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Stochastic Claims Reserving Methods in Insurance (The Wiley Finance Series)

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Authors: Mario V. Wuethrich, Michael Merz
Publisher: Wiley
Category: Book

List Price: ~~$140.00~~
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Avg. Customer Rating: 5.0 out of 5 stars

1 reviews
Sales Rank: 796986

Media: Hardcover
Number Of Items: 1
Pages: 438
Shipping Weight (lbs): 2
Dimensions (in): 9.8 x 6.9 x 1.2

ISBN: 0470723467
Dewey Decimal Number: 368.0140151922
EAN: 9780470723463
ASIN: 0470723467

Publication Date: June 10, 2008
Availability: Usually ships in 1-2 business days
Shipping: Expedited shipping available
Condition: A Brand New Copy. Never Read.

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Editorial Reviews:

Product Description
Claims reserving is central to the insurance industry. Insurance liabilities depend on a number of different risk factors which need to be predicted accurately. This prediction of risk factors and outstanding loss liabilities is the core for pricing insurance products, determining the profitability of an insurance company and for considering the financial strength (solvency) of the company.

Following several high-profile company insolvencies, regulatory requirements have moved towards a risk-adjusted basis which has lead to the Solvency II developments. The key focus in the new regime is that financial companies need to analyze adverse developments in their portfolios. Reserving actuaries now have to not only estimate reserves for the outstanding loss liabilities but also to quantify possible shortfalls in these reserves that may lead to potential losses. Such an analysis requires stochastic modeling of loss liability cash flows and it can only be done within a stochastic framework. Therefore stochastic loss liability modeling and quantifying prediction uncertainties has become standard under the new legal framework for the financial industry.

This book covers all the mathematical theory and practical guidance needed in order to adhere to these stochastic techniques. Starting with the basic mathematical methods, working right through to the latest developments relevant for practical applications; readers will find out how to estimate total claims reserves while at the same time predicting errors and uncertainty are quantified. Accompanying datasets demonstrate all the techniques, which are easily implemented in a spreadsheet. A practical and essential guide, this book is a must-read in the light of the new solvency requirements for the whole insurance industry

Customer Reviews:

5 out of 5 stars

Tim's gift July 20, 2008
0 out of 1 found this review helpful

My son is an actuary, and he selected this book as a birthday gift. He was very happy to receive it and read the first chapter right away before continuing on with his other gifts.