TAILIEUCHUNG - Lecture Risk management and insurance - Lecture No 13: Financial operations of insurers

In this chapter, the learning objectives are: Property and casualty insurers, life insurance companies, ratemaking in property and casualty insurance, ratemaking in life insurance, the financial crisis and insurers. | Financial Operations of Insurers Lecture No. 13 1 Agenda Property and Casualty Insurers Life Insurance Companies Ratemaking in Property and Casualty Insurance Ratemaking in Life Insurance The Financial Crisis and Insurers 2 Financial Statements of Property and Casualty Insurers Balance Sheet: a summary of what a company owns (assets) and what it owes (liabilities) Total Assets = Total Liabilities + Owners’ Equity 3 Exhibit ABC Insurance Company 4 Financial Statements of Property and Casualty Insurers The primary assets for an insurance company are financial assets Insurers’ liabilities include required reserves A loss reserve is an estimated amount for: Claims reported and adjusted, but not yet paid Claims reported and filed, but not yet adjusted Claims incurred but not yet reported to the company 5 Financial Statements of Property and Casualty Insurers Case reserves are loss reserves that are established for each individual claim Methods for determining case reserves include: The

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