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.

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.

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.

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.

This is a comprehensive and accessible reference source that documents the theoretical and practical aspects of all the key deterministic and stochastic reserving methods that have been developed for use in general insurance. Worked examples and mathematical details are included, along with many of the broader topics associated with reserving in practice. The key features of reserving in a range of different contexts in the UK and elsewhere are also covered. The book contains material that will appeal to anyone with an interest in claims reserving. It can be used as a learning resource for actuarial students who are studying the relevant parts of their professional bodies' examinations, as well as by others who are new to the subject. More experienced insurance and other professionals can use the book to refresh or expand their knowledge in any of the wide range of reserving topics covered in the book.

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."

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.

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.

In this highly influential textbook, first published in 1952, actuaries Ogborn and Coe provide a condensed overview of many aspects of life assurance for the actuary-in-training. This book will be of value to anyone with an interest in the history of actuarial practice.

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.

This book addresses an experiment in funding money damage claims in England from 2000 to 2013. The model - recoverable conditional fees - was unique and has remained so. It covers the development, amendment and effective abolition of the model, as well as the process of policy development and the motivation and objectives of the policy makers.

Macroprudential policies, tools and supervision have become important since the last financial crisis. This book addresses general and methodological issues and provides a framework for the analysis of macroprudential policies and supervision in insurance. It focuses on policy related issues and global level aspects of macroprudential in insurance.

The first practitioner handbook on export credit insurance and guarantees, providing manufacturers, exporters, bankers, and lawyers with a much needed resource. The book contains descriptions and analyses of almost every type of export credit insurance and guarantee used in international trade with explanations about the risks inherent in each.

The book presents risk management from an engineering perspective. Both a systemic and analytic viewpoint are important in this regard. The introduction to the concept of 'risk' is followed by risk management principles, risk diagnostic, analysis and treatment, event analysis, crisis management, economic issues, risk governance followed by examples of practical implementation in chemistry, physics and emerging technologies such as nanoparticles. Finally, also a number of well-known major industrial accidents are discussed, and how one can learn from accidents. The book is aimed at anyone faced with risk and safety issues. The target audience can be as diverse as students, engineers, scientists, sociologists, psychologists, or actually all practitioners and academics interested in the matter.

This book focuses on all major aspects of the asset management industry including its regulations, strategies, processes, applied technologies and risks. It provides a serious resource for readers seeking greater depth and alternative opinions on specific industry developments, and breadth for specialists interested in the dynamics of the industry.

Knowledge of risk models and the assessment of risk is a fundamental part of the training of actuaries and all who are involved in financial, pensions and insurance mathematics. This book provides students and others with a firm foundation in a wide range of statistical and probabilistic methods for the modelling of risk, including short-term risk modelling, model-based pricing, risk-sharing, ruin theory and credibility. It covers much of the international syllabuses for professional actuarial examinations in risk models, but goes into further depth, with worked examples, exercises and detailed case studies. The authors also use the statistical package R to demonstrate how simple code and functions can be used profitably in an actuarial context. The authors' engaging and pragmatic approach, balancing rigour and intuition and developed over many years of teaching the subject, makes this book ideal for self-study or for students taking courses in risk modelling.

A practitioner's account of how investment risk affects the decisions of professional investment managers. Jargon-free, with a broad coverage of investment types and asset classes, the non-investment professional will find this book readable and accessible.

A comprehensive commentary on all aspects of financial planning. Available 10 Jan 2019. The SA Financial Planning Handbook is the most comprehensive work on Financial Planning in South Africa.

It is the prescribed textbook for postgraduate studies in financial planning. It is updated annually and contains the latest changes to legislation and best practice in the financial planning industry. Full of practical examples and guidelines and so ideal for students as well as the professional financial planner. NB Students who write open book exams should only purchase the printed version.

More than ever, banking competition is based on the ability to control the cost of risk and can only be managed with excellent internal rating models and very advanced risk management processes. This book is a comprehensive guide to quantitative and qualitative rating assessments with up-to-date methodologies in the international banking system.

This book offers a comprehensive view on bancassurance from its origin to future challenges and opportunities, considering the relevant changes currently interesting the financial services industry. It also provides a detailed review of theoretical and empirical literature dealing with financial conglomeration.

Forecasts predict that those in need of long-term care in Europe will double in the next 50 years. This book offers a full understanding of the institutional responses and mechanisms in place to finance old age and provides analysis of demand and supply factors underpinning the development of financial instruments to cover long-term care in Europe.

Taking on risk is simply a part of business. But new developments in technology and communication make risk management simpler and more effective than ever before. Using examples from companies such as Home Depot, Airbus, Boeing, and Nokia, author John Hampton takes a fresh look at one of the hottest topics in business today: weighing business opportunities against the possibilities of loss. Fundamentals of Enterprise Risk Management does this by introducing innovative new concepts such as hierarchical risk structures, alignment of risks with the business model, creation of a central risk function, and the role of an ERM knowledge warehouse. Readers will learn how to recognize both internal and external exposures; understand important concepts such as risk mapping and risk identification; recognize the weaknesses of current ERM systems; align risk opportunities with their organization's business model; and stay in line with Sarbanes-Oxley compliance. Featuring enlightening case studies and practical exercises, this essential book shows readers how they can implement ERM the right way to experience unapparelled successes at their organizations.