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The Pricing of Micro-life Insurance-based on the Actuarial Science

Author: LongYi
Tutor: ZhuoZhi
School: Southwestern University of Finance and Economics
Course: Insurance
Keywords: Small Group Life Insurance Reliability theory Asset share pricing method
CLC: F224
Type: Master's thesis
Year: 2010
Downloads: 84
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Abstract

Microinsurance as an increasingly important financial tool for poverty alleviation, the goal is to allow low-income people to be protected, to get rid of poverty caused by illness back into poverty, the poverty trap of poverty due to injury. Also has the effect of stabilizing the sustainable development of society, social stability and social life. While the economic effect of the accumulation of social capital, and promote economic development. Many developing countries, including China, the low-income population in the socio-demographic accounts for a sizeable proportion of them will affect the stability of the overall stability of the society. The reform of the financial system for the development of micro-insurance in rural and opportunities. Rural financial reform initiatives introduced to promote the extension of financial service outlets in the area of ??rural finance, effective sales channel for microinsurance, secure transfer of premiums and claims paid tools, but also through the development of financial services, promote small The amount of insurance needs and development. Relative to abroad for our country the microinsurance exist many problems, including the public insurance awareness is not strong, and establish a sound social security system yet, laws and regulations are not perfect, preferential tax policies are not yet in place, the insurance company management philosophy have not yet changed. And our technology is very backward in the small group insurance pricing, did not form a sound business practice, the pricing system does not fully consider the various factors that affect the pricing of small group insurance. The system pricing system, the pricing in the small group insurance, individual insurance companies on the arbitrary. This pricing is not to say the pricing science, reasonable, and did not even consider the actuarial factors in pricing. This article from the theoretical level contact small group insurance pricing status quo, from an actuarial point of view the main factors affecting pricing in one analysis, so as to achieve the purpose of looking standardize pricing methods. Small group life insurance product pricing general steps as logical thinking, and learn from some of the pricing of individual life insurance pricing method, follow a specific small group life business law and its own characteristics, layers of depth. Combined with knowledge of the statistically of CITIC degree theory to integrate it into the group life insurance product pricing process, the group as a unit of measure of risk, and finally propose ways to improve the practice of group term life insurance pricing. The full text is composed of five parts. Introduction First reflect the CPC Central Committee and State Council on the importance of the three rural issues, and continue to deepen the reform of the rural financial system, speed up the strategic plan of the central authorities on the construction of a new socialist countryside, improve the system of rural financial institutions. National policy on the support of the rural economy, rural economic development, for the insurance industry in the development of rural areas has brought new opportunities and challenges. In such a situation, the China Insurance Regulatory Commission also issued a related policies, laws and regulations, and set up a special Task Force to conduct research. First rural county in the nine provinces in June 2008 launched a pilot micro-life insurance, in order to expand the influence of the micro-insurance, micro-insurance to rapid promotion, to the benefit of all low-income groups. Then leads microinsurance two authoritative definition, connotation Analysis of deep-seated and systematic analysis of the characteristics of the micro-insurance, and pointed out that the huge potential risk of adverse selection, which according to Jim Roth point of view, proved to the group premiums charged not only efficiency will be greatly improved, and its marketing expenses and commission expense costs will be greatly reduced. The second chapter analyzes the pricing basis of group life insurance. First, some of the basic principles of life insurance pricing process from the perspective of the overall analysis, and a high-level overview of the main factors that affect the pricing assumptions, including the economic and social environment, the company characteristics, market characteristics and product characteristics. Then, in view of the importance of insurance product pricing process pricing assumptions, to focus on the impact of pure premium as determined by fundamental factors: the macroeconomic environment, mortality, interest rates, loss of efficiency, cost rate. Also combined with the characteristics of the Small Group Life Insurance at the end of this chapter, the focus on the income of seasonal and instability of low-income people, the health status of low-income people, lower the risk of accidents and medical environment, farmers insurance awareness, the choice of sales channels specific factors affecting the small group life insurance premium pricing and agent fee or commission expense. The Chapter still discussed small group life insurance pricing based on the statistical reliability theory to the introduction of the small group life insurance pricing process. We are group insurance do pricing analysis, the insured the number of how many great extent reflects premiums the reasonableness and accuracy of the results. Here This article introduces the main source of reliability theory, the similarities and differences of the classification of the credibility of the model and limited fluctuations reliability with maximum precision reliability, and pointed out the advantage of the maximum precision reliability model. Subsequently Bayesian reliability methods discussed in this chapter, it statistically principle is: In the case of the square of the smallest of the error between the estimated value and the true value of the PE (premium posteriori estimated value), the obtained Z (credibility factor) value, that is, to meet the requirements of the reliability factor. This method is mainly by means of a distribution of the hypothesis, which can be given to the distribution of the estimated amount of subsequently doing quantitative description of the deviation situation. The chapter then describes the Buhlmann-Straub credibility formula, this model requires the random variables conditional independence. Years of claims experience is independent, and this year, whether the accident is nothing to do with the accident last year. This assumption is that in a small group life, it is very difficult to set up, and analysis of the specific reasons which can not be established. Then the paper analyzes the Fuhrer reliability, and pointed out that it was established three assumptions, and further analysis of the assumptions coefficient K1 and the coefficient K2 determine process the the Fuhrer reliability method is based on the number of groups to determine the reliability The more the number of groups, the greater the reliability factor, the larger group experience Payout credibility of the data. The chapter concludes with analysis of another reliability - MSE reliability method, it is used to mean square error (Mean Square Error, MSE) to determine the reliability, X the groups experience Payout data the mean square error of the smaller groups table fixed rate M the mean square error is larger, then the greater the reliability factor. Group insurance, the sample is too small, the parameter estimation can not meet without bias biased more prevalent, the paper points out that MSE reliability methods to discuss. PE as the estimated value of the true value of μ, the resulting square error The MSE (PE) is less than used alone X or used alone M as the estimated value of the true value of μ is the mean square error MSE (X) or the MSE (M) , and PE in the three statistics, is the best estimate of the true value. The fourth chapter is a small group life pricing. First, consider the most basic experience rate pricing. It is priced in accordance with the actual loss of those large-scale, experience loss in stable condition and the group deviates significantly from the table given rates. When the loss rate and the average loss rate of insured groups, or groups expected loss estimate was fairly accurate, this method should be used to determine rates. Next chapter describes the the the classic pricing methods: the the expectations principle of law, variance, standard deviation and semi-variance method, risk deviation method, risk-adjusted, zero utility principle method, and then analyzed the asset share pricing method. Overall analysis and evaluation of these methods at the end of this chapter, obtained asset share pricing life insurance pricing advantage, and suitable for use in small group life insurance pricing. The fifth chapter is the chapter on small group life insurance pricing and analog. Uniform definition of some of the basic symbols of actuarial pricing and basic formulas and computational skills of each term. Then first consider a variety of special factors affecting the pricing based on analysis of a small group life pricing method, which means that only consider the basic factors of mortality, interest rates, loss of efficiency, cost rate under the premise of assets share priori method to get a small group life rates. On this basis, the improvement of our existing small group life pricing model, joined the statistics on the reliability theory of knowledge, as experience rating will be developed according to the specific risks insured group rates. Finally, experience rating and a priori rates derived from the reliability factor correction rates actually needed. The purpose of doing so is to reduce the risk of various insurance companies adjust rates through a variety of risk factors in the pricing process and the vicious price competition, strengthen supervision, group term life insurance pricing to achieve the unity of the regulatory and actuarial. The innovation of this paper in the following aspects. Microinsurance in the country has just begun, the international community is also fairly is a new type of insurance, share in the life insurance and group insurance in the situation tends to go down, not many people previously studied. Therefore, the small group life insurance as an entry point for research in topics angles newer. Is now the most popular asset pricing life insurance products, pricing, mainly due to its advantages: the annual premium, payment amount, interest rate, the discount rate are not the same; premiums can be linked with the profits and the ability to profit testing. Finally, also introduced the theory of statistical reliability small group life insurance pricing process, this newer research methods. Reliability theory is generally used in property insurance and more in other less. This is mainly because the majority of policyholders in life insurance premiums determined process risks are part of the standard risk, fewer factors need to adjust pricing. Reliability theory to small group life insurance pricing process, on the one hand because of the particularity of the micro-insurance, in order to reduce the need for moral hazard and adverse selection; the other hand, derived from the impact of microfinance group life insurance pricing many factors insured groups.

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