Reading List General Insurance2008-2011

Institute and Faculty of Actuaries

September 2011

INSTITUTE AND FACULTY OF ACTUARIES LIBRARY SERVICESNapier House 4 Worcester Street OXFORD OX1 2AW Tel (01865) 268208 Fax (01865) 268211 Sally Grover McLachlan / Scott Staple Inn Hall High Holborn LONDON WC1V 7QJ Tel 020 7632 2114 Fax 020 7632 2111 David Raymont Maclaurin House 18 Dublin Street EDINBURGH EH1 3PP Tel 0131 240 1311 Fax 0131 240 1313 David Hood

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THE LIBRARIES The Actuarial Professions libraries offer a wide selection of resources, covering actuarial science, mathematics, statistics, finance, investment, pensions, insurance, healthcare, social policy, demography, business and risk management. Our extensive range of online resources are available to you wherever you are. The Libraries reserve the right to restrict the availability of any service to members of the Faculty and Institute of Actuaries only.

ACCESS The Libraries are open to all members of the Faculty and Institute. Opening hours are 9:00 to 17:00 Monday to Friday. Closed on public holidays. If you are planning a visit, please let us know so we can ensure someone is available to welcome you. Online access to electronic resources is available through Athens: www.openathens.net LENDING We can post books to members and other approved borrowers in the UK and overseas. We hold multiple copies of popular titles. If an item is not in stock we will usually buy it or obtain it from another library. PHOTOCOPYING We can post, fax or email single copies of periodical articles and extracts from books, subject to copyright regulations. ENQUIRIES We can search for information, statistics and hard-to-trace references. We aim to respond within 24 hours. ONLINE CATALOGUE The online catalogue is available at: http://actuaries.soutron.net

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READING LISTS We produce topical lists of recent publications which you can download from the libraries area of the website. We can compile customized lists on request (contact libraries@actuaries.org.uk) or you can do so yourself by searching the library catalogue. THE HISTORICAL COLLECTION The Institute's collection of historical material is housed at Staple Inn. This collection comprises all books published before 1870, those of historical interest published 1870 - 1959 and historical studies published subsequently. It also includes full sets of the Journal of the Institute of Actuaries, Journal of the Staple Inn Actuarial Society, Transactions of the Faculty of Actuaries, Transactions of the International Congress of Actuaries, the journals of many overseas actuarial bodies, copies of tuition material and a reference collection. Opening hours are 9.00am to 5.00pm. Prospective visitors are advised to telephone in advance. PUBLICATIONS SHOP We stock all publications issued by the Profession, including Core Reading, Formulae and tables and titles from the list of suggested further reading for the CT and SA exams. We offer discounts on a range of books and calculators approved for the professions exams. You can place orders and find news of the latest discounts at http://www.actuaries.org.uk/research-and-resources/eshop FEES FOR SERVICES There may be a fee for some services. Please check the libraries pages on the website at: www.actuaries.org.uk/research-and-resources/pages/borrowing

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TableofContentsAccidentprevention.......................................................................................................................................1 Accidents........................................................................................................................................................1 Accountingandauditing................................................................................................................................2 Accountingstandards ....................................................................................................................................2 . Actuarialmanagement...................................................................................................................................3 Actuarialprofession.......................................................................................................................................3 Actuarialscience............................................................................................................................................5 Adverseselection...........................................................................................................................................6 Advisers..........................................................................................................................................................6 Africa..............................................................................................................................................................6 Age.................................................................................................................................................................7 Agestructure .................................................................................................................................................7 . Algorithms......................................................................................................................................................7 Analysis..........................................................................................................................................................8 Annuities........................................................................................................................................................8 Asbestosrelateddiseases............................................................................................................................10 Asia...............................................................................................................................................................12 Assetallocation............................................................................................................................................12 Assetmanagement......................................................................................................................................14 Assetvaluation.............................................................................................................................................14 Assets...........................................................................................................................................................14 Attitudes ......................................................................................................................................................15 . Australia.......................................................................................................................................................15 Automobileindustry....................................................................................................................................16 Automobileinsurance..................................................................................................................................16 Aviationinsurance .......................................................................................................................................18 . Balancesheets.............................................................................................................................................18 Bancassurance..............................................................................................................................................18 Bankruptcy...................................................................................................................................................19 Banksandbanking.......................................................................................................................................19 Bayestheorem.............................................................................................................................................19 Behaviouralsciences....................................................................................................................................20 Belgium........................................................................................................................................................20 Bonds...........................................................................................................................................................21 Bonus...........................................................................................................................................................22 Bonusmalus.................................................................................................................................................22 Bonuses........................................................................................................................................................22 Bootstrap......................................................................................................................................................23 Brazil ............................................................................................................................................................25 . Brownianmotion.........................................................................................................................................25 Business .......................................................................................................................................................25 . Calibrations..................................................................................................................................................26 Canada.........................................................................................................................................................26 Cancer..........................................................................................................................................................28 Capital..........................................................................................................................................................28 Capitaladequacy..........................................................................................................................................30 Capitalassetpricingmodel..........................................................................................................................31 Capitalmanagement....................................................................................................................................32 Capitalmarkets............................................................................................................................................32

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Capitalprojects............................................................................................................................................33 Captives........................................................................................................................................................34 Casualtybusiness.........................................................................................................................................34 Catastrophe..................................................................................................................................................35 Catastropheinsurance.................................................................................................................................38 Catastrophereinsurance..............................................................................................................................40 Chainladdermethods..................................................................................................................................41 Change.........................................................................................................................................................45 Channelsofdistribution...............................................................................................................................45 China............................................................................................................................................................45 Citationanalysis...........................................................................................................................................46 Claimfrequency...........................................................................................................................................46 Claimfrequencymodels ..............................................................................................................................47 . Claims...........................................................................................................................................................49 Claimsreserves............................................................................................................................................59 Climatechange.............................................................................................................................................63 Codesofpractice .........................................................................................................................................67 . Communications..........................................................................................................................................67 Comparativestudies....................................................................................................................................67 Competition.................................................................................................................................................68 Compounddistributions..............................................................................................................................68 Computerscience........................................................................................................................................69 Computersecurity .......................................................................................................................................69 . Computersystems.......................................................................................................................................69 Computers....................................................................................................................................................70 Confidencelimits .........................................................................................................................................70 . Consultancy..................................................................................................................................................70 Consumerattitudes .....................................................................................................................................71 . Consumerbehaviour....................................................................................................................................71 Continuingeducation...................................................................................................................................72 Control.........................................................................................................................................................72 Copulas.........................................................................................................................................................73 Correlation...................................................................................................................................................74 Costaccounting............................................................................................................................................75 Costcontrol..................................................................................................................................................75 Costs.............................................................................................................................................................76 Credibility.....................................................................................................................................................76 Crime............................................................................................................................................................77 Criticalillnessinsurance...............................................................................................................................78 Customerrelationshipmanagement...........................................................................................................78 Damages.......................................................................................................................................................78 Data..............................................................................................................................................................79 Datacollectionandrecording......................................................................................................................79 Datamining..................................................................................................................................................79 Dataprotection............................................................................................................................................80 Death............................................................................................................................................................80 Deathbenefit...............................................................................................................................................80 Definedcontributionschemes.....................................................................................................................81 Demandanalysis..........................................................................................................................................81 Demography.................................................................................................................................................82 Demutualisation...........................................................................................................................................82 Denmark.......................................................................................................................................................83 Derivatives...................................................................................................................................................84 Developedeconomies..................................................................................................................................84

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Developingeconomies.................................................................................................................................85 Development ...............................................................................................................................................87 . Directors.......................................................................................................................................................87 Directors'andofficers'insurance ................................................................................................................88 . Disabilityinsurance......................................................................................................................................88 Disablement.................................................................................................................................................89 Diseasesanddisorders.................................................................................................................................89 Distributiontheory.......................................................................................................................................89 Diversification..............................................................................................................................................91 Dividends .....................................................................................................................................................92 . Durationandimmunisation.........................................................................................................................93 Earthquakes.................................................................................................................................................93 EasternEurope.............................................................................................................................................94 Economicconditions....................................................................................................................................94 Economicmodels.........................................................................................................................................95 Economicprojections...................................................................................................................................96 Economicstatistics.......................................................................................................................................96 Economics....................................................................................................................................................96 Embeddedvalue..........................................................................................................................................97 Emergingmarkets........................................................................................................................................97 Employeebenefits.......................................................................................................................................98 Employees....................................................................................................................................................98 Endowments................................................................................................................................................98 Energyresources..........................................................................................................................................99 Enterpriseriskmanagement........................................................................................................................99 Environment ..............................................................................................................................................101 . Environmentalliability...............................................................................................................................102 Epidemiology .............................................................................................................................................102 . Equalopportunities....................................................................................................................................102 Equaltreatment.........................................................................................................................................103 Equityreleaseschemes..............................................................................................................................103 Estimation..................................................................................................................................................103 Europe........................................................................................................................................................104 EuropeanUnion.........................................................................................................................................106 Excessofloss..............................................................................................................................................107 Excessoflossreinsurance..........................................................................................................................107 Exposuretorisk..........................................................................................................................................107 Extremevaluetheory.................................................................................................................................108 Finance.......................................................................................................................................................108 Financialanalysis........................................................................................................................................109 Financialcrises...........................................................................................................................................109 Financialinstitutions..................................................................................................................................113 Financialinstruments.................................................................................................................................114 Financialmarkets.......................................................................................................................................114 Financialreports ........................................................................................................................................115 . Financialriskanalysis.................................................................................................................................115 Financialservices........................................................................................................................................116 Financialstatements..................................................................................................................................117 Fireinsurance.............................................................................................................................................117 Floods.........................................................................................................................................................118 Forecasting.................................................................................................................................................119 Formulae....................................................................................................................................................120 France ........................................................................................................................................................120 . Fraud..........................................................................................................................................................120

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Fundmanagement.....................................................................................................................................122 Funds..........................................................................................................................................................122 Futurestudies............................................................................................................................................123 Fuzzylogic..................................................................................................................................................123 GAAP..........................................................................................................................................................123 Gender.......................................................................................................................................................123 Generalinsurance......................................................................................................................................124 Generalisedlinearmodels.........................................................................................................................154 Geneticscreening ......................................................................................................................................155 . Genetics.....................................................................................................................................................156 Geographicaldivisions...............................................................................................................................156 GerberShiufunction..................................................................................................................................157 Germany.....................................................................................................................................................157 Globalwarming..........................................................................................................................................158 Governance................................................................................................................................................159 Government...............................................................................................................................................159 Governmentfundraisingmethods............................................................................................................160 GreatBritain...............................................................................................................................................160 Greece........................................................................................................................................................161 Growththeory............................................................................................................................................161 Guarantees.................................................................................................................................................161 Healthandsafety.......................................................................................................................................162 Healthinsurance........................................................................................................................................163 Healthservices...........................................................................................................................................165 Heartdisease .............................................................................................................................................166 . Hedging......................................................................................................................................................166 History........................................................................................................................................................167 Hospitalservices........................................................................................................................................167 Householdinsurance .................................................................................................................................168 . Housingmarket..........................................................................................................................................168 Hurricanes..................................................................................................................................................169 IBNR ...........................................................................................................................................................169 . Impairedlives.............................................................................................................................................169 Indexes.......................................................................................................................................................170 India...........................................................................................................................................................170 Industrialawareness..................................................................................................................................171 Inflation......................................................................................................................................................171 Information................................................................................................................................................172 Informationtechnology.............................................................................................................................172 Insolvency..................................................................................................................................................172 Insurance....................................................................................................................................................173 Insurancebroking ......................................................................................................................................201 . Insurancecompanies.................................................................................................................................202 Insurancecompany....................................................................................................................................207 Insurancecontracts....................................................................................................................................207 Insurancehistory........................................................................................................................................209 Insuranceindustry .....................................................................................................................................209 . Insurancelaw.............................................................................................................................................212 Interestrates..............................................................................................................................................212 International..............................................................................................................................................213 Internationaleconomicrelations...............................................................................................................214 Internationaltrade.....................................................................................................................................215 Internet......................................................................................................................................................215 Investment.................................................................................................................................................216

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Investmentmanagement...........................................................................................................................217 Investmentperformance...........................................................................................................................218 Investmentpolicy.......................................................................................................................................218 Ireland........................................................................................................................................................218 Islam...........................................................................................................................................................219 Italy.............................................................................................................................................................221 Japan..........................................................................................................................................................221 Jumpdiffusion............................................................................................................................................222 Korea..........................................................................................................................................................223 Law.............................................................................................................................................................223 LawandlegalsystemsofAmerica.............................................................................................................224 Legislation..................................................................................................................................................224 Liabilities....................................................................................................................................................224 Liability.......................................................................................................................................................228 Liabilityinsurance......................................................................................................................................229 Lifeassurance.............................................................................................................................................232 Lifeexpectation..........................................................................................................................................234 Lifeinsurance.............................................................................................................................................234 Lifeproducts..............................................................................................................................................239 Lifetables...................................................................................................................................................239 Linearequations ........................................................................................................................................239 . Liquidations................................................................................................................................................240 Lloyd's........................................................................................................................................................240 Local...........................................................................................................................................................241 Localgovernment ......................................................................................................................................241 . Lognormaldistribution ..............................................................................................................................242 . Londonmarket...........................................................................................................................................242 Longtermcareinsurance ..........................................................................................................................242 . Longevityrisk.............................................................................................................................................244 Loss ............................................................................................................................................................244 . Lossratios...................................................................................................................................................247 Lossreserving.............................................................................................................................................248 Losses.........................................................................................................................................................250 Management..............................................................................................................................................253 Marineinsurance.......................................................................................................................................254 Maritalstatus.............................................................................................................................................255 Markettrends............................................................................................................................................256 Marketing...................................................................................................................................................256 Markovprocesses......................................................................................................................................256 Mathematicalmodels................................................................................................................................257 Mathematics..............................................................................................................................................261 Mathematicsoffinance.............................................................................................................................261 Maturityguarantees..................................................................................................................................262 Medicalinsurance......................................................................................................................................262 Microinsurance..........................................................................................................................................262 MiddleEast................................................................................................................................................263 Modelling...................................................................................................................................................263 Monopoly...................................................................................................................................................287 MonteCarlotechniques ............................................................................................................................287 . Morbidity...................................................................................................................................................288 Mortality....................................................................................................................................................288 Mortalityprojections.................................................................................................................................289 Mortalityrates...........................................................................................................................................289 Mortgageindemnityinsurance..................................................................................................................290

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Mortgages..................................................................................................................................................290 Motivation .................................................................................................................................................291 . Motorinsurance ........................................................................................................................................292 . Multivariateanalysis..................................................................................................................................295 Mutualinsurance.......................................................................................................................................296 Netherlands ...............................................................................................................................................296 . Networks....................................................................................................................................................297 Noclaimsbonus.........................................................................................................................................297 Nonlinearprogramming.............................................................................................................................297 NorthAmerica............................................................................................................................................298 Obesity.......................................................................................................................................................298 Occupationalpensions...............................................................................................................................298 Olderpeople..............................................................................................................................................299 Onlineoperating.......................................................................................................................................299 Operationalrisk..........................................................................................................................................299 Optimisation ..............................................................................................................................................301 . Organisations.............................................................................................................................................302 Outliers.......................................................................................................................................................302 Pakistan......................................................................................................................................................302 Paretodistribution.....................................................................................................................................302 PartVII/PartVIIItransfers........................................................................................................................303 Paymentsystems.......................................................................................................................................304 Pensionplans.............................................................................................................................................304 Pensions.....................................................................................................................................................305 Performance ..............................................................................................................................................307 . Performancemeasurement.......................................................................................................................308 Personalinjurycompensation ...................................................................................................................308 . Piracy..........................................................................................................................................................309 Poissondistribution...................................................................................................................................310 Poissonprocess..........................................................................................................................................310 Policies.......................................................................................................................................................312 Politicalscience..........................................................................................................................................312 Pooling.......................................................................................................................................................313 Pools...........................................................................................................................................................313 PortfolioInsurance.....................................................................................................................................314 Portfoliomanagement...............................................................................................................................315 Poverty.......................................................................................................................................................316 Prediction...................................................................................................................................................316 Premiumcalculation..................................................................................................................................316 Premiums...................................................................................................................................................318 Pricemechanism........................................................................................................................................320 Pricing ........................................................................................................................................................321 . Privatemedicalinsurance..........................................................................................................................331 Probability..................................................................................................................................................332 Probabilitydistribution..............................................................................................................................332 Productdevelopment................................................................................................................................333 Professionalconduct..................................................................................................................................334 Professionalnegligence..............................................................................................................................334 Professionalism..........................................................................................................................................334 Profit..........................................................................................................................................................334 Projectmanagement..................................................................................................................................335 Propertyinsurance.....................................................................................................................................335 Propertyinvestment..................................................................................................................................340 Proportionalreinsurance...........................................................................................................................340

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Publicfinance.............................................................................................................................................341 PublicPolicy&Administration...................................................................................................................341 Qualitysystems..........................................................................................................................................342 Randomprocesses.....................................................................................................................................342 Rateofreturn.............................................................................................................................................343 Ratemaking................................................................................................................................................343 Rating.........................................................................................................................................................344 Realestate .................................................................................................................................................345 . Recruitment...............................................................................................................................................345 Reform.......................................................................................................................................................345 Regression..................................................................................................................................................346 Regulation..................................................................................................................................................346 Reinsurance................................................................................................................................................351 Reinsurancecontracts................................................................................................................................358 Reputationrisk...........................................................................................................................................359 Research.....................................................................................................................................................359 Reserves.....................................................................................................................................................360 Reserving....................................................................................................................................................364 Retirement.................................................................................................................................................368 Returns.......................................................................................................................................................368 Reversions..................................................................................................................................................368 Risk.............................................................................................................................................................369 Riskanalysis................................................................................................................................................387 Riskassessment.........................................................................................................................................388 Riskaversion..............................................................................................................................................389 Riskcharacteristics.....................................................................................................................................391 Riskclassification........................................................................................................................................391 Riskmanagement.......................................................................................................................................392 Riskmeasurement .....................................................................................................................................401 . Risktheory.................................................................................................................................................402 Ruinprobability..........................................................................................................................................406 Ruintheory.................................................................................................................................................408 SaudiArabia...............................................................................................................................................410 Scenariogeneration...................................................................................................................................410 Scotland .....................................................................................................................................................411 . Securities....................................................................................................................................................411 Securitisation.............................................................................................................................................412 Selfinsurance.............................................................................................................................................414 Sexdiscrimination......................................................................................................................................414 Shareholders..............................................................................................................................................415 Shortterm..................................................................................................................................................415 Simulation..................................................................................................................................................415 Singapore...................................................................................................................................................416 Socialinsurance .........................................................................................................................................416 . Socialresearch...........................................................................................................................................416 Sociallyresponsibleinvestments...............................................................................................................417 Software.....................................................................................................................................................417 Solvency.....................................................................................................................................................417 SolvencyII..................................................................................................................................................421 Solvencytests.............................................................................................................................................426 SouthAfrica................................................................................................................................................427 Spain...........................................................................................................................................................427 SparreAndersenmodel.............................................................................................................................427 Standardsandspecifications .....................................................................................................................429 .

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Statisticaldistributions...............................................................................................................................429 Statisticalinformation................................................................................................................................430 Statisticalmodelling...................................................................................................................................430 Statisticalmodels.......................................................................................................................................431 Statistics.....................................................................................................................................................431 Stochasticprocesses..................................................................................................................................436 StockExchange ..........................................................................................................................................437 . Stockmarket..............................................................................................................................................438 Stoploss.....................................................................................................................................................438 Storms........................................................................................................................................................439 Stresstests.................................................................................................................................................439 Structuredsettlements..............................................................................................................................439 Supervision.................................................................................................................................................439 Supplyanddemand...................................................................................................................................439 Surety.........................................................................................................................................................440 Surrendervalues........................................................................................................................................440 Surveys.......................................................................................................................................................440 Survivalanalysis.........................................................................................................................................441 Switzerland.................................................................................................................................................441 Systemicrisk...............................................................................................................................................442 Systems......................................................................................................................................................443 Tabulatedstatistics....................................................................................................................................443 Tailriskmeasures.......................................................................................................................................444 Taiwan........................................................................................................................................................444 Takafulinsurance.......................................................................................................................................446 Tax..............................................................................................................................................................447 Taxlaw.......................................................................................................................................................448 Taxation .....................................................................................................................................................448 . Technologicalchange.................................................................................................................................448 Terrorism....................................................................................................................................................449 Thailand......................................................................................................................................................449 Thirdpartytariff.........................................................................................................................................449 Time...........................................................................................................................................................449 Timeseries.................................................................................................................................................450 Transfers....................................................................................................................................................451 Transforms.................................................................................................................................................451 Trends........................................................................................................................................................451 Uncertainty................................................................................................................................................452 Underwriting..............................................................................................................................................454 Unemploymentinsurance..........................................................................................................................456 UnitedKingdom.........................................................................................................................................456 UnitedStates..............................................................................................................................................458 Utilitytheory..............................................................................................................................................464 Valuation....................................................................................................................................................464 Valuations..................................................................................................................................................465 ValueatRisk(VaR).....................................................................................................................................466 Variableannuities......................................................................................................................................468 Varianceanalysis........................................................................................................................................468 Volatility.....................................................................................................................................................468 Wealth........................................................................................................................................................469 Weather.....................................................................................................................................................470 Withprofitspolicies...................................................................................................................................471 Workers'compensationinsurance............................................................................................................471

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Accidentprevention

Can accident rates be reduced? : A study of the plastics and rubber industry. Mander, Dean. Shelved at: Per: IRP 38280 Insurance Research and Practice (2008) 4 : i-viii. URL: http://www.cii.co.uk/knowledge/irp/irp_2008_04.pdf Abstract: Can accident rates be reduced? To consider this I have reviewed employers' liability claims for one trade sector, comparing them to external statistics to highlight trends and find areas that could bring further improvements. If a company only experiences one claim, is it natural to think it is a 'one off'? The study produces a profile for an accident: mainly occurring in the first 2.5 years of employment, regardless of age, with inadequate risk assessment and only brief, undocumented training or instruction for a task. A further rise in accidents is seen where employment period exceeds 10 years. Both findings highlight training needs. This should be adequately documented for successful defence of a claim. In light of this, it is recommended that length of service is recorded within accident book entries and be a formal part of reporting under the Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 1995 (RIDDOR). Trends could be highlighted before claims are received and this would enable individual companies to review work practices and training methods as an aid to prevention. Discussing and sharing the results could help prevent future accidents occurring. Although the study relates to the plastics and rubber sector, the issues could equally relate to other industries. The winding road to industrial safety: evidence on the effects of environmental liability on accident prevention in Germany. Schwarze, Reimund; Hoffmeister, Onno. - - Palgrave Macmillan, Shelved at: Per: Geneva (Oxf) 45324 Geneva Papers on Risk and Insurance (2010) 35 (3) : 416-434. Abstract: The German Environmental Liability Law (ELL) of 1991 has introduced far-reaching civil liability for environmental damages with the aim of increasing firms efforts to prevent accidents. Previous studies find poor evidence that this goal has actually been achieved. One and a half decades after the introduction of that law, we undertake a new attempt to investigate the impact of the ELL on accident prevention. Our analysis is based on annual data on the number of environmental accidents per year, reported to the monitoring agency ZEMA, and the risk premium imposed by a large German insurer on environmental liability insurance (ELI). Examining the relationship between the ELI premium and accident prevention, we are able to model the dynamics of the adjustment process induced by the ELL. According to our results, the average number of environmental accidents per year has decreased from 35 before to 22 after the reform.

Accidents

Can accident rates be reduced? : A study of the plastics and rubber industry. Mander, Dean. Shelved at: Per: IRP 38280 Insurance Research and Practice (2008) 4 : i-viii. URL: http://www.cii.co.uk/knowledge/irp/irp_2008_04.pdf Abstract: Can accident rates be reduced? To consider this I have reviewed employers' liability claims for one trade sector, comparing them to external statistics to highlight trends and find areas that could bring further improvements. If a company only experiences one claim, is it natural to think it is a 'one off'? The study produces a profile for an accident: mainly occurring in the first 2.5 years of employment, regardless of age, with inadequate risk assessment and only brief, undocumented training or instruction for a task. A further rise in accidents is seen where employment period exceeds 10 years. Both findings highlight training needs. This should be adequately documented for successful defence of a claim. In light of this, it is recommended that length of service is recorded within accident book entries and be a formal part of reporting under the Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 1995 (RIDDOR). Trends could be highlighted before claims are received and this would enable individual companies to review work practices and training methods as an aid to prevention. Discussing and sharing the results could help prevent future accidents occurring. Although the study relates to the plastics and rubber sector, the issues could equally relate to other industries.

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Valoracin actuarial del perjuicio econmico futuro derivado de los accidentes de trfico. Ayuso Gutirrez, Mercedes; Bermdez Morata, Llus; Santolino Prieto, Miguel. 44547 Anales del Instituto de Actuarios Espaoles (Epoca 3a) (2010) 16 URL: http://www.actuarios.org/espa/anales.htm

Accountingandauditing

IFRS - all clear now? The future of insurance accounting - IFRS 4 Phase II [copies of slides only] Shah, Shreyas; Brien, Mike. - - Institute and Faculty of Actuaries, 2010. - (GIRO Conference and Exhibition 2010 Annual GIRO Convention, Celtic Manor, Newport Actuarial impact - rising to the challenge). 45044 URL: http://www.actuaries.org.uk/research-and-resources/documents/e08-ifrs-all-clear-now-future-insuranceaccounting-ifrs-4-phase-ii-

Accountingstandards

Going Global : The IFRS Journey Continues [copies of slides only] Nagari, Francesco; Shah, Shreyas. - Institute of Actuaries and Faculty of Actuaries, 2009. - (General Insurance Convention, 2009 GIRO Conference and Exhibition 2009 36th Annual GIRO Convention, Edinburgh International Conference Centre, Edinburgh). 72940 IFRS v Solvency II [copies of slides only] - Institute of Actuaries and Faculty of Actuaries, 2009. - (General Insurance Convention, 2009 GIRO Conference and Exhibition 2009 36th Annual GIRO Convention, Edinburgh International Conference Centre, Edinburgh). 72971 IFRS v Solvency II GIRO WP [copies of slides only] Klumpes, Paul. - - Institute of Actuaries and Faculty of Actuaries, 2009. - (General Insurance Convention, 2009 GIRO Conference and Exhibition 2009 36th Annual GIRO Convention, Edinburgh International Conference Centre, Edinburgh). 73002 International Diversity in Measuring the Fair Value of General Insurance Contracts. Klumpes, Paul J M; Reibel, Andres; White, Martin; Newman, Andrew; Charles, John; Cook, Paul; Shah, Shreyas; Malde, Shailesh; Grami, Sarwar; Simmons, David. - - Institute of Actuaries and Faculty of Actuaries, 2009. - (General Insurance Convention, 2009 GIRO Conference and Exhibition 2009 General Insurance Convention, 2009 36th Annual GIRO Convention, Edinburgh International Conference Centre, Edinburgh). - No. pages: 51. 73003 URL: http://www.actuaries.org.uk/research-and-resources/documents/international-diversity-measuring-fairvalue-general-insurance-cont Abstract: This paper discusses international diversity in accounting for insurance contracts as reported under SII and IFRS. Relative to SII, IFRS allow considerable diversity in practice and insurance firms to match income to expenses over the term of an insurance contract in order to provide a more realistic basis for reporting to shareholders. However those GAAPs do not employ a coherent and consistent view of how to measure the fair value of a life insurance firms business. The International Accounting Standards Board (IASB) has tentatively concluded that fair value should be used in accounting for insurance contracts. This paper discusses how existing GAAPs differ from fair values, simulates their impact on the profits emerging on a simple endowment policy, and proposes we also consider Solvency II as providing a broader conceptual fair value based framework within which additional risk-related disclosures can address currently unresolved conceptual and practical problems in implementing fair value for insurance contracts and related financial instruments.

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Insurance accounting : A new era. Foroughi, Kamran. - - London: - Institute and Faculty of Actuaries, 2011. No. pages: 65. [Faculty: JOU] 73664 URL: http://www.actuaries.org.uk/research-and-resources/documents/insurance-accounting-new-era Abstract: Insurance accounting has for many years proved a challenging topic for standard setters, perparers and users, often described as a "black box". Will recent developments, in particular the July 2010 Insurance Contracts Exposure Draft, herald a new era? This paper reviews these developments, settting out key issues and implications. It concentrates on issues relevant to life insurers, although much of the content is also relevant to non-life insurers. This paper compares certain IFRS and Solvency II developments, recognising that UK insurers face challenges in implementing new financial and regulatory reporting requirements in similar timeframes. The paper considers resulting external disclosure requirements and a possible future role for supplementary information. Risk margin estimation through the cost of capital approach: some conceptual issues. Floreani, Alberto. - Palgrave Macmillan, Shelved at: Per: Geneva (Oxf) 45332 Geneva Papers on Risk and Insurance (2011) 36 (2) : 226-253. Abstract: The Solvency II directive requires that insurance liabilities are valued using a best estimate plus a risk margin. The risk margin should be estimated using the cost of capital approach, that is the cost of the solvency capital requirementwhich is computed through a value at risk measure needed to support the insurance obligation until settlement. The unitary cost of capital applied to the future capital requirement should be fixed. This paper deals with conceptual issues relating to the risk margin estimate through the cost of capital approach. It shows that the Solvency II specification of the methodology is consistent with financial economics. However, the theoretical framework required (a frictionless and normally distributed world) is too far-fetched to be acceptable. Even if these conditions were satisfied, a variable unitary cost of capital must be used.

Actuarialmanagement

Understanding actuarial management: the actuarial control cycle. Bellis, Clare S (ed); Shepherd, John A (ed); Klugman, Stuart A; Lyon, Richard H S (ed). - - 2nd ed. - Sydney: - Institute of Actuaries of Australia, 2010. No. pages: 630. Shelved at: EM (Oxf) [Faculty: 368.01 BEL] 39617 Contents: Risk management frameworks -- Being professional -- The need for financial products -The context of actuarial work -- Applying risk management -- Regulation -- Product design -Modeling -- Data and assumptions -- The need for capital -- Valuing liabilities -- Pricing -- Assets -Solvency -- Profit -- Monitoring experience -- Responding to experience -- Applying the actuarial control cycle

Actuarialprofession

Reserving and uncertainty : A meta-study of the General Insurance Reserving Issues Task Force and Reserving Oversight Committee research in this area between 2004 and 2009 : A discussion paper. Gibson, E R; Barlow, C; Bruce, N A; Felisky, K M; Fisher, S; Hilary, N G J; Hilder, I M; Kam, H; Matthews, P N; Winter, R. - - Institute of Actuaries and Faculty of Actuaries, 2009. - No. pages: 21. [Faculty: JOU/INS] 71762 URL: http://www.actuaries.org.uk/research-and-resources/documents/reserving-and-uncertainty Abstract: The General Insurance Board of the Faculty and Institute of Actuaries responded to some of the criticisms raised in the Morris Review (2005) and in the press by rating agencies and others, regarding the Actuarial Profession's approach to actuarial reserving in general insurance by setting up a task force known as the General Insurance Reserving Issues Task Force (GRIT). The task

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force worked from 2004 to 2006 and produced a significant report, including some new professional content and recommendations for further areas of development and research. Since then, through the GRIT successor body: the Reserving Oversight Committee (ROC), many working parties have formed and many General Insurance Research Organisation (GIRO) presentations and papers have been forthcoming. One area which has been a recurring theme through the last five years is how the Profession models and communicates the uncertainty in the claims reserving process. In the context of recent events in global financial markets, the forthcoming new regulatory framework of Solvency II, and the developments in other professions globally through IFRS and other drivers, it is timely that we take stock of the many changes in our practices over the last five years and consider which direction we should take for the challenges that lie ahead. This paper is a meta-study of the output of GRIT and ROC on reserving and uncertainty, with the intention of meeting these objectives. Keywords: Best Estimates; Reserving Uncertainty; Quantification of Uncertainty; Communication of Uncertainty; Underwriting and Reserving Cycle The opportunities and hazards of being a lone actuary [copies of slides only] Winter, Richard; Gardner, Steve. - Institute of Actuaries and Faculty of Actuaries, 2008. - (General Insurance Convention 2008 35th Annual GIRO Convention, Hilton Sorrento Palace, Italy). 72751 URL: http://www.actuaries.org.uk/research-and-resources/documents/opportunities-and-hazards-being-loneactuary-report-working-party-g The opportunities and hazards of being a lone actuary : Report of the Working Party to GIRO 2008. Winter, Richard; Gardner, Steve; Marron, Dermot; White, Graham. - - Institute of Actuaries and Faculty of Actuaries, 2008. - (General Insurance Convention 2008 35th Annual GIRO Convention, Hilton Sorrento Palace, Italy). 72752 Abstract: This paper has been written by a group of lone actuaries with a view to helping others who may be taking on a Lone actuary job. This has resulted to date in a bias towards a discussion of the hazards rather than the opportunities. The paper covers the main opportunities of working as a lone actuary, what we believe is necessary to work competently; a discussion of the issues surrounding compliance with professional standards and conflicts of interest that may arise at work. There are recurrent themes of the need for peer review of work and the necessity for good communication. It is also the experience of the members of the working party that even if you start on your own, the value gained by the business is such that the team may well expand, and so we thought it was appropriate to include some observations of issues encountered when establishing and managing small teams. Current issues in actuarial standards [copies of slides only] Pryor, Louise. - - Institute of Actuaries and Faculty of Actuaries, 2008. - (General Insurance Convention 2008 35th Annual GIRO Convention, Hilton Sorrento Palace, Italy). 72766 Talent Management within the Actuarial Sector : After the storm... [copies of slides only] Coutts, Chaim. - Institute of Actuaries and Faculty of Actuaries, 2009. - (General Insurance Convention, 2009 GIRO Conference and Exhibition 2009 36th Annual GIRO Convention, Edinburgh International Conference Centre, Edinburgh). 72977 Is Actuarial Demand Cyclical? [copies of slides only] McPherson, James. - - Institute of Actuaries and Faculty of Actuaries, 2009. - (General Insurance Convention, 2009 GIRO Conference and Exhibition 2009 36th Annual GIRO Convention, Edinburgh International Conference Centre, Edinburgh). 72992 The actuarys role in the ORSA [copies of slides only] Gosrani, Visesh; Shah, Niraj; Badal, Veekash; Smerald, Chris. - - Institute and Faculty of Actuaries, 2010. - (GIRO Conference and Exhibition 2010 Annual GIRO Convention, Celtic Manor, Newport Actuarial impact - rising to the challenge). 45002 URL: http://www.actuaries.org.uk/sites/all/files/documents/pdf/workshop-a06-dean-swallow.pdf

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A Comparison of Actuarial Financial Scenario Generators. Ahlgrim, Kevin C; D'Arcy, Stephen P; Gorvett, Richard W. Shelved at: Per: Variance 45059 Variance (2008) 2 (1) : 111-134. URL: http://www.variancejournal.org/issues Abstract: Significant work on the modeling of asset returns and other economic and financial processes is occurring within the actuarial profession, in support of risk-based capital analysis, dynamic financial analysis, pricing embedded options, solvency testing, and other financial applications. Although the results of most modeling efforts remain proprietary, two models are in the public domain. One is the CAS-SOA research project, Modeling of Economic Series Coordinated with Interest Rate Scenarios. The other was developed as the result of American Academy of Actuaries study in support of the C-3 Phase 2 RBC for Variable Annuities. Both data sets provide practitioners with a large number of iterations for key financial values, including short- and longterm interest rates and equity returns. This paper examines the role of stochastic modeling in actuarial work, focusing on a comparison of the underlying models and their outputs, to determine the impact of the use of different assumptions and parameter selection on the modeling process.

Actuarialscience

A Citation Analysis of Risk, Insurance, and Actuarial Research: 2001 Through 2005. Colquitt, L Lee; Sommer, David W; Ferguson, William L. - - No. pages: 21. Shelved at: Per: J.Risk Ins (Oxf) [Faculty: JOU/RIS] 71781 Journal of Risk and Insurance (2009) 76 (4) : 933-953. Abstract: The bibliographies of 17 risk journals were evaluated to determine the relative influence of these risk journals on risk, insurance, and actuarial research published during the years 2001 through 2005. Tables are provided that show the frequency with which each of these journals cites itself and the other sample journals. The journals are ranked, within two groups (risk and insurance group and actuarial group), based on their total influence (total citations including and excluding selfcitations) and their per article influence (per article citations including and excluding self-citations). Finally, the most frequently cited articles from each risk journal are reported. Understanding actuarial management: the actuarial control cycle. Bellis, Clare S (ed); Shepherd, John A (ed); Klugman, Stuart A; Lyon, Richard H S (ed). - - 2nd ed. - Sydney: - Institute of Actuaries of Australia, 2010. No. pages: 630. Shelved at: EM (Oxf) [Faculty: 368.01 BEL] 39617 Contents: Risk management frameworks -- Being professional -- The need for financial products -The context of actuarial work -- Applying risk management -- Regulation -- Product design -Modeling -- Data and assumptions -- The need for capital -- Valuing liabilities -- Pricing -- Assets -Solvency -- Profit -- Monitoring experience -- Responding to experience -- Applying the actuarial control cycle Implementing Audit Safe Actuarial Practices : Examples from Reserving [copies of slides only] Stricker, Markus. - - Institute of Actuaries and Faculty of Actuaries, 2009. - (General Insurance Convention, 2009 GIRO Conference and Exhibition 2009 36th Annual GIRO Convention, Edinburgh International Conference Centre, Edinburgh). 72937 A Comparison of Actuarial Financial Scenario Generators. Ahlgrim, Kevin C; D'Arcy, Stephen P; Gorvett, Richard W. Shelved at: Per: Variance 45059 Variance (2008) 2 (1) : 111-134. URL: http://www.variancejournal.org/issues Abstract: Significant work on the modeling of asset returns and other economic and financial processes is occurring within the actuarial profession, in support of risk-based capital analysis,