Mapa mental
General Insurance
Contenido del mapa
General Insurance
Pricing
- Hirearchy; Gross Ceded Technical price market price
- 1. First, familiarise with the risk and (where applicable, such as in commercial insurance/ reinsurance) with the insured’s business. Then, 2. given information on claims, exposure and cover… 3. … estimate the cost of taking on the risk… 4. … take into account the related cost of running the business (underwriting, claims management, payrolling, etc.) and investment income… 5. … add an allowance for profit (which is constrained by capital considerations and therefore requires an input from the capital modelling function), thus obtaining the technical premium… 6. … and based on the technical premium and commercial considerations, determine the actual premium to be charged.
- Approach
- Frequency/ Severity
- Burning cost
- ILF/ Exposure rating
- Data
- Adjustment
- Other corrections
- i.e. Large or Cat claims or some other adjustment seems appropriate
- IBNR/IBNER
- Either estimate it or exclude younger years
- Inflation
- CPI RPI Wage inflation Court inflation much more than that!!!!
- Exposure changes
- Even after inflation adjustment.....there might be some more trend which could be explained by exposure change
- Risk profile changes
- Risk management Tech development etc Personal lines:- gets captured in Rating factors. Commercial lines:- we need to investigate
- Change in cover/legislation
- for Example:- New peril is covered or change in deductible etc
- Costing
- Gross Ceded
- Technical price
- Discounting
- Tax
- reinsurance cost
- Cost of Capital
- Profit
- Commission/ brokerage
- Commercial consideration
- Insurance cycle
- New business/ renewal
- Price may very...if we are inclined to renew it since it is a profitable business. or attract new business
- Admin or claims exp
- Other corrections
- Commercial lines
- Submission by Insured
- Claims
- Invididual
- Aggregate
- Exposure
- Claims
- Submission by Insured
- Adjustment
Products
- Employers liab
- unlimited cover
- Insured can only keep risk...If ceded to a Captive.
- payroll; exposure measure
- unlimited cover
- Property
- Property cover indemnifies the insured for loss or damage to the insured’s property, such as one’s house or one’s car. Indemnity based
- Under insurance
- Building and content
- Commercial property
- Marine Cargo
- Aviation Hull
- Motor OD
- Livestock, blood stock
- Crop
- Travel and Transport
- Construction
- Engineering
- Extended warranty
- Liability
- Tort Law; Negligence
- Employer liab
- Public liab
- Product liab
- Professiona indemnity
- General liab
- Aviation liab
- Marine liab
- Motor liab
- Environmental liab
- D&O
- Heads of loss
- cost of care
- loss of earning
- Financial loss
- pain and suffering
- Punitive demage(US)
- legal and defence cost
- property demage
- Financial loss
- Business Interruption
- Credit and Surety
- Mortgage indemnity
- Fidelity guarantee
- Business Interruption
- Fixed benefit
- Persona acc
- Health
- Packaged
- Employers liab
Extras
- Legal Fee could be a fixed amount or a % of compensation etc.
Información
- Descripción
- Mapa Mental sobre General Insurance, creado por varun_jain160187 el 15/09/2015.
- Creado por
- varun_jain160187 · sep 2015
- Actualizado
- 6 abr 2018
- Visitas
- 55
- Valoración
Más sobre Insurance Underwriting and Pricing