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2528443
Context of Actuarial Work
Descripción
test
Sin etiquetas
andrew jackson
chapter a
context
ma921
masters
Mapa Mental por
Ayfiq Syazwan
, actualizado hace más de 1 año
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Creado por
Ayfiq Syazwan
hace más de 9 años
225
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Resumen del Recurso
Context of Actuarial Work
What?
External forces influencing the problem
Actuary, Client, Institution can't control
Can change over time
E.g.
life office valuation
Data
Policyholder data
Policy details (t&c, declared bonuses)
Asset data
Valuation model and assumption
mortality rates and changes
interest rates (past and present)
inflation rates (past and present)
valuation regulations
develop new life assurance product
company information
strategic plan & existing product portfolio
distribution methods (direct sales, broker, etc)
ability to raise capital
competitive advantages
ability to mitigate the risks of the product
context to develop
mortality, interest, inflation rates
competitors and competing products
taxation
marketing regulations
income and wealth of potential policyholders
valuing defined benefit pension scheme
pension shceme
membership data
assets data
scheme rules defining all of the benefits
models and assumption
interest rates
inflation rates
decrement rates
mortality
early leavers
illness
Why?
Way to understand the problem
Use model that depends on context
Assumptions of context
interest rate
mortality rate
surrender rate
inflation
Compare Past vs present
See how assumption differs and change
Simplification of real world
e.g. Pension valuation
one rate of interest
one future rate of salary increase (pension salary index)
all retire age 65
Actuarial Control Cycle
Variable Context
Allow simple assumption
Result different from model projection
Change model assumption
How it fit
Know Context
to Designing the solution
monitor result
check model accuracy
assess effect of changing context and particular circumstances of the client
Not static
Context change over time
Component
Professionalism
Code of conduct
Practice standards
Valuation to comply practice standards
Regulatory environment
Laws and regulations of the country
valuation comply UK regulation, Solvency II
val. report is checked by UK FSA
e.g.
fin. reporting
competition
sales of financial product
business conduct at point of sale and in force business conduct
content of insurance contract
compulsory insurance. e.g. sell motor business to have GI license
Supervisory authorities
Government and Judicial context
Government policy
Policy propose new regulation
parliament debate of possible new regulation
experts on policy discussions
impact to financial institutions
Taxation
interest allow for UK tax
encourage/discourage investment in product
affects
product design e.g. max capital gains vs div.
pricing
valuations
cash flows
EBITDA as performance measure instead
expense analysis
Low tax on ISA
retirement contribution tax free
Social assistance and social insurance
Means- testing
subsidize insurance very basic cover
dependend state provision
e.g. EPF
Judicial decisions
Claims assumption allow award decisions behavior
interpretation of legislation
judicial attitude towards interpreting Policy wording
affect liability claims
Physical environment
Climate and natural perils
E.g.
floods
drought
hurricane
tsunami
earthquake
typhoon
Large insurance claim at once
Expensive premium in area-prone
Govt provide assistance to encourage insurance coverage
Reinsurance programme
CAT model
Expert inputs
Pricing
Pandemics
E.g.
SARS
HIV virus
H5N1
H1N1
Impact
health claim rates
key staff absences
Mortality rates
defaults by debtors or payment delay
Asset price, index price
Man made disasters
sometimes difficult to quantify
terrorist, oil spill, mines, nuclear reactor explosion
Technological developments
impact to claims expense (low cost transaction system vs manual labor)
impact to claim rate
Medical technology
new business: insure phone, laptop
Admin/selling cost
Economic and Social Environment
Economic conditions and trends
interest rates and inflation assumptions
recession affects claim rates
Demographic structure and trends
majority population at what age?
affects pension liabilities
Work and employment patterns
retirement age
wage inflation
mobile work force:jump to different job
M&A and Rationalisation
flexibility in pension scheme
Social factors and trends
theft rates affect claim frequencies
fraudulent claim trend
trends in propensity of claim based on geographic area
legislation against discrimination gender, race and age
development of micro-finance, micro-insurance, takaful, islamic banking and sukuk to cater lower income markets and muslim market
Industrial and labour union issues
E.g. surplus allocation in a DB pension shceme
union negotiate salary--> affect cost of employee benefit
Industry and business environment
Range of products and services offered
Convergence of financial institutions
Banccasurance
Product distribution and intermediaries
Accounting standards and practices
Affect assumption for published valuation
earned premium UPR
Competition
Industry associations
Provide claims information
assumptions benchmark
Stakeholders
Corporate culture
Conservative business approach
Globalisation
Multinational
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