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"In excess of loss reinsurance, the reinsurer covers the amount of a loss exceeding the policy’s deductible but not piercing its cover limit. Accordingly, a policy’s quantitative scope of cover is significantly affected by the parties’ agreement of a deductible and a cover limit. Yet, the examination of whether a loss has exceeded deductible or cover limit necessitates an educated understanding of what constitutes one loss. In so-called aggregation clauses, the parties to (re-)insurance contracts regularly provide that multiple individual losses are to be added together for presenting one loss to the reinsurer when they arise from the same event, occurrence, catastrophe, cause or accident. Aggregation mechanisms are one of the core instruments for structuring reinsurance contracts. This book systematically examines each element of an aggregation mechanism, tracing the inconsistent usage of aggregation language in the markets and scrutinizing the tests developed by courts and arbitral tribunals. In doing so, it seeks to support insurers, reinsurers, brokers and lawyers in drafting aggregation clauses and in settling claims. Focusing on an analysis of primary sources, particularly judicial decisions, the book interprets each judicial decision to describe a system of inter-related rules, collating, organising and describing the English law of aggregation as applied by the courts and arbitral tribunals. It further draws a comparison between the English position and the corresponding rules in the Principles of Reinsurance Contract Law (PRICL)."
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This book covers recent developments in the interdisciplinary fields of actuarial science, quantitative finance, risk- and asset management. The authors are leading experts from academia and practice who participated in Innovations in Insurance, Risk- and Asset Management, an international conference held at the Technical University of Munich in 2017.The topics covered include the mathematics of extreme risks, systemic risk, model uncertainty, interest rate and hybrid models, alternative investments, dynamic investment strategies, quantitative risk management, asset liability management, liability driven investments, and behavioral finance.This timely selection of topics is highly relevant for the financial industry and addresses current issues both from an academic as well as from a practitioner's point of view.
Insurance --- Actuarial Science --- Risk Measure --- Reinsurance --- Copula --- Replicating Portfolio --- Bayesian Finance --- Risk Classification --- Stochastic Dominance --- Dynamic Hedging --- Autoregressive Hidden Markov Models --- Exchange-Traded Funds --- Uncertainty Quantification --- Fixed Income --- Stochastic Processes for Finance
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Developing techniques for assessing various risks and calculating probabilities of ruin and survival are exciting topics for mathematically-inclined academics. For practicing actuaries and financial engineers, the resulting insights have provided enormous opportunities but also created serious challenges to overcome, thus facilitating closer cooperation between industries and academic institutions. In this book, several renown researchers with extensive interdisciplinary research experiences share their thoughts that, in one way or another, contribute to the betterment of practice and theory of decision making under uncertainty. Behavioral, cultural, mathematical, and statistical aspects of risk assessment and modelling have been explored, and have been often illustrated using real and simulated data. Topics range from financial and insurance risks to security-type risks, from one-dimensional to multi- and even infinite-dimensional risks.
aggregate discounted claims --- Markovian arrival process --- partial integro-differential equation --- covariance --- multivariate gamma distribution --- multiplicative background risk model --- aggregate risk --- individual risk model --- collective risk model --- risk measure --- cumulative Parisian ruin --- stochastic orders --- surplus process --- renewal process --- discounted aggregate claims --- copulas --- archimedean copulas --- background risk --- systematic risk --- transfer function --- information processing --- order statistic --- concomitant --- ruin probability --- dual risk model --- constant interest rate --- integral equation --- Laplace transform --- numerical approximation --- maximal tail dependence --- clustering --- financial time series --- weighted cuts --- copula --- national culture --- survival analysis --- hazard model --- rating migrations --- advanced measurement approach --- confidence interval --- Monte Carlo --- operational risk --- value-at-risk --- central limit theorem --- insurance --- max-stable random fields --- rate of spatial diversification --- reinsurance --- risk management --- risk theory --- spatial dependence --- spatial risk measures and corresponding axiomatic approach --- n/a
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This Special Issue covers symmetry and asymmetry phenomena occurring in real-life problems. We invited authors to submit their theoretical or experimental research presenting engineering and economic problem solution models dealing with the symmetry or asymmetry of different types of information. The issue gained interest in the research community and received many submissions. After rigorous scientific evaluation by editors and reviewers, nine papers were accepted and published. The authors proposed different MADM and MODM solution models as integrated tools to find a balance between the components of sustainable global development, to find a symmetry axis concerning goals, risks, and constraints to cope with the complicated problems. Most approaches suggested decision models under uncertainty, combining the usual decision-making methods with interval-valued fuzzy or rough sets theory, also Z numbers. The application fields of the proposed models involved both problems of technological sciences and social sciences. The papers cover three essential areas: engineering, economy, and management. We hope that a summary of the Special Issue as provided here will encourage a detailed analysis of the papers included in the Printed Edition.
multi-criteria decision-making (MCDM) --- group decision-making --- interval type-2 fuzzy set (IT2FS) --- subjective weights --- criteria weights --- Step-wise Weight Assessment Ratio Analysis (SWARA) --- multiple attribute decision making (MADM) --- neutrosophic numbers --- 2-tuple linguistic neutrosophic numbers set (2TLNNSs) --- Bonferroni mean (BM) operator --- generalized Bonferroni mean (GBM) operator --- dual generalized Bonferroni mean (DGBM) operator --- dual generalized geometric Bonferroni mean (DGGBM) operator --- green supplier selection --- green supply chain management --- Pythagorean fuzzy set --- normal cloud --- MCGDM --- backward cloud transformation --- MCDM --- the criteria of the weights --- Bayes’ theorem --- combining the weights --- symmetry of the method --- IDOCRIW --- FAHP --- evaluating the quality of distant courses --- optimal dividend --- capital injection --- salvage value --- transaction cost --- excess-of-loss reinsurance --- thrust --- data logger --- sensor --- quadcopter --- measurement --- control system --- stability --- data envelopment analysis --- Z-numbers --- full fuzzy environment --- fuzzy efficiency --- rough ARAS --- transport --- performance --- logistics --- MCDM --- probabilistic systems analysis --- nonlinear dynamics --- public management --- pattern formation --- resources distribution --- population sizes --- information theory --- oscillations --- hybrid problem solution models --- multiple-criteria decision-making (MCDM) --- hybrid MCDM --- criteria weight assessment --- fuzzy sets --- rough sets --- Z-numbers --- neutrosophic numbers --- Bonferroni mean (BM) operator --- engineering problems --- economic decisions
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