This textbook provides a thorough introduction to natural disaster risk management. Many aspects of disaster risk management, such as those involved in earthquakes, volcanic eruptions, floods, avalanches and mudslides call for similar prevention and preparedness instruments, management concepts, and countermeasures. This textbook assumes the viewpoint of a regional disaster risk manager who is responsible for a certain area, and for making the lives of the people who live there safer, regardless of the type of natural disaster that may occur. The same holds true for boosting preparedness and awareness in the population at risk. The book includes numerous examples of hazard mitigation concepts and techniques, as well as ways of intensively involving the local population in prevention schemes at an early stage. Furthermore, it provides an in-depth examination of the function of risk communication, both as an instrument for disseminating official information and as a function of public media. In closing, a chapter on risk splitting offers insights into insurance-based models for risk financing. This comprehensive book is a must-read for all students, researchers and practitioners dealing with natural disaster risk management.

Originally published in 1955, on behalf of the Institute of Actuaries and the Faculty of Actuaries, this book forms the first of two volumes on actuarial practice in relation to mortality and other investigations. Taken together, both volumes were written to meet the requirements of the Examination Syllabus of the Institute of Actuaries. Volume one provides 'elementary accounts of the derivation of mortality and other rates according to age, of the smoothing of such rates and of the construction of Mortality and Sickness Tables'. This book will be of value to anyone with an interest in the development of actuarial practice.

This volume aims to collect new ideas presented in the form of 4 page papers dedicated to mathematical and statistical methods in actuarial sciences and finance. The cooperation between mathematicians and statisticians working in insurance and finance is a very fruitful field and provides interesting scientific products in theoretical models and practical applications, as well as in scientific discussion of problems of national and international interest. This work reflects the results discussed at the biennial conference on Mathematical and Statistical Methods for Actuarial Sciences and Finance (MAF), born at the University of Salerno in 2004.

This book is an overview of the hazards of firefighting, the health risks of exposure to combustion products that characterize firefighting, the science behind interpreting these risks for purposes of identifying diseases as work-related, and the legal and policy implications of adopting legislated "presumption" for purposes of compensation. The emphasis of the book will be on the risk of cancer, cardiovascular disease, traumatic hazards, and disabling psychosocial adjustment following major incidents. Several new studies have appeared recently, including the largest study of firefighters ever done, by the National Institute of Occupational Health and Safety (NIOSH). They evidence supports the conclusion that firefighters face significant occupational health risks in addition to the obviously severe safety hazards.

Originally published in 1931, this book was written to provide actuarial students with a guide to mathematics, with information on elementary trigonometry, finite differences, summation, differential and integral calculus, and probability. Examples are included throughout. This book will be of value to anyone with an interest in actuarial practice and its relationship with aspects of mathematics.

Originally published in 1939, this book forms the first part of a two-volume series on the mathematics required for the examinations of the Institute of Actuaries, focusing on elementary differential and integral calculus. Miscellaneous examples are included at the end of the text. This book will be of value to anyone with an interest in actuarial science and mathematics.

Originally published in 1930, this book was formed from the content of three lectures delivered at London University during March of that year. The text provides a concise discussion of the relationship between theoretical statistics and actuarial science. This book will be of value to anyone with an interest in the actuarial profession, statistics and the history of finance.

There are plenty of books on specialized risk topics but few that deal with the broad diversity and daily applicability of this subject. Risk applications require a robust knowledge of many attributes of this seemingly simple subject. This book teaches the reader through examples and case studies the fundamental (and subtle) aspects of risk - regardless of the specific situation. The text allows the reader to understand the concept of risk analysis while not getting too involved in the mathematics; in this method the reader can apply these techniques across a wide range of situations.

The second edition includes new examples from NASA and several other industries as well as new case studies from legal databases. The many real-life discussion topics enable the reader to form an understanding of the concepts of risk and risk management and apply them to day-to-day issues.

Originally published in 1932, as part of the Institute of Actuaries Students' Society's Consolidation of Reading Series, this book was written to provide actuarial students with a guide 'to bridging the gap between the strict mathematics of life contingencies and the severely practical problems of Life Office Valuations'. This book will be of value to anyone with an interest in the actuarial profession and the history of finance.

Many risks face the global insurance industry today, including the aging populations of developed countries, competition from other financial institutions, and both disparate and quickly changing regulatory demands, to name a few. The book s contributors offer their unique perspectives on challenges confronting the insurance industry and how attendant risks can be most effectively managed.

The book will serve as a guide to many actuarial concepts and statistical techniques in multiple decrement models and their application in calculation of premiums and reserves in life insurance products with riders and in pension and employee benefit plans as in these schemes, the benefit paid on termination of employment depends upon the several causes of termination. Multiple state models are discussed to accommodate the insurance products in which the payment of benefits or premiums is dependent on being in a given state or moving between a given pair of states at a given time, for example, disability income insurance model. The book also discusses stochastic models for interest rates and calculation of premiums for some products in this set up. The highlight of the book is usage of R software, freely available from public domain, for computations of various monetary functions involved in insurance business. R commands are given for all the computations.

Risk management for financial institutions is one of the key topics the financial industry has to deal with. The present volume is a mathematically rigorous text on solvency modeling. Currently, there are many new developments in this area in the financial and insurance industry (Basel III and Solvency II), but none of these developments provides a fully consistent and comprehensive framework for the analysis of solvency questions. Merz and Wuthrich combine ideas from financial mathematics (no-arbitrage theory, equivalent martingale measure), actuarial sciences (insurance claims modeling, cash flow valuation) and economic theory (risk aversion, probability distortion) to provide a fully consistent framework. Within this framework they then study solvency questions in incomplete markets, analyze hedging risks, and study asset-and-liability management questions, as well as issues like the limited liability options, dividend to shareholder questions, the role of re-insurance, etc. This work embeds the solvency discussion (and long-term liabilities) into a scientific framework and is intended for researchers as well as practitioners in the financial and actuarial industry, especially those in charge of internal risk management systems. Readers should have a good background in probability theory and statistics, and should be familiar with popular distributions, stochastic processes, martingales, etc.

Non-life insurance pricing is the art of setting the price of an insurance policy, taking into consideration varoius properties of the insured object and the policy holder. Introduced by British actuaries generalized linear models (GLMs) have become today a the standard aproach for tariff analysis.

The book focuses on methods based on GLMs that have been found useful in actuarial practice and provides a set of tools for a tariff analysis. Basic theory of GLMs in a tariff analysis setting is presented with useful extensions of standarde GLM theory that are not in common use.

The book meets the European Core Syllabus for actuarial education and is written for actuarial students as well as practicing actuaries. To support reader real data of some complexity are provided at www.math.su.se/GLMbook.

Focusing on what actuaries need in practice, this introductory account provides readers with essential tools for handling complex problems and explains how simulation models can be created, used and re-used (with modifications) in related situations. The book begins by outlining the basic tools of modelling and simulation, including a discussion of the Monte Carlo method and its use. Part II deals with general insurance and Part III with life insurance and financial risk. Algorithms that can be implemented on any programming platform are spread throughout and a program library written in R is included. Numerous figures and experiments with R-code illustrate the text. The author's non-technical approach is ideal for graduate students, the only prerequisites being introductory courses in calculus and linear algebra, probability and statistics. The book will also be of value to actuaries and other analysts in the industry looking to update their skills.

This book is a compilation of 21 papers presented at the International Cramer Symposium on Insurance Mathematics (ICSIM) held at Stockholm University in June, 2013. The book comprises selected contributions from several large research communities in modern insurance mathematics and its applications.

The main topics represented in the book are modern risk theory and its applications, stochastic modelling of insurance business, new mathematical problems in life and non-life insurance and related topics in applied and financial mathematics.

The book is an original and useful source of inspiration and essential reference for a broad spectrum of theoretical and applied researchers, research students and experts from the insurance business. In this way, "Modern Problems in Insurance Mathematics" will contribute to the development of research and academy industry co-operation in the area of insurance mathematics and its applications."

The German health care system is on a collision course with budget realities. Costs are high and rising, and quality problems are becoming ever more apparent. Decades of reforms have produced little change to these troubling trends. Why has Germany failed to solve these cost and quality problems? The reason is that Germany has not set value for patients as the overarching goal, defined as the patient health outcomes achieved per euro expended. This book lays out an action agenda to move Germany to a high value system: care must be reorganized around patients and their medical conditions, providers must compete around the outcomes they achieve, health plans must take an active role in improving subscriber health, and payment must shift to models that reward excellent providers. Also, private insurance must be integrated in the risk-pooling system. These steps are practical and achievable, as numerous examples in the book demonstrate. Moving to a value-based health care system is the only way for Germany to continue to ensure access to excellent health care for everyone.

Value- and risk-oriented management is a holistic method of managing businesses. In this book both actuarial methods and methods pertaining to classical internal control and classical risk management are used. Therefore the approach taken is necessarily interdisciplinary. Indeed, there is a new dynamically developing field for actuaries as a result of the emphasis now on the measurement of risk.

This book provides the required basic knowledge for this subject from an actuarial perspective. It enables the reader to implement in practice a risk management system that is based on quantitative methods. With this book, the reader will additionally be able to critically appraise the applicability and the limits of the methods used in modern risk management.

"Value-oriented Management of Risk in Insurance" focuses on risk capital, capital allocation, performance measurement and value-oriented management. It also makes a connection to regulatory developments (for example, Solvency II). The reader should have a basic knowledge of probability and familiarity with mathematical concepts. It is intended for working actuaries and quantitative risk managers as well as actuarial students.

Huge losses very nearly destroyed Lloyd's, a revered British institution, the world's largest insurance market. Ten thousand people faced big personal bills they thought profoundly unfair. They challenged a complacent institution, forcing it to confront its biggest ever crisis. This book tells what really happened, from the inside.

Capital Requirements, Disclosure, and Supervision in the European Insurance Industry provides an in-depth analysis of Solvency II's issues by combining both a theoretical approach and evidence of the empirical implications and effects on the European insurance industry.