October 2014
Intermediate to advanced
584 pages
22h 2m
English
Content preview from Pricing in General Insurance
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82 Pricing in General Insurance
5.5 Currency Movements
Currency movements may affect the performance of insurers writing policies in different
territories. As an example, a multi-territory motor eet policy may be underwritten by a
UK insurer and the policy premium be set in British pounds. However, claims will arise in
the local currency of different territories depending on where these claims occur.
To show how this causes a problem, assume that
• The overall premium can be somehow allocated to different territories and that
the premium for Germany is £800K.
• The premium is received at time t = 0 and the claims are all paid exactly 1 year ...
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