Practical pricing: London Market

Document description

The attached is an early draft for chapter 5 of the London Market monograph. It is anticipated that substantial alterations will be necessary before a suitable form is attained.The aim, rightly or wrongly, is to emphasise the practical nature of London Market pricing and the necessary simplicity of calculation. The methods must be easily explained to an underwriter and therefore too much theory is out of place. However some jargon is unavoidable. Some of the methods have been used for many years, well before actuaries were on the scene.