TAILIEUCHUNG - Lecture Risk management and insurance - Lecture No 11: Insurance company operations

Lecture Risk management and insurance - Lecture No 11: Insurance company operations. In this chapter, the learning objectives are: Rating and ratemaking, underwriting, production, claim settlement, reinsurance, investments. | Insurance Company Operations Lecture No. 11 1 Objectives Rating and Ratemaking Underwriting Production Claim settlement Reinsurance Investments 2 Rating and Ratemaking Ratemaking refers to the pricing of insurance and the calculation of insurance premiums A rate is the price per unit of insurance An exposure unit is the unit of measurement used in insurance pricing Total premiums charged must be adequate for paying all claims and expenses during the policy period Rates and premiums are determined by an actuary, using the company’s past loss experience and industry statistics 3 Underwriting Underwriting refers to the process of selecting, classifying, and pricing applicants for insurance A statement of underwriting policy establishes policies that are consistent with the company’s objectives, such as Acceptable classes of business Amounts of insurance that can be written A line underwriter makes daily decisions concerning the acceptance or rejection of business 4 Underwriting Important

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• Risk management
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