Reserving for catastrophe reinsurance
This paper sets out the method required to be followed when estimating reserves for a Company or a Lloyd's Syndicate which has accepted reinsurance treaties that have given rise to catastrophe losses, sufficently large to upset the normal development pattern and to affect the gross account quite differently from the net account. The losses may be caused by single factors such as aircraft crashes or oil rig disasters, or by the aggregation of claims resulting from a windstorm or an earthquake.
Report and accounts, 1988-1989
Articles, papers and publications of actuarial interest
Notes on the Financial Times-Actuaries United Kingdom Equity Share Indices in 1992 and the introduction of the FT-SE Actuaries United Kingdom Series
Continuing process of updating company classifications. Fifty-three constituents deleted during 1992 - more as a result of casualty rule than those taken over. Only forty-one replaced - reflecting difficulty in finding suitable new non-industrial constituents. Introduction of the new FTSE Actuaries Share Indices, bringing FTSE 100, 250 Mid Cap and Small Cap into a single family, with the All-Share widened to include 800 constituents.
A European profession - the actuary and insurance after 1992. 5th Colloquium - Groupe Consultatif, 30 October 1992
Reviews
Practical applications of risk theory: seminar, 29-30 September 1992
Notes on the Transactions of the Faculty of Actuaries
Synopses of papers presented, 1988-1989
Graduation by dynamic regression methods
This paper extends the theory of graduation by parametric formulae to include dynamic estimation methods. This is an application of the Kalman filter and allows the parameters of the curve fitted to vary with age. The amount of variation is determined by the amount of smoothing required, and the method can be regarded as a combination of curve fitting and sequential smoothing, each of which has been used separately for performing graduations. In practice, a dynamic straight line can always be used for the graduation and the method has a sensible logical interpretation.