The capital requirements for insurance companies in the Solvency I framework are based on the premium and claim expenditure. This approach does not take the individual risk of the insurer into consideration and give policy holder little assur- ance. Therefore a framework called Solvency II is under development by EU and its members. The capital requirements in Solvency II are based on risk management and is related to the specific risks of the insurer. Moreover, the insurer must make disclosures both to the supervising authority and to the market. This puts pressure on the insurance companies to use better risk and capital management, which gives the policy holders better assurance. In this thesis we present a stochastic model that describes the development of assets and liabilities. We consider the following risks: Stock market, bond market, interest rate and mortality intensity. These risks are modeled by stochastic processes that are aggregated to describe the change in the insurers Risk Bearing Capital. The capital requirement, Solvency Capital Requirement, is calculated using Conditional Value-at-Risk at a 99% confidence level and Monte Carlo simulation. The results from this model is compared to the Swiss Solvency Test model for three different types of life insurance policies. We can conclude that for large portfolios, the model presented in this thesis gives a lower solvency capital requirement than the Swiss model for all three policies. For small portfolios, the capital requirement is larger due to the stochastic mortality risk which is not included in the Swiss model.

none

Abstract Based on the underlying intentions of life insurance, if managers of insurance companies truly understands the importance of insurance to the society, their management philosophy would be grounded on care for the needs of the public and implement such philosophy as their management objective. Yet, according to the year 2004 statistics published by the Life Insurance Association of the Republic of China, the average insured value of new life insurance contracts is merely NTD 780,000 in 2004. The average insured value of effective contracts is NTD 780,000, while the ratio of insurance coverage is 166.3% (effective contract divided by total population). This indicates that the average payout for every death is only NTD 1,290,000, indicating significant inadequacy of life cover. There is a popular saying in the insurance business, ¡§birds would be found where there are trees, and business achievements would be found where there are people¡¨. The majority of sales departments in life insurance companies focus on achievement of new contracts; new staff will bring sales to the company. Increased rates of ineffective policies arising from low retention rate of new salespeople, lack of professionalism among salespeople, or inadequate service were not considered. Therefore, insurance salespeople are not only the key elements in the business achievements of insurance companies, but also the key personnel underlying long term performance indices. The objectives of this study are: 1)What are the characteristics of salesperson that exhibit excellent performance? 2)Which recruiting channel recruits the best insurance salesperson? 3)What are the methodologies for recruiting and selecting insurance salesperson? 4)What are the impacts of such recruiting methods on the performance of the insurance company? 5)Are the insurance salesperson recruited through such channels appropriate to the needs of the company? A case study is adopted as the research method. The subject company ¡V Prudential of Taiwan (POT), clearly understands that business performance is grounded on having professional insurance salespeople. Hence the long term business objective of POT is to recruit and nurture professional life insurance planners, which is different to the management approach adopted by majority of the insurance companies in Taiwan. The recruiting and selecting methodology of the case company was studied. The business philosophy, sources of recruitment, recruiting and selecting methods and processes were reviewed. Furthermore, in-depth staff interviews to gain their viewpoints on recruitment were conducted. Results of the study into the recruitment methodology and interviews were compared to reflect the results of long term key performance index of insurance company. The findings of this study are: the long term performance index of POT, namely staff retention rate, individual average insured value per new policy, insurance company retention rate, persistency rate of the policy, rate of passing staff qualification tests and, MDRT membership qualification rate, the incremental rate of the premium income, were all rated above competitors. ¡iKeywords¡j Prudential of Taiwan¡ALife Insurance¡ARecruiting¡ASelecting¡ALifePlanner

Thesis (M.B.A.)--University of Hong Kong, 1986.

Statutory reserves in life insurance companies are required by regulation laws. Regulators monitor insurers’ statutory reserves to protect policy holders’ future benefits and ensure the insurers are financially healthy. The purpose of this report is to give a brief introduction to statutory reserves in life insurance companies. In this report, assumptions and valuation methods for statutory reserve valuations are explained and discussed. The comparisons between statutory reserves and GAAP reserves are also discussed. / text

Insurance market in Lithuania is evolving yet, but this process is quite rapid. The destination of this work – analysis of non life insurance in Lithuania, which we will dispense, when we will interpret statistical information of insurance, also we will analyze paying capacity of non life insurance companies. Insurance companies calculate future’s contribution using data of past period. It would be better to correct contribution according to predictive future’s number of contracts and loss. So the number of contracts and loss, signed by Lithuanian insurance companies each quarter, are studied as time series. Several time series models were created for three principal kinds of insurance (Motor Third Party Liability Insurance, Land vehicles other than railway rolling stock Insurance, Property Insurance) and the one that meets the reality best was selected. We will analyze variation of number of non life insurance companies, number of paid losses, number of signed contributions and number of contracts. After analyses of Insurance market’s indicators, we get strong tendency that Insurance market becomes more stable. After analysis of insurance companies’ paying capacity we got, that two close private companies - “Baltic Polis” and “Industrijos garantas” – was close to bankrupt in 2004 year. After forecasting number of Motor Third Party Liability Insurance’s and Land vehicles other than railway rolling stock Insurance’s contracts we got that Autoregressive model is the best for... [to full text]

This thesis explores the feasibility of the application of statistical regression theory to the curve fitting of mortality data. Equations derived from Makeham's first law were used. These include:1x = ksxgcXlog lx=a+hx+bcx color pX = A + BcxThe 1941 CSO and 1958 CSO mortality tables were used for initial study.Extending this work, pure raw mortality data in conjunction with a modified version of the last equation above was employed. Results were quite interesting.

Thesis (Ph. D.)--University of Virginia, 1987. / Includes bibliographical references (leaves 225-243). Also available online through Digital Dissertations.

Thèse-Université de Toulouse.

Thèse-Université de Toulouse.