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Class 6 - Pricing

Math 3620 - Class 6 - Insurance Pricing

QuestionAnswer
Fair premium makes provisions for: -Expected claims costs -Administrative costs -Investment income -Fair profit loading
Fair premium must cover administrative costs like: -Marketing -Underwriting -Loss adjustment -Administrative -Premium taxes -Income taxes
Uncertainty claims costs could exceed premiums -Insolvency is possible
Facts of capital -Insurers hold capital to reduce the likelihood of insolvency
Determinants of fair profit loading -Amount of capital needed to support the coverage -Cost of capital i.e., expected return demanded by shareholders; affected by degree of risk & taxes
Created by: killerkite
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