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This textbook provides a broad overview of the present state of
insurance mathematics and some related topics in risk management,
financial mathematics and probability. Both non-life and life
aspects are covered. The emphasis is on probability and modeling
rather than statistics and practical implementation. Aimed at the
graduate level, pointing in part to current research topics, it can
potentially replace other textbooks on basic non-life insurance
mathematics and advanced risk management methods in non-life
insurance. Based on chapters selected according to the particular
topics in mind, the book may serve as a source for introductory
courses to insurance mathematics for non-specialists, advanced
courses for actuarial students, or courses on probabilistic aspects
of risk. It will also be useful for practitioners and
students/researchers in related areas such as finance and
statistics who wish to get an overview of the general area of
mathematical modeling and analysis in insurance.
In classical life insurance mathematics the obligations of the
insurance company towards the policy holders were calculated on
artificial conservative assumptions on mortality and interest
rates. However, this approach is being superseded by developments
in international accounting and solvency standards coupled with
other advances enabling a market-based valuation of risk, i.e., its
price if traded in a free market. The book describes these new
approaches, and is the first to explain them in conjunction with
more traditional methods. The various chapters address specific
aspects of market-based valuation. The exposition integrates
methods and results from financial and insurance mathematics, and
is based on the entries in a life insurance company's market
accounting scheme. The book will be of great interest and use to
students and practitioners who need an introduction to this area,
and who seek a practical yet sound guide to life insurance
accounting and product development.
This textbook provides a broad overview of the present state of
insurance mathematics and some related topics in risk management,
financial mathematics and probability. Both non-life and life
aspects are covered. The emphasis is on probability and modeling
rather than statistics and practical implementation. Aimed at the
graduate level, pointing in part to current research topics, it can
potentially replace other textbooks on basic non-life insurance
mathematics and advanced risk management methods in non-life
insurance. Based on chapters selected according to the particular
topics in mind, the book may serve as a source for introductory
courses to insurance mathematics for non-specialists, advanced
courses for actuarial students, or courses on probabilistic aspects
of risk. It will also be useful for practitioners and
students/researchers in related areas such as finance and
statistics who wish to get an overview of the general area of
mathematical modeling and analysis in insurance.
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