecher,Corina Constantinescu,Zbigniew Palmowski,Georg Regensburger,Markus Rosenkranz
Quantitative Finance , 2011, DOI: 10.1137/110852000
Abstract: In this paper we develop a symbolic technique to obtain asymptotic expressions for ruin probabilities and discounted penalty functions in renewal insurance risk models when the premium income depends on the present surplus of the insurance portfolio. The analysis is based on boundary problems for linear ordinary differential equations with variable coefficients. The algebraic structure of the Green's operators allows us to develop an intuitive way of tackling the asymptotic behavior of the solutions, leading to exponential-type expansions and Cram\'er-type asymptotics. Furthermore, we obtain closed-form solutions for more specific cases of premium functions in the compound Poisson risk model.
Application of Information Systems in Electronic Insurance  [cached]
Payman Salami,Hojat Ahmadi
Research Journal of Information Technology , 2010,
Abstract: Information Systems (IS) and some of the application software are very important for developing electronic insurance. In this research we try to determine and investigate the Inform ation Systems and their application software, which are effective for electronic insurance development. The electronic insurance parameter that we consider in our research are quality of services, human resources, customer benefit, increased customer services, integrated customer information, integrated customer order information, standardized registration processes, speed up registration processes, customer contact, and electronic registration organization management. According to the result of our research, ERP can apply magic effect to the registration organization processes. CRM helps registration organization to use technology and human resources to gain insight into the behaviors of customers and the value of those customers. DSS can help manager to take a good decision about quality of their services and also improve electronic registration organization management. MIS has more effect on integrated customer information, and integrated customer order information, respectively. EDI allows us to send and receive information at any time thereby tremendous improving registration organizations are able to communicate quickly and efficiently. Internet is the most effective on registration organization development parameters. Database application is m ore useful to integrate customer information. According to the results networking is very effective to speed up registration processes in registration organization.
Identification of Insurance Models with Multidimensional Screening  [PDF]
Gaurab Aryal,Isabelle Perrigne,Quang Vuong
Quantitative Finance , 2015,
Abstract: This paper addresses the identification of insurance models with multidimensional screening where insurees have private information about their risk and risk aversion. The model also includes a random damage and the possibility of several claims. Screening of insurees relies on their certainty equivalence. The paper then investigates how data availability on the number of offered coverages and reported claims affects the identification of the model primitives under four different scenarios.We show that the model structure is identified despite bunching due to multidimensional screening and/or a finite number of offered coverages. The observed number of claims plays a key role in the identification of the joint distribution of risk and risk aversion. In addition, the paper derives all the restrictions imposed by the model on observables. Our results are constructive with explicit equations for estimation and model testing.
The application of variable sampling method in the audit testing of insurance companies' premium income  [cached]
Jovkovi? Biljana,Ljubisavljevi? Sne?ana
Industrija , 2012,
Abstract: The aim of this paper is to present the procedure of audit sampling using the variable sampling methods for conducting the tests of income from insurance premiums in insurance company 'Takovo'. Since the incomes from the insurance premiums from vehicle insurance and third-party vehicle insurance have the dominant share of the insurance company's income, the application of this method will be shown in the audit examination of these incomes - incomes from VI and TPVI premiums. For investigating the applicability of these methods in testing the income of other insurance companies, we shall implement the method of variable sampling in the audit testing of the premium income from the three leading insurance companies in Serbia, 'Dunav', 'DDOR' and 'Delta Generali' Insurance.
Statistical Analysis and Empirical Study for Life Insurance
Xiang Jiang,Jian Ni,Weiqi Wu
International Journal of Business and Management , 2009, DOI: 10.5539/ijbm.v3n10p176
Abstract: According to the uncertainty of insurance accident, in this article, we introduce the importance of insurance and the application of probability statistics in the insurance, briefly describe several parameter models about life distribution (i.e. life models), discuses the establishment and use of the life table, and statistically analyze the profit and loss and insured amount in life insurance. The result could possess certain directional meanings and reference function for practical works.
Aspects of the Dutch Health Insurance System
Frans Van der ENT
Management in Health , 2009,
Abstract: The dutch health system is based on the Bismark model of health insurance which has been adapted and adopted by the Romanian health system, too. Since more than ten years ago, the health insurance system in Romania is based on health insurance; the private health insurance is an alternative which was been taken into account inclusively by the current government; by identifying and analyzing the best practices of the private health insurance systems in Europe, we can guide the development of private health insurance market in Romania.The dutch health system is one of the efficient European models in this area. The main way to improve health system efficiency remains competition between Dutch health insurance companies alongside of the implementation of special payment systems based on performance, the monitoring systems for performance, the local and national programmes on the infrastructure and logistics development in health .
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