Michael Merz - Böcker

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.

This open access book discusses the statistical modeling of insurance problems, a process which comprises data collection, data analysis and statistical model building to forecast insured events that may happen in the future.

This open access book discusses the statistical modeling of insurance problems, a process which comprises data collection, data analysis and statistical model building to forecast insured events that may happen in the future.

Das Internet stellt zunehmend auch ein Medium zur Abwicklung von Geschaftsprozessen dar. Die Unterstutzung solcher Handelstransaktionen wird unter dem Begriff "Electronic Commerce" zusammengefasst. Dieses Buch zeigt, wie eine Softwareplattform gestaltet sein sollte, die Anforderungen von Nachfragern und Anbietern kommerzieller Softwarekomponenten effizient unterstutzt. Hierbei leitet sich der Softwareentwurf unmittelbar aus der mikrookonomischen Marktdefinition ab. Insbesondere Fragen der Transaktionskostenreduktion und der Innovationsfahigkeit der Marktsoftware fuhren zum Modell eines Elektronischen Dienstemarktes. Bestehende Realisierungsverfahren zur Kooperation in verteilten Systemen werden hinsichtlich ihrer Vereinbarkeit mit diesem Dienstemarkt evaluiert, und es werden neue Verfahren und ihre Integration vorgestellt.

This book constitutes the refereed proceedings of the International Conference on Trends in Electronic Commerce, TREC'98, held in Hamburg, Germany, in June 1998.The book presents 19 revised full papers selected from a total of 75 submissions. While focussing mainly on technological issues, the book also takes into account important social, administrative, regulatory, and legal aspects. The papers are organized in sections on business over the Internet, security and payment, middleware and brokerage, interorganisational workflow management, and agent technology.

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.

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.