October 2014
Intermediate to advanced
584 pages
22h 2m
English
Content preview from Pricing in General Insurance
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524 Pricing in General Insurance
Because we wish to focus on the differences between different insurance structures, we
can assume that the cost of mitigating/preventing bit is roughly constant across different
insurance structures (either because the company wills it or because the insurer requires
a certain level of health and safety to issue insurance), and therefore ignore the term. Also,
the cost of retaining a risk can be split into two terms, one for normal, day-to-day smaller
losses (the so-called ‘expected’ losses) and the other for holding capital for a bad year. We
can therefore rewrite the total cost of risk as
Total cost of risk ...
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