October 2014
Intermediate to advanced
584 pages
22h 2m
English
Content preview from Pricing in General Insurance
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326 Pricing in General Insurance
no problem determining the expected losses to a layer no matter how complicated the
structure is, for example, if a limited number of reinstatements are present.
However, we also need to take into account that in certain circumstances (especially
property), a premium must be paid for the layer to be reinstated. Therefore, the premium
that will ultimately be paid is not xed in advance but is itself a stochastic variable that
needs to be simulated.
Analytical formulae have been developed based on making it possible to calculate what
premium should be charged upfront depending on the desired reinstatement struct
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