Econometria e assicurazioni

DISCUSS SI

1) SI

DIFFERENCES

THE MAIN BALANCE

OF SHEETS

AND

SOLVENCY I

ASSETS LIABIUTIES #

I

ASSETS

ELIGIBLE SURPLUS REQUESTED

Ll Th

Di

- QU

. .

( )

DENNATIVE

STOCK

BOND . .

.

,

, MANGIN

SI

. UNEXPECTED

THE

COVER MSK

INSURANCE COVER EXPECTED

THE MSK

° PROVISIONS LIABILITIES

OTHER

°

SOLVENCY I INTERNAL

STANDARD FORMULA On

^ MODEL

(

ASSETS LIABIUTIES solvency

by

capital requested

for solvent

being

SURPLUS gg.si

in

-

MARKET Valve

' s

OF ( .

the

of cases

)

ASSETS canine

solvency neauiunewt

. son fun

own , CAPITAL

MINIMUM REQUIREMENT

MCR

° ↳ threshold

minimum

requested Cy the Authority

MARKET CONSISTENT

° thread

✓ LIABILITIES

AWE OF THE FORMULA

SOLVENCY I

SOLVENCY I i the

requirement

capital

Link the to

1)

Mot

1) sensitive

risk portfolio

the

risk insurance

of

diversification

risk

Doesn't

2) encourage to

2) odoht

Emwwwfewmhanies management

risk

allow

3) Does the

not supervision of

easy politics

insurance fray framework

harmonized regulatory

3) Eu pillars

three

4) Based on i

GOVERNANCE

NTS

CAPITAL ME AND

WE SUPERVISION

NE QUI .

. PONTING PUBUC

AND

ME DISCLOSURE

.

emotional

oh risk

p

BSC

SCR t ADS

OP

R t

= I

/ odgustmemts

requirements

Capital

Solvency

Basic -

✓ ;§ SCR SLRs

Conn

BSC SCR

n t

i

.

= -

is Niang sue

, ,

[ MARKET LIFE

DEFAULT LIFE

HEALTH NON

, ,

, ,

2) WHAT SOLVENCY

AND

OWN PROCESS

THE NSK ASSESSMENT

IS pillar

We the GOVERNANCE

second

in supervision

AND

are : .

assessment

solvency

and

0125A risk

Own

= It analysis

defined for

tool the decision

of strategic

set constituting and

processes making

is on a a .

It to overall the

the

in solvency to

related

continuous prospective needs

aims and

a way

assess , ,

specific the

of

profile

risk insurance company .

of

ORSA is

process composed : )

( board directors

the )

(

defined

1) of

by

APPETITE Risotto

PENSIONER

Phd

risk )

(

2) IDENTIFICATION

RISK MSK ASSESSMENT

AND VA UTAH

L ONE )

( perform of risk

valuation

continuous

3) Measurement

MSK )

(

4) appropriately

RISK communicated

reporting

MONI TONING AND )

5) how dos

( explains affected decisions

risk strategic

LINK to Business STRATEGY

( of

horrible decisions stressed

to

6) in

module

Stress TESTING scenarios

case

some

( )

clear structure

transparent

7) organisational

GOVERNANCE and

Structure ?

3) WHAT MAJOR AMS APPLICATION

IMPACTS From

THE

Are SI

ING

from application

Mason imports arising are

SI : have frequency

1) of

to the

the

HIGHER companies monitoring

increase market

VOLATILITY THE BALANCE SHEET

IN : foe of

decision the

the market

movement

changes adverse

to

and hwan

ed

she up

2) CAPITAL REQUIREMENTS FUE THE MSHS

NE Ct

3) HIGHER ATTENTION RISH DIVERSIFICATION MITIGATION

TO AND MSK

) PRICING RISKS

h REFLECT

5) HIGHER TRANSPARENCY

6) COMPETITIVENESS

HIGHER ?

WHAT

4) VOLATILITY

IS THE ADJUSTMENT

The Volatility by to of

introduced term

Adsustmemt short

regulators the impact

reduce

was (

allows

volatility the

market )

to volatility to

terms

extra the

terms odgustment

odd

Elora an

.

term volatility

The

discount

structure interest to

rates

of odgustmemt added

used is as a

.

horallel shift free

to boric

the

of

rates

the shot risk

zero coupons curve

- :

)

)

(

(

VA She She

Sri 2

0

0.65 mo X

t -

.

= , currency

currency country .

.

where the difference between

calculated the

Spc the

risk corrected spreads

spread

is

s Rc

: on

. -

= the risk correction

and no from

interest

between portfolio

the reference

derived the

rates

the

spread the

s and

is

. 6 ↳ of

boric interest structure the

term

rate of the country currency

correction

risk

is

one a be Volatility

risk the

The corrected Adjustment

negative

thread and

N B currency can so

.

.

5) DISCUSS THE FOU RET EQUATIONS

THE

AND KANNER

Let's following

the

consider trout

com :

]

(

PERIOD

COVERAGE

° o m

, "

PREMIUMS Pm

Po

ANNUAL PAID

OF

SEQUENCE ADVANCE P2

IN I

-

. .

. ,

,

, C

CAPITAL PAID

INSURED YEAR

END CASE DEATH

THE IN

THE OF

AT Of

° €+2

PAID THE THE

END IF

ENDOWMENT AT OF CONTRACT ALIVE

THE INSURED IS

. Ly lo )

' Premiums m

Pay

ph ,

Apte

Ptg

Pqo )

° t th

t m m

is

- 1cm

I ]

Cam

BENEFITS

Ye Ctu Ism

fairness

the principal

From )

(

)

Co PREMIUMS

BENEFITS m = o m

: , ,

has

the

that policyholder the

to t

to enter

Vt mice contact

hay in

-

- policyholder

debtor

the the

highlights to

pit is

insurance hang a

urn . FORWARD ft ) ]

( ] ft

Et Vt

] Ve

FORWARD Premiums PNE

t MIU

BENEFITS

LOOKING t MS

BENEFITS ⇒ m

m

m -

m

i = = ,

, ,

,

hwfohh ly of survive

P= -

qehwlohb.ly die

of factor

" discount

stil annual

C

V =

-

- ( )

actuarial for

value life

A insurance contracts V.

As q

= ( )

for

actuarial value

E v.

endowments E p

=

-

- for

The liability

is

Fount the

equations recurrent equation

e :

*

PER NE

MAMA :

he

Vt t

che

Pt queller

Four mi

in C

Vt stat

EQUATION serve

t

't 't her

C++ zA×+± ore se

t hog

-

=

: ,

,

, he vive

her cinema

made ne

begone

o - .

?

What does it mean t

PREMIO CASSA

IN IN

TO

,

~ )

(

Vftz ¥ ÷

Cft

Pt 9

t V SANTO Attvamau

Dl

= Rathore

- ~

, t

+

,

{ \

Mahima t.lt

SENA SPE

t in

IN ht

t2 ATI VA IN

-

M SERNA MATE MATICA MONTE

CASO DI

t

IN t

PAGANI the

IN

DA

fount

From the

the obtain equation

Kommer

equation can

we : 9

I - t

" +

( )

¥÷Pt ( )

X Vtt Vt

t

G.

Vtt

Ct Pt 9×* P

Iti

⇐

9×+t t Px

= = t

t

te , ,

+

+ .

,

)

)

( (

)

( Vtts

Vt

Ctu

ti

Pt

Vt

HANNEN I

EQUATION t

⇐ i 9×

-

= t s t

+

?

What does it mean (

The )

capitalization the has

what the

t

of to

insurers in Premium

latest serves

cashes

UAB reserve

IN

tts

liability the

" risk

to capital

in under

and cover ↳ he l dare

importer

Vt '

C++ animator oggivmfere

=

-

, + ,

( )

Vt alle tti ie

Etta cinema her

in

DIES ere

hog

-

p\ a

+

Vt di

tf decern

capitale in

t caso

✓ SURVIVES

-

txt t.is

HOMANS

6) DISCUSS THE FORMULA

Until hove (

bovis

first

the )

all What

dome things the order about

in rwoenii.nl

we

now .

? becomes

The the

reality premium Q

order premium

tariff

I . .

Pt

a 8

OQ Q -

t t

=

premium

1.

tariff ( )

lion cost

momofememt

costs possibly 8C

tonderhemivm-ouguu.si

Them the becomes

generalized Fount equation :

Veii

VI )

I

C. EXP 0,8

Q v.

v. t

oh

t t

p

= +

, +

e

+

, ( if to

{ oath

, otherwise

8C

this

From Fount divide born

the

by

generalized consider two

and

we

equation r 's

can

(

( ) )

lit at

i op and P =L q

, -

, ,

( )

)

( not rt

0,8 ,

hove

them

We :

( (

) )9×*

)

(

) this stil

) I

VI this

⇐ 10,8

EXP

Iti c

Q -0

t - =

- -

-

( )

let His

Kido

( ( )

a) let

it

I 098*1

VI

⇐ Exp it

:* to

t c

- -

-

- ,

Them Love 0¥ I It II ) so

we = -

, t

l )

)

)

) ) I

( (

!

( ) lol Off

(

) 10,8

VII. it Iti

EXP

it C

HOMANS VI Q EXP

Vt

i at

EQUATION oh

t t

⇒ -

= -

: -

. , *

, ,

- - -

financial demographic expense

margin margin margin

?

7) WHAT THE BASIS

ARE COMPANIES

BY

TYPES INSURANCE

OF USED financial

The the

technical bomb to

the compute

of used

set demographic nanometers

and

meaning

,

the

by insurance

premium companies are :

l

hrudlmtial evaluation )

It i

order P

I : , )

realistic evaluation (

order

" it p*

I i , (

Im )

financial

harticnlou front

*

i i

mate

Discount s

:

: )

( part

demographic

*

Probability P

P

Survivor

OF >

:

fair

The the

fairness the

calculated

premium cash

the

following equating of expected

hee

is prima Npv

flows It 's clear that

to o :

. ]

)

( )

Epfnpvlit

Puli )

N

Ep -

In this befit

the company mokes

insurance

way

8) limited

Discuss unit product

two

The linked

unit whole life

contacts term benefits

whose expressed

premiums

assurance and

are or are

fund

units

im of a .

fund

The be Features Tynes pure

monetary comhlexitg

can o

: o

. : :

bond hartially

high costs guaranteed

.

a

. financial

equity high risk guaranteed

o

.

. Glanced

.

We will talk about Guaranteed

Minimum be

could maturity

which death

guaranteed

minimum or

,

benefits guaranteed .

1) ( teen policyholder vific

the

to

)

GUARANTEED fireman monetary

MINIMUM MM MB she

BENEFIT GM

MA TU e

i fixed

be

The

contract to

amount the

maturity subsea regular

guarantee

of

the

at or

on

may

.

dependent

equity increases

- holder

2) ( specific death

) the holing monetary

guarantees

DEATH BENEFIT

GUARANTEED a

DB

Minimum GM upon

mum

:

term

the the construct

of death benefit be the

the original

during simply biennium

Again may on

. ,

,

fixed interest

at

increase rate of

may a ?

9) Insurance

What the Protection

Creditor contracts

are

Creditor I

protection ) that enables

protection

insurance hw ducts to immune

cm consumers

are

loans loses four

borrower

if Sob

disabled

the becomes

dies ill

repayment other

of on

a

or

, , debt

from It

the to

that widely

them

circumstances the

vent sold

income is

earning

may service .

banks be

insurance

Credit

by to the

credit to

other purchased

loan

and odd

providers on can

an

as - . finance

from home

loans

all of loans including loans companies

insure and

kinds consumer can ,

borrowing

mortgage .

The tihically who taken

people loving

after

tragic event

protection against

consumers are seen a like

which have out house

families would

out lose the

not

token to

and

f mortgage

mortgage e. a

a .

. salary

higher

death with

of the

of

in person

case . ?

from

) How Natural do differ

defined and recurrent

they premiums

premiums

so are

Premium the beginning

single at

paid once

. =

: ( )

lit

annual Usually

annual

unlit

haid

recurrent with certain premiums

oh → are

. a

= .

the fairness Constant

derived

constant by him premiums

cihle

and are

.

holder to

the