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This second edition expands the first chapters, which focus on the approach to risk management issues discussed in the first edition, to offer readers a better understanding of the risk management process and the relevant quantitative phases. In the following chapters the book examines life insurance, non-life insurance and pension plans, presenting the technical and financial aspects of risk transfers and insurance without the use of complex mathematical tools. The book is written in a comprehensible style making it easily accessible to advanced undergraduate and graduate students in Economics, Business and Finance, as well as undergraduate students in Mathematics who intend starting on an actuarial qualification path. With the systematic inclusion of practical topics, professionals will find this text useful when working in insurance and pension related areas, where investments, risk analysis and financial reporting play a major role.
This book is a printed edition of the Special Issue "Actuarial and Financial Risks in Life Insurance, Pensions and Household Finance" that was published in Risks
Mortality improvements, uncertainty in future mortality trends and the relevant impact on life annuities and pension plans constitute important topics in the field of actuarial mathematics and life insurance techniques. In particular, actuarial calculations concerning pensions, life annuities and other living benefits (provided, for example, by long-term care insurance products and whole life sickness covers) are based on survival probabilities which necessarily extend over a long time horizon. In order to avoid underestimation of the related liabilities, the insurance company (or the pension plan) must adopt an appropriate forecast of future mortality. Great attention is currently being dev...
The book develops the capabilities arising from the cooperation between mathematicians and statisticians working in insurance and finance fields. It gathers some of the papers presented at the conference MAF2010, held in Ravello (Amalfi coast), and successively, after a reviewing process, worked out to this aim.
This book examines the challenges for the life insurance sector in Europe arising from new technologies, socio-cultural and demographic trends, and the financial crisis. It presents theoretical and applied research in all areas related to life insurance products and markets, and explores future determinants of the insurance industry’s development by highlighting novel solutions in insurance supervision and trends in consumer protection. Drawing on their academic and practical expertise, the contributors identify problems relating to risk analysis and evaluation, demographic challenges, consumer protection, product distribution, mortality risk modeling, applications of life insurance in contemporary pension systems, financial stability and solvency of life insurers. They also examine the impact of population aging on life insurance markets and the role of digitalization. Lastly, based on an analysis of early experiences with the implementation of the Solvency II system, the book provides policy recommendations for the development of life insurance in Europe.
A text aimed at researchers and postgraduates actuarial science, statistics, and actuarial mathematics providing a comprehensive and detailed description of statistical methods for projecting mortality, and an extensive discussion of some important issues concerning the longevity risk in the area of life annuities and pension benefits.
The success of business today is dependent on the knowledge and expertise of its employees. The need for mathematics arises naturally in business such as in the work of the actuary in an insurance company, the financial mathematics required in the day-to-day work of the banker and the need to analyse data to extract useful information to enable the business to make the right decisions to be successful. A Guide to Business Mathematics provides a valuable self-study guide to business practitioners, business students and the general reader to enable them to gain an appropriate insight into the mathematics used in business. This book offers an accessible introduction to essential mathematics for...
These four volumes (CCIS 297, 298, 299, 300) constitute the proceedings of the 14th International Conference on Information Processing and Management of Uncertainty in Knowledge-Based Systems, IPMU 2012, held in Catania, Italy, in July 2012. The 258 revised full papers presented together with six invited talks were carefully reviewed and selected from numerous submissions. The papers are organized in topical sections on fuzzy machine learning and on-line modeling; computing with words and decision making; soft computing in computer vision; rough sets and complex data analysis: theory and applications; intelligent databases and information system; information fusion systems; philosophical and...