Transcription of Basic Ratemaking Version 5 May 2016 2
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Basic Ratemaking Version 5 May 2016 2
Casualty Actuarial Society, 2016 Basic Ratemaking Fifth Edition, May 2016 Geoff Werner, FCAS, MAAA Claudine Modlin, FCAS, MAAA Willis Towers Watson With significant contributions from: Alice Gannon, FCAS, MAAA; Serhat Guven, FCAS, MAAA; Christine Gennett, ACAS, MAAA; Jeff Kucera, FCAS, MAAA; Brett Nunes, ASA, MAAA; and Dave Otto, FCAS, MAAA i Basic Ratemaking Geoff Werner, FCAS, MAAA and Claudine Modlin, FCAS, MAAA Willis Towers Watson This text outlines Basic property/casualty insurance Ratemaking concepts and techniques. It is intended to be a single educational text to prepare actuarial candidates practicing around the world for Basic Ratemaking . A key concept in the text is the fundamental insurance equation, which balances the expected future income and outgo of an insurance operation. Various chapters discuss the individual components of the equation ( , premium, loss, expense, profit), and other chapters review how to assess whether the equation is in balance in the aggregate and by customer segment.
ii FOREWORD Ratemaking is a key driver of property and casualty (P&C) insurance profitability and hence a primary actuarial responsibility. Actuaries employ a variety of ratemaking …
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