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Managing a portfolio of risks

In: Introduction to Insurance Mathematics

Author

Listed:
  • Annamaria Olivieri

    (Università di Parma, Dipartimento di Economia)

  • Ermanno Pitacco

    (Università di Trieste, Dipartimento di Scienze Economiche, Aziendali, Matematiche e Statistiche)

Abstract

Basic ideas concerning risk pooling and risk transfer, presented in Chap. 1, are progressed further in the present Chapter, mainly with the following purposes: 1. to discuss key features of premium calculation when non-homogeneous portfolios are concerned, namely portfolios consisting of risks with various claim probabilities; 2. to analyze, more deeply, the riskiness of a portfolio and the tools which can be used to face potential losses, in particular introducing the role of the shareholders’ capital; 3. to illustrate the possibility, for an insurance company, to transfer, in its turn, risk of losses to another insurer, namely the possibility to resort to reinsurance; 4. to address dynamic aspects of the management of insurance portfolios. As we will see, the actions undertaken by an insurer in order to deal with potential losses (see points 1 and 3 above) constitute important examples of risk management actions, in the specific framework of insurance risk management.

Suggested Citation

  • Annamaria Olivieri & Ermanno Pitacco, 2011. "Managing a portfolio of risks," Springer Books, in: Introduction to Insurance Mathematics, chapter 0, pages 69-140, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-16029-5_2
    DOI: 10.1007/978-3-642-16029-5_2
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