October 2014
Intermediate to advanced
584 pages
22h 2m
English
Content preview from Pricing in General Insurance
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19
From Costing to Pricing
Everyone has a plan ‘til they get punched in the mouth.
—Mike Tyson
Risk costing (Chapters 6–18) is an essential component of pricing, but there are a few other
elements that we need to consider before we translate this into the actual premium charged
to policyholders (Figure 19.1). For one thing, we need to include loadings for expenses,
commissions, reinsurance, target prot, and the like – allowing us to produce a ‘technical
premium’, that is, the premium that should be charged on a purely technical basis, without
taking into account competitive pressure and other commercial considerations (Sections
19.1 and 19. ...
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