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Based on the profit and loss account of an insurance company we derive a probabilistic model for the financial result of the company, thereby both assets and liabilities are marked to market. We thus focus on the economic value of the company.

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The risk involved in a General Insurance portfolio can be priced using the related concepts Multivariate Ruin Probability-Annual Premium. In the present work, McLaurin expansion, with respect the arrival intensity of claims, for the finite time Multivariate Ruin Probability - considering the surplus just before and deficit at ruin time - is obtained in the context of a Financial-actuarial model for the risk process, and used to price a General Insurance portfolio in terms of its annual premium.

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This paper considers the pricing of uncertain cash flows, which includes those arising in insurance and reinsurance, using the proportional hazards (p-h) transform pricing basis defined by Wang (1995). This basis satisfies all the desirable properties of a sound pricing principle including sub- additivity and layer additivity and is a generalisation of the classic Standard Deviation Principle of Risk Theory, which appears to be valid when the underlying distribution has fixed skewness.

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An insurance company must maintain sufficient reserves and provisions to cover the following risks: Technical Risks; Investment Risks and Other Risks. There were three working parties, each one concentrating on one of the above three categorisations. The position of reinsurers should be considered as well as direct insurers.

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For this paper it was decided to take as a guideline, not necessarily a definition, that experience rating means, "The modification of a rate-book (we prefer to call it a manual) premium to give some recognition to the observed experience being significantly different from the expected."