scholarly journals Early Models Describing the Fire Insurance Risk

1979 ◽  
Vol 10 (3) ◽  
pp. 330-334 ◽  
Author(s):  
Paul Johansen
Keyword(s):  
Risk Premium ◽  
Fire Risk ◽  
Insurance Companies ◽  
Practical Case ◽  
Insurance Risk ◽  
Life Assurance ◽  
Fire Insurance ◽  
Italian Mathematicians ◽  
Risk Rate ◽  
Image Position

It has been known for generations that the fire risk rate increases with the size of the insured object in a similar way as the death rate increases with the age.Professor d'Addario and other Italian mathematicians have shown that statistical data often can be graduated by the formulas where S denotes the sum insured:In 1940, d'Addario) in a practical case found the values α = 0.78, β = 0.44. In 1956, Blandin and Depoid have used the same formulas. Although these formulas in practical cases often lead to good approximations, one can hardly say that a proper mathematical or physical model describing the behaviour of fires lies behind.About 1950, I worked with the statistics of a group of Danish fire insurance companies, in particular covering farm buildings. This investigation was organized by Gunnar Benktander. Our data confirmed the increase of the fire risk rate with the size of the buildings.In one special group: Farm houses with thatched roofs, this increase was so important that the risk premium was approximately proportionate to the square of the sum insured. The statistics fully justified the tariffing and we tried to construct a model describing and explaining the observed facts.The risk group in question was characterized by the overwhelming importance of total or practically total losses. Only a few per cent of the damages went to minor fires. When a fire breaks out in such a building, and reaches a certain slight extent, then it is not possible to save the building from total destruction. With sufficient approximation, we may say that only total losses occur (as in life assurance).

scholarly journals Aplicación del proceso de análisis jerárquico para la evaluación del riesgo de incendio en la industria colombiana

2021 ◽  
Vol 17 (33) ◽  
pp. 64-75
Author(s):  
Julian Uribe-Botero ◽  
Libardo Antonio Londoño-Ciro
Keyword(s):  
Occupational Safety ◽  
Fire Risk ◽  
Insurance Premium ◽  
Insurance Companies ◽  
Fire Departments ◽  
Analytic Hierarchy ◽  
Fire Insurance ◽  
Extra Charge ◽  
Factores De Riesgo ◽  
Detailed Assessment

La gestión de las emergencias hace parte fundamental de la seguridad y salud en el trabajo. Los incendios se constituyen como las emergencias más comunes en las industrias de nuestro país y en todo el mundo. Por medio del proceso de análisis multi atributo, específicamente el proceso de análisis jerárquico (AHP), los factores de riesgo fueron identificados en las investigaciones que se han realizado usando este método de análisis. El nivel de importancia de cada factor fue calculado por medio de un grupo de expertos que aplicaron el proceso de análisis jerárquico. Los resultados de la investigación pueden ser usados para tener una evaluación detallada el riesgo de incendio que permitiría a los inversionistas o propietarios tomar medidas para reducir las posibles pérdidas en caso de incendio; a las compañías de seguro realizar incrementos en las primas de riesgo basados en la evacuación del riesgo; a los departamentos de bomberos el nivel de cumplimiento de los requerimientos normativos.    Emergency management is a fundamental part of occupational safety and health. Fires are the most common emergencies in the industries of our country and throughout the world. Applying the multi-criteria analysis method, the investigations using the analytic hierarchy process (AHP) in fire risk assessment allowed the identification of fire risk factor. An experts group was consulted about the level of importance of fire risk factors in the fire risk evaluation, for these purpose each expert used the AHP. Results of research can be use to perform the detailed assessment of fire risk, allowing state owners and investors to carry out actions for reduce possible losses in case of fire. Insurance companies can perform the detailed assessment of fire risks on the object and to calculate a risk extra charge to an insurance premium. Fire departments can determine the compliance of a condition of object with requirements of regulations

The Pioneer in American Life Insurance Marketing

1938 ◽  
Vol 12 (5) ◽  
pp. 65-75
Author(s):  
J. Owen Stalson
Keyword(s):  
United States ◽  
Eighteenth Century ◽  
North America ◽  
Life Insurance ◽  
General Public ◽  
Colonial America ◽  
The United States ◽  
Insurance Companies ◽  
Insurance Company ◽  
Fire Insurance

Colonial America gave little thought to life insurance selling. The colonists secured protection against marine risks from private underwriters, first in London, eventually at home. It has been asserted that Philadelphia had no fire insurance until 1752; Boston none before 1795. The first corporations formed in this country for insuring lives were those of the Presbyterian Ministers Fund (1759) and a similar company organized for the benefit of Episcopal ministers (1769). Neither of these corporations offered insurance to the general public. In the last decade of the eighteenth century many insurance companies were formed in the United States. At least five were chartered to underwrite life risks, but only one, The Insurance Company of North America, appears to have accepted any. There is no basis for saying that any of these early companies tried to sell life insurance.

scholarly journals Reserves of Motor-Vehicle Insurance in Finland

1962 ◽  
Vol 2 (1) ◽  
pp. 161-173 ◽  
Author(s):  
Teivo Pentikäinen
Keyword(s):  
Motor Vehicle ◽  
Insurance Companies ◽  
Accurate Calculation ◽  
Short Term ◽  
The Subject ◽  
Image Position ◽  
Premium Income ◽  
The Cost ◽  
Motor Vehicle Insurance ◽  
Cluster Points

The Ministry of Social Affairs, which acts i.a. as the supervising office in Finland, has given instructions regarding the normal reserves of insurance companies. A summary of these and some comments are given here as far as they concern motor-vehicle insurance. The instructions as far as they concern the subject referred to in the following in the items 2-6, 9 and 10, were compiled by a committee, presided over by Mr. I. Ketola, M. Sc, which availed itself of the experience of several Finnish insurance companies.In order to give a review of the system as a whole many items, which are mathematically trivial and well-known, are briefly explained.The conventional principle of “pro rata parte temporis” is followed, which leads to the well-known reserve where P is the premium income of the company. This provides that the days when the premiums fall due are approximately equally distributed over the year (which can be checked from the premium sums of the different months in the book-keeping) or at least have no cluster points in the second half of the year and that the cost of the collecting of premiums is not less than 0.2 P. A more accurate calculation takes into account i.a. temporary short term policies etc.In casu-reserve. All unpaid claims (except those mentioned later) due to accidents which occured before the end of the account year, are listed and rated one by one. Doubtful cases, e.g. where the cause of the accident is still under litigation, are calculated in accordance with the “worst” alternative.

V The Verification of Technical Reserves in Non-Life Insurance

1971 ◽  
Vol 20 (01) ◽  
pp. 51-53
Author(s):  
C. M. Stewart
Keyword(s):  
Life Insurance ◽  
Risk Groups ◽  
Insurance Companies ◽  
Life Assurance ◽  
Careful Scrutiny ◽  
Sufficient Detail ◽  
Satisfactory Method ◽  
Claim Frequency ◽  
The Government ◽  
Do So

The reader of this note will know well the method used in the U.K. for the verification of technical reserves (i.e. the net liability) in life assurance. The net liability must be calculated by a qualified actuary and the methods and bases used must be described in sufficient detail in Schedule 4 of The Insurance Companies (Accounts and Forms) Regulations 1968 for their suitability to be apparent from a careful scrutiny of these and the other financial statistics submitted in accordance with the Regulations. As the data are made public, this scrutiny can be made not only by the Government Actuary in advising the supervisory authorities at the Department of Trade and Industry, but also by any other qualified actuary who cares to do so, which is an equally important discipline. Under this system, the maximum freedom can be allowed to the company and its actuary, but there has hitherto been no equally satisfactory method available for the objective scrutiny of non-life technical reserves. However, the new Claim Frequency Analyses and Claim Settlement Analyses prescribed in Parts II and III of Schedule 3 to the 1968 Regulations should go a long way towards remedying this deficiency. These analyses are to be supplied separately for each class of insurance in each of a company's main markets, and separately for such risk groups within each class as the company decides to be appropriate.

On the Probability that there will hereafter be Issue of a Marriage hitherto Childless

1880 ◽  
Vol 22 (2) ◽  
pp. 117-129
Author(s):  
Thomas Bond Sprague
Keyword(s):  
Insurance Companies ◽  
Image Position

It is sometimes necessary in disentail proceedings to estimate the probability that a husband, who has been married for several years without having any children, will hereafter have issue, either by his present or by a future wife. The probability of issue by a future wife is a subject comparatively well understood, and it is a recognized part of the business of some insurance companies to grant insurances against the contingency of such issue being left surviving at the death of a married man who has no child. The probability of issue by the present wife has been very little considered, and it is this probability that I propose now to discuss. There are very few statistics that will help us in the matter; in fact, I am only aware of two works in which any such statistics are given. Dr. J. Matthews Duncan gives the following table, in his work Fecundity, Fertility, and Sterility (p. 132, 2nd Ed.) :—Mr. Charles Ansell, Jun., in his Statistics of Families in the Upper and Professional Classes (page 87) gives a table from which columns (1) to (4) of the table on the opposite page are extracted.

Sharing the Risk

2021 ◽  
pp. 281-298
Author(s):  
Andrew C. A. Elliott
Keyword(s):  
Climate Change ◽  
Law Of Large Numbers ◽  
Insurance Market ◽  
Insurance Companies ◽  
Marine Insurance ◽  
Fire Insurance ◽  
Large Numbers ◽  
Mutual Insurance ◽  
The Face ◽  
Friendly Societies

Insurance makes use of the law of large numbers to mitigate the effects of risks on individuals by allowing them to be shared collectively. Early insurance arrangements arose as friendly societies and mutual insurance companies. Marine insurance has a long history and remains a major insurance market. Fire insurance provides compensation in the face of a capricious and frightening risk, but also invites fraudulent claims. Increasing amounts of information provide challenges for insurance underwriting: can there be too much information? The principle of insurance is that of averaging out of independent risks, but when risks are not independent, as may be the case when it comes to climate change, is there still any role for insurance?

scholarly journals On Legislation as to Life Insurance and Life Insurance Companies

1871 ◽  
Vol 16 (2) ◽  
pp. 77-98 ◽  
Author(s):  
T. B. Sprague
Keyword(s):  
United States ◽  
United Kingdom ◽  
Life Insurance ◽  
United States Of America ◽  
The United States ◽  
Insurance Companies ◽  
The Past ◽  
Life Assurance ◽  
The United Kingdom ◽  
The Law

The past session of Parliament has witnessed the passing of an Act for the regulation of Life Assurance Companies in the United Kingdom, which, while introducing great changes in the law, still stops very far short of the system of legislation which has been for several years in operation in a few of the United States of America, and which is warmly approved of and urgently recommended for adoption by some persons in this country. The present may therefore be considered a fitting time for reviewing what has been done and considering whether any further legislation is desirable, and if any, of what nature it should be.

Farmers' Mutual Fire Insurance Companies in North Carolina

1941 ◽  
Vol 8 (2) ◽  
pp. 260
Author(s):  
Harvey Lebrun ◽  
Marc C. Leager
Keyword(s):  
North Carolina ◽  
Insurance Companies ◽  
Fire Insurance

scholarly journals Fire Risk Assessment Models Using Statistical Machine Learning and Optimized Risk Indexing

2020 ◽  
Vol 10 (12) ◽  
pp. 4199
Author(s):  
Myoung-Young Choi ◽  
Sunghae Jun
Keyword(s):  
Machine Learning ◽  
Risk Assessment ◽  
Logistic Regression ◽  
Prediction Model ◽  
Fire Risk ◽  
Fire Occurrence ◽  
Statistical Machine Learning ◽  
Fire Insurance ◽  
Comparison Results ◽  
Fire Risk Assessment

It is very difficult for us to accurately predict occurrence of a fire. But, this is very important to protect human life and property. So, we study fire hazard prediction and evaluation methods to cope with fire risks. In this paper, we propose three models based on statistical machine learning and optimized risk indexing for fire risk assessment. We build logistic regression, deep neural networks (DNN) and fire risk indexing models, and verify performances between proposed and traditional models using real investigated data related to fire occurrence in Korea. In general, fire prediction models currently in use do not provide satisfactory levels of accuracy. The reason for this result is that the factors affecting fire occurrence are very diverse and frequency of fire occurrence is very sparse. To improve accuracy of fire occurrence, we first build logistic regression and DNN models. In addition, we construct a fire risk indexing model for a more improved model of fire prediction. To illustrate comparison results between our research models and current fire prediction model, we use real fire data investigated in Korea between 2011 to 2017. From the experimental results of this paper, we can confirm that accuracy of prediction by the proposed method is superior to the existing fire occurrence prediction model. Therefore, we expect the proposed model to contribute to evaluating the possibility of fire risk in buildings and factories in the field of fire insurance and to calculate the fire insurance premium.

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