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雷达卡
关于保险，精算第一课就是介绍Insurability。以下是我为理论考试准备的notes..大家感受下。
Insurability
1. Fortuitous loss (consider moral hazard)
o Individual losses must occur at random
o Individual must not have an incentive to cause a loss
Principle of insurable interest and indemnity – if the insured profits from the loss, they have incentive to cause it
o Insurance product design should not encourage moral hazard
o E.g. business risks, launch of new products are not insurable
2. Assessable cost (frequency & magnitude of expected loss)
o Very low probability not enough experience for sound assessment
May become insurable with a worldwide reinsurer (cost of reinsurance is known) e.g. catastrophes
o Less of a problem if potential cost is low – can charge an adequate and affordable premium even if relative uncertainty is high
o E.g. war risk not insurable – expected cost can’t be assessed
o E.g. blanket cover professional indemnity policy covering a range of professions nature of risks very broad, ill-defined in the subset to be covered expected cost can’t be assessed
3. Definable loss
o Can determine whether a loss has occurred
o Loss must be measurable
E.g. sentimental value not insurable
o If loss can be defined but can’t be measured, an agreed sum insured may be appropriate
o E.g. sentimental value is not measurable
4. Affordable premium
o Objective threshold – if claim frequency is high, may be cheaper for the insured to improve risk management and retain / self-insure
o Subjective threshold – public may have unrealistic perception that risk is lower than it actually is
E.g. flood insurance in flood plains – customer may see actual risk premium as being too high
5. Not excessive exposure to loss
o Consider accumulations (concentration) of risk
o Cover limits
6. Not against public interest
o E.g. insurance covering criminal activities
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