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Classical Insurance Solvency Theory

  • J. David Cummins
  • Richard A. Derrig

Table of contents

  1. Front Matter
    Pages i-xxv
  2. Teivo Pentikäinen
    Pages 1-48
  3. Gregory Taylor, Robert Buchanan
    Pages 49-155
  4. J. David Cummins, Richard A. Derrig
    Pages 161-161
  5. Back Matter
    Pages 157-160

About this book

Introduction

The problem of solvency is, in fact, as old as insurance. The history of the industry knows many ways to meet the risks involved with underwriting, such as spreading the risk portfolio (Cato, Senior already applied it), risk selection, reserve funds, reinsurance, etc. Whilst these measures too often proved ineffective, the establish­ ment of legislative control and public supervision ensued. However, not until the last few decades has the solvency issue become an ob­ ject of intensive studies, very much thanks to the progress of related empirical and theoretical knowledge, and in the under­ standing of the concerned complicated processes. The research activities have grown extensively in many countries in recent years. The more the studies advance the more new relevant aspects are detected and a great variety of alternative proposals have come up for discussion. Therefore, it has become necessary to attempt a survey of the whole problem area in order to be able to place the quite numerous pieces of knowledge in their proper context, and also, among other things, to avoid the pitfalls of handling isolated problems omitting vital tie-ins to the environment. Many of the rele­ vant problems and subproblems are still lacking adequate and well tested solutions. Therefore, a survey of the whole problem area can also hopefully serve as guidance for future research efforts.

Keywords

Funds Reinsurance environment insurance management portfolio research risk analysis statistical analysis value-at-risk

Editors and affiliations

  • J. David Cummins
    • 1
  • Richard A. Derrig
    • 2
  1. 1.The Wharton SchoolUniversity of PennsylvaniaPhiladelphiaUSA
  2. 2.Massachusetts Rating BureausBostonUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-94-009-2677-6
  • Copyright Information Springer Science+Business Media B.V. 1988
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-94-010-7707-1
  • Online ISBN 978-94-009-2677-6
  • Series Print ISSN 0924-5014
  • Buy this book on publisher's site
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