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On The Risk Modeling In General Insurance

Author

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  • Velizar Pavlov
  • Elitsa Raeva

Abstract

In the present work are considered some approaches for risk modeling in general insurance. Some problems are described which are not subject of the classical risk theory and their reformulation in the actuarial practice are made. Numerical examples to determine the amount of insurance premiums in order to limit to one percent the probability of insolvency are presented. It is shown that depending on the claims size distribution, the Normal approximation and Normal power transformation may lead to differences in the estimation of the safety loadings.

Suggested Citation

  • Velizar Pavlov & Elitsa Raeva, 2015. "On The Risk Modeling In General Insurance," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 9(1), pages 563-574.
    • Handle: RePEc:isp:journl:v:9:y:2015:i:1:p:563-574
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    More about this item

    Keywords

    statistical distribution; models; insurance; claim; risk;
    All these keywords.

    JEL classification:

    • A - General Economics and Teaching

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