Describes developments in life insurance mathematics, addressing specific aspects of market-based valuation. Series: International Series on Actuarial Science. Num Pages: 294 pages, 19 b/w illus. 6 tables. BIC Classification: KFFN; PBW. Category: (P) Professional & Vocational. Dimension: 236 x 160 x 20. Weight in Grams: 528. . 2007. Illustrated. hardcover. . . . .

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Bibliographic Details

Title: Market-Valuation Methods in Life and Pension Insurance (International Series on Actuarial Science)
Publisher: Cambridge University Press
Publication Date: 2007
Language: English
ISBN 10: 0521868777
ISBN 13: 9780521868778
Binding: Hardcover
Condition: New

About this title

Synopsis

In classical life insurance mathematics the obligations of the insurance company towards the policy holders were calculated on artificial conservative assumptions on mortality and interest rates. However, this approach is being superseded by developments in international accounting and solvency standards coupled with other advances enabling a market-based valuation of risk, i.e., its price if traded in a free market. The book describes these approaches, and is the first to explain them in conjunction with more traditional methods. The various chapters address specific aspects of market-based valuation. The exposition integrates methods and results from financial and insurance mathematics, and is based on the entries in a life insurance company's market accounting scheme. The book will be of great interest and use to students and practitioners who need an introduction to this area, and who seek a practical yet sound guide to life insurance accounting and product development.

About the Authors

Thomas M�ller is a Senior Specialist at PFA Pension, Copenhagen.

Mogens Steffensen is Associate Professor of Actuarial Mathematics at the Institute for Mathematical Sciences, University of Copenhagen.

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