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Articles 1 - 7 of 7
Full-Text Articles in Insurance
The Effect Of The 1918 Influenza Pandemic On U.S. Life Insurance Holdings, Dr. Joanna Short
The Effect Of The 1918 Influenza Pandemic On U.S. Life Insurance Holdings, Dr. Joanna Short
Economics: Faculty Scholarship & Creative Works
This paper examines the effect of a sharp rise in mortality, the 1918 influenza epidemic, on life insurance holdings in the U.S. The BLS Cost of Living Surveys of 1918-1919 provide a unique opportunity to examine the effect of the pandemic—some households were surveyed before, and others during or shortly after the worst of the influenza outbreak. In addition, I use state-level insurance sales data to compare the increase in spending on insurance in states particularly hard hit by the epidemic, relative to those that were not. I find some evidence that, in the immediate aftermath of the epidemic, those …
Valuation And Risk Management Of Some Longevity And P&C Insurance Products, Yixing Zhao
Valuation And Risk Management Of Some Longevity And P&C Insurance Products, Yixing Zhao
Electronic Thesis and Dissertation Repository
Numerous insurance products linked to risky assets have emerged rapidly in the last couple of decades. These products have option-embedded features and typically involve at least two risk factors, namely interest and mortality risks. The need for models to capture risk factors' behaviours accurately is enormous and critical for insurance companies. The primary objective of this thesis is to develop pricing and hedging frameworks for option-embedded longevity products addressing correlated risk factors. Various methods are employed to facilitate the computation of prices and risk measures of longevity products including those with maturity benefits. Furthermore, in order to be prepared for …
Actuarial Modeling And Analysis Of The Hong Kong Life Annuity Scheme, Koon Shing Kwong, Wai-Sum Chan, Johnny Siu-Hang Li
Actuarial Modeling And Analysis Of The Hong Kong Life Annuity Scheme, Koon Shing Kwong, Wai-Sum Chan, Johnny Siu-Hang Li
Research Collection School Of Economics
The Hong Kong Mortgage Corporation (HKMC) Limited, which was established in March 1997 and is wholly owned by the government of the Hong Kong Special Administrative Region, has a major mission to develop and provide different financial retirement instruments to Hong Kong residents to help address the income poverty of retirees. In June 2017, HKMC Annuity Limited, a wholly-owned subsidiary of the HKMC was incorporated to implement a new life annuity scheme which would be launched by mid-2018 to cater for the needs of cash-rich Hong Kong old age residents. The objective of the scheme is to provide an additional …
Comments On Some Parametric Models For Mortality Tables, Kam C. Yuen
Comments On Some Parametric Models For Mortality Tables, Kam C. Yuen
Journal of Actuarial Practice (1993-2006)
Parametric models for the entire age pattern of mortality have been suggested by Heligman and Pollard (1980) and Carriere (1992). The former is designed to fit the classical mortality pattern while the latter is supported by a statistical theory. Insights into their papers motivate us to consider a variation of the Heligman-Pollard model. We also apply these models to the 1993 Hong Kong Assured Lives Mortality Tables as well as the 1991 Hong Kong Female Life Table. This paper is not intended to construct a better parametric model for mortality tables; the main purpose is simply to provide insights into …
Nonmedical Limits In Individual Life Insurance, James B. Ross, Shalini E. Perumpral
Nonmedical Limits In Individual Life Insurance, James B. Ross, Shalini E. Perumpral
Journal of Actuarial Practice (1993-2006)
This paper shows data that illustrate the substantial variation among nonmedical schedules and the dramatic increase in their amount limits from 1972 through 1992. Coefficients of variation are analyzed for several data subsets. We find that the variation of schedules in the sample of all firms has increased throughout the 1972-1992 period for issue ages up to 30, but has declined for issue ages beyond 30 during the 1982-1992 period. For the non-New York and stock companies our statistical tests indicate an increase in the variability of schedules over the full period 1972 to 1992.
Nonmedical Limits In Individual Life Insurance, James B. Ross, Shalini E. Perumpral
Nonmedical Limits In Individual Life Insurance, James B. Ross, Shalini E. Perumpral
Journal of Actuarial Practice (1993-2006)
This paper shows data that illustrate the substantial variation among nonmedical schedules and the dramatic increase in their amount limits from 1972 through 1992. Coefficients of variation are analyzed for several data subsets. We find that the variation of schedules in the sample of all firms has increased throughout the 1972-1992 period for issue ages up to 30, but has declined for issue ages beyond 30 during the 1982-1992 period. For the non-New York and stock companies our statistical tests indicate an increase in the variability of schedules over the full period 1972 to 1992.
Modal Premium Factors In Ordinary Life Insurance, James B. Ross, Criss G. Woodruff
Modal Premium Factors In Ordinary Life Insurance, James B. Ross, Criss G. Woodruff
Journal of Actuarial Practice (1993-2006)
For ordinary life policyholders who want to pay more frequently than annually, insurers construct schedules of modal premium factors that reflect additional charges for the costs of collection, forgone interest, and premiums uncollected or refunded in the year of death. Competition within the industry forces convergence of such schedules. On the other hand, if such factors for a given company reflect its own experience (in expense, interest, mortality, and persistency), the differences between companies will force schedules apart. Analysis of a large group of life insurers over the 1972-1982-1992 period shows that modal premium factors are dustered closely, that they …