10 - Establishing the Price - Pricing Factors

April 30, 2018 | Author: RISC Institute | Category: Reinsurance, Insurance, Underwriting, Investing, Profit (Accounting)
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IF3 Establishing the price - pricing factors...

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KC=  ” Znbj  Znbjrwr rwr ktkne Xrimjss Znkt ?8 - Znbjrstonb prkmkne comtirs wktdkn wktdkn tdj mintjxt ic tdj knsuronmj unbjrwrktkne primjss

Lokn Jgjljnts ic tdj Knsuronmj Xrjlkul

Pksa Xrjlkul

Pjknsuronmj Mists

Xrjlkul Jxpjnsjs

Znbjrwrktkne Lorekn

PK]A XPJLKZL

Pksa Xrjlkul PK]A X PJLKZL

Znmjrtoknty kn Mgokls Mist

Znbjrgykne Mgokls Mist

Pksa Xrjlkul

Rdj jxpjmtjb ugtklotj mist kn mgokls ic tdj rksa `jkne ommjptjb, knmgubkne on oggiwonmj cir tdj bjerjj ic unmjrtoknty ottomdkne ti tdj mgokls mist (wdjtdjr kn tdj jstklotkne primjss ir tdriued tdj noturj ic tdj mgokls tdjlsjgvjs

Minskbjrotkins kn jstklotkne rksa prjlkul • Knmurrjb Mgokls  ”Xokb +Iutstonbkne sdiugb `j toajn knti ommiunt.

• Mgokls Pun Icc   ”Zpbotkne rjsjrvjs ti jnsurj tdot objquotj rjsjrvjs orj lokntoknjb

• K@NP  ”Knmurrjb `ut nit rjpirtjb rjsjrvj

• Jccjmt ic kncgotkin in mgokls mist • Mdonejs kn gjeksgotkin occjmtkne jxpisurj  ”Knsurjrs loy dovj ti poy cir gko`kgktkjs tdot wjrj nit prjvkiusgy ontkmkpotjb.

• Jxpisurj @osks  ”Rdj noturj ic jxpisurj unkts unbjrgykne tdj mgokls loy mdonej ivjr tklj rjsugtkne kn

dkedjr mgokls mists.

• Croub  ”Knmrjoskne buj ti millibktkzotkin onb j-trobj.  ”Knsurjrs loaj o pjrmjntoej knmrjosj kn tdjkr giss rotki ti mivjr croub mists.

Pjknsuronmj Mist PJKN]ZPONMJ MI]R] Pjknsuronmj Mists

Nin-Xripirtkinog Pjknsuronmj • • •

Uirakne Jxmjss ic giss Motostripdj Jxmjss ic Giss ]tip Giss

Znmjrtoknty kn Mgokls Mist

Znbjrgykne Mgokls Mist

Pksa Xrjlkul

Kn irbjr ti pritjmt tdj milpony cril motostripdkm sknegj ir mil`knjb gissjs knsurjrs ictjn `uy ninpripirtkinog rjknsuronmj pritjmtkin. Nin-pripirtkinog Pjknsuronmj miljs ot o cgot prjlkul `osjb in jxpjrkjnmj rotkne.

Jxpjnsjs JTXJN]J] Jxpjnsjs Pjknsuronmj Mists

Ckxjb Jxpjns js, Sorko`g j jxpjns js Nin-Xripirtkinog Nin-Xripirtkinog Pjknsuronmj Pjknsuronmj • • •

Uirakne Jxmjss ic giss Motostripdj Jxmjss ic Giss ]tip Giss

Ckxjb Jxpjnsjs • `ukgbkne immupotkin mists, • stocc mists, • mjntrog (djob icckmj) mists, • KR mists

Znmjrtoknty kn Mgokls Mist

• Pjmirb ajjpkne • Xigkmy kssukne Sorko`gj So rko`gj Mist s

Znbjrgykne Mgokls Mist

Pksa Xrjlkul

• Znbjrwrktkne jxpjnsjs • Millksskin • Mgokls donbgkne

Pjturn in Mopktog Jlpgiyjb Znbjrwrktkne Lorekn Jxpjnsjs Pjknsuronmj Mists

Jornjb Xrjlkul gjss M.I.P Ckxjb Jxpjns js, Sorko`g j jxpjns js Nin-Xripirtkinog Nin-Xripirtkinog Pjknsuronmj Pjknsuronmj • • •

Uirakne Jxmjss ic giss Motostripdj Jxmjss ic Giss ]tip Giss

Znmjrtoknty kn Mgokls Mist

Znbjrgykne Mgokls Mist

Pksa Xrjlkul

MIL@KNJB IXJPORKN IXJPORKNE E PORKI (MIP) Rdj MIP minsksts ic tdj mil`knotkin ic tdj giss rotki, tdj millksskin rotki onb tdj jxpjnsj rotki. Kt bijs nit toaj knti ommiunt tdj knvjstljnt knmilj.

KNSJ]RLJNR KNMILJ

Knsurjrs orj rjqukrjb `y gow ti lokntokn mjrtokn gjvjgs ic rjsjrvjs `osjb in tdj titog prjlkul knmilj tdjy rjmjkvj. Rdjy orj o`gj ti jorn su`stontkog knvjstljnt knmilj cril tdjsj rjsjrvjs. • ]diugb Knsurjrs rjgy in knvjstljnt knmilj ti rjbumj tdjkr

prjlkul9  ”Udjn knvjstljnt rjturns orj dked, knsurjrs loy rjgy in tdks, ti mut tdj

`oskm prickt lorekn mogmugotkin cril unbjrwrktkne loakne tdjkr rotjs lirj milpjtktkvj ti sjmurj lirj `usknjss onb prjlkul, wdkmd mon tdjn `j knvjstjb onb tdj prickts orj lobj in tdjsj knvjstljnts.  ”Rdj biwnskbj rksa ks tdot wdjn knvjstljnt rjturns orj mut, tdj rotkne strumturj njjbs ti `j ri`ust jniued ti mintknuj ti pribumj o rjturn in mopktog, ir knsurjrs gisj linjy.

Rypjs ic Knvjstljnt rjturns • Knmilj  ”kntjrjst-`jorkne knvjstljnts1

• Mopktog Eokn  ”knvjstljnts wdisj voguj mon `j jxpjmtjb ti eriw ot gjost kn gknj wktd tdj

jminily (jquktkjs).

• Kc tdj mintrk`utkins ic mopktog eokns wjrj kenirjb, rjturns wiugb `j

unbjrstotjb, onb tdj knsurjr's pribumts loy `jmilj ivjrprkmjb onb unmilpjtktkvj. • Rdj biwnskbj ic tdks ks tdot kc tdjsj rjturns orj rjgkjb in tdj pribumts loy `jmilj vjry milpjtktkvj, wdkmd loy `j eiib, `ut mon mousj bkcckmugtkjs kc tdj knvjstljnt rjturns bklknksd. • Rdj O@K ]totjljnt ic Pjmilljnbjb kn tdj prickt onb giss ommiunt.

Udkmd ic tdj twi ks tdj lirj prickto`gj milpony9 o. @guj Knsuronmj milpony dos on ovjroej MJ ic $:88 lkggkin. Kts EU X cir tdj yjor ks $088 lkggkin. Kts J@KR ks $08 $08 Lkgg Lkggki kin. n. `. Erjjn Knsuronmj Milpony dos on ovjroej Mopktog Jlpgiyjb ic $0:8 lkggkin. Kts EUX cir tdj yjor ks $?88 lkgg kggkin. Kts Kts J@KR ks $?: lkggkin.

Knsurjr‛s prickt (ir Giss) PJRZPN IN M OXKROG JLXGI[JB Znbjrwrktkne Pjsugt

Knvjstljnt Knmilj

Znbjrwrktkne Xrickt

Knvjstljnt knmilj

J@KR

Pjturn in Mopktog Jlpgiyjb (PIMJ) ks o cknonmkog rotki tdot ljosurjs o milpony's prickto`kgkty onb tdj jcckmkjnmy wktd wdkmd kts mopktog ks jlpgiyjb. PIMJ < Jornknes @jcirj Kntjrjst onb Rox (J@KR) / Mopktog Jlpgiyjb  O dkedjr PIMJ knbkmotjs lirj jcckmkjnt usj ic mopktog. PIMJ ks o usjcug ljtrkm cir milporkne prickto`kgkty omriss milponkjs `osjb in tdj oliunt ic mopktog tdjy usj. Kt ks jspjmkoggy klpirtont cir knvjstirs ti bjmkbj kn wdkmd milponkjs ti knvjst Rdj dkedjr tdj vigotkgkty ir rksa ti wdkmd tdj mopktog ks jxpisjb, tdj dkedjr wiugb `j tdj jxpjmtjb PIMJ.

Pjturn in Mopktog Jlpgiyjb (PIMJ) • ]logg bkccjrjnmjs kn tdj giss rotkis onb tdj ivjrdjob jxpjnsjs mon dovj o skenkckmont klpomt in tdj knsurjr‛s prickt onb PIMJ. • Rdj prickt torejts kn tdj unbjrwrktkne strotjey wkgg `j bkmtotjb `y tdj

mirpirotj strotjey.

 ”Milponkjs tdot rjgy in eriwtd tdriued rjputotkin onb `ronb wkgg `j lirj

minmjrnjb wktd gine tjrl mustiljr rjgotkinsdkps onb giyogty `jkne tronsgotjb knti sto`gj onb minskstjnt prickt tdus obbkne voguj ti tdj `ronb.  ”Gorejr milponkjs wktd vost oliunts ic mopktog onb rjsjrvjs r jsjrvjs ti knvjst rjgy in tdjkr t djkr rjturn cril knvjstljnts ti privkbj o rjturn in tdjkr mopktog. ]umd milponkjs loy ommjpt on unbjrwrktkne `rjoajvjn ir o slogg giss rjgykne in tdjkr knvjstljnts ti loaj tdjkr PIMJ.  ”In tdj itdjr donb, sloggjr milponkjs wktd o prilksj ic o dked PIMJ wkgg `j lirj sjgjmtkvj onb cimus in ejnjrotkne e jnjrotkne tdj loxklul pissk`gj prickt cril tdjkr unbjrwrktkne omtkvktkjs.

• Ogtdiued knsuronmj milponkjs loaj on obbjb prickt in tdj

knvjstljnt ic onb wktd murrjnt knvjstljnt rjturns `jkne ?% ti ?.:% unbjrwrktkne prickt `jmiljs lumd lirj klpirtont.

Lorajt Mymgj Rdj cgumtuotkins kn knvjstljnt ykjgb mousjs prjssurj in knsuronmj rotjs onb kn turn mousjs tdj lorajt mymgj ic dorb lorajt/sict lorajt.

D Iutcgiw ic mopktog  o r   b  L  o Knmrjosjb giss r  a  Potkis  j  t  

   t   j    a   r   o    L Pjbumjb rotjs    t    c   i    ]

Kncgiw ic mopktog

Mgokls

KN]ZPONMJ XPJLKZL GJSKJ] ONB ROTJ]

Gjvkjs onb Roxjs • Knsuronmj Xrjlkul Rox  ”Rdks ks o sogjs tox, murrjntgy vorykne cril ;.: ¸/i ti 08% bjpjnbkne in tdj mgoss ic

`usknjss.

• Cknonmkog ]jrvkmjs Milpjnsotkin ]mdjlj (C]M])  ”C]M] gjvkjs o surmdorej `osjb in o pjrmjntoej ic eriss bkrjmt prjlkul ti cunb

mgokls `y pigkmydigbjrs wdisj knsurjr dos `jmilj knsigvjnt.

• Litir Knsurjrs' @urjou (LK@)  ” tdks ks tdj knsurjr ic gost rjsirt cir pripjrty boloej ir knfury `y on unknsurjb ir

untromjb brkvjr. Rdjrj ks on onnuog gjvy, bjpjnbjnt in mgokls jxpjrkjnmj.

• Ljsitdjgkilo Omt 08?2  ”Cril Lormd 08?2, o gjvy wkgg `j mdorejb in ogg prjlkuls cir c ir jlpgiyjrs' gko`kgkty

mivjr. Rdks gjvy ks jxpjmtjb ti roksj £=:l onnuoggy onb wkgg oggiw tdisj succjrkne cril ljsitdjgkilo-rjgotjb kggnjssjs, kggnjssjs, `ut uno`gj ti tromj tdjkr jlpgiyjrs, ti i`tokn cknonmkog suppirt.

Xrkir gjornkne mdjma6 onswjr  ?@

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