March 2016
Intermediate to advanced
700 pages
144h 54m
English
Content preview from Principles of Risk Management and Insurance, 13th EditionBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Summary
A balance sheet summarizes what a company owns (assets), what it owes (liabilities), and the difference between these two values (owners’ equity).
For an insurance company, the major assets are financial assets, which are investments in bonds, stocks, real estate, mortgage-backed securities, and marketable securities, as well as cash.
An insurer’s liabilities are called reserves. The loss reserve is the estimated cost of settling claims. Loss reserves in property and casualty insurance can be classified as case reserves, reserves established using the loss ratio method, and reserves for incurred-but-not-reported (IBNR) claims.
Another important reserve for property and casualty insurers is the unearned premium reserve. This reserve equals ...
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