scholarly journals Analyse d’impact du moment de décaissement d’un produit avec garantie de rachat viager

2021 ◽  
Vol 87 (3-4) ◽  
pp. 131-168
Author(s):  
Maxime Turgeon-Rhéaume ◽  
Van Son Lai
Keyword(s):  
Numerical Methods ◽  
Financial Risk ◽  
Insurance Industry ◽  
Analytical Framework ◽  
Biological Age ◽  
Extant Literature ◽  
Fee Structure ◽  
Additional Dimension ◽  
Guaranteed Lifetime Withdrawal Benefits ◽  
To Receive

The extant literature on the Guaranteed Lifetime Withdrawal Benefits (GLWB) financial risk is abundant, however, few articles investigate the option offered to the policyholder with respect to the initiation of the contract and examine this impact on the profitability of the product for the insurer. We extend the analysis carried out by Huang et al. (IME, 2014) on the optimal initiation of the product with GLWB. First, we add an additional dimension in the analysis to account for the insurer losses as a function of the age for disbursement chosen by the policyholder. Then, we develop a novel analytical framework to determine by numerical methods the extent to which an insurer, expecting his client to choose when to receive benefits to maximize the value of his variable annuity contract, should change its actuarially fair fee structure. We show that the fair premium is a function of the insured policyholder age when he bought the contract. This result runs counter to the current fee structure and practice in the Canadian insurance industry with insurers charging a uniform level of fees regardless of the policyholder biological age when the contract is issued.

scholarly journals Metodología financiera de gestión y cuantificación de riesgos de las entidades aseguradoras

2013 ◽  
pp. 81
Author(s):  
Rafael Hernández Barros
Keyword(s):  
Value At Risk ◽  
Financial Risk ◽  
Stress Testing ◽  
Financial Models ◽  
Insurance Industry ◽  
Solvency Ii ◽  
Capital Requirements ◽  
Value Theory ◽  
Different Types ◽  
As Stress

El artículo describe las diferentes metodologías financieras de gestión integral de riesgos, detallando tanto aquellas utilizadas tradicionalmente en el sector asegurador para tarificar ycalcular las provisiones, y que ahora están siendo utilizadas para calcular la solvencia y los requerimientos de capital, como los modelos financieros más avanzados, tales como los modelosde “stress testing”, utilizados para analizar lo que podría ocurrir en determinados escenarios; la técnica de modelización del valor en riesgo (VaR), para calcular la pérdida máxima posible dentrode un periodo de tiempo y para un determinado nivel de probabilidad; la teoría del valor extremo, que se centra en el estudio de los extremos de la distribución de pérdidas y ganancias esperadas,tratando de estimar las pérdidas máximas que pueden producirse; y la aplicación de cópulas, para incorporar la dependencia entre diferentes tipos de riesgo. Supone también una aproximación aSolvencia II y a las nuevas exigencias de cuantificación del capital que trae consigo esta nueva legislación europea del sector asegurador.<br /><br />The article describes the different methodologies of financial risk management, featuring both those traditionally used in the insurance industry to estimate insurance, that they are now being used to calculate the solvency and capital requirements, as the more advances financial models as "stress testing", used to analyze what might happen in certain scenarios; the modeling technique of value at risk (VaR), to estimate the maximum possible loss within a period of time and for a certain level of probability; the extreme value theory, which focuses on the study of the ends of the expected losses and income distribution, trying to estimate the maximum losses that may occur; and the application of copulas to incorporate the dependence between different types of risk. It also implies an approach to Solvency II and to the new capital requirements for quantifying capital that brings this new insurance European legislation.

scholarly journals Economic Feasibility of Semi-Underground Pumped Storage Hydropower Plants in Open-Pit Mines

Energies ◽  
2020 ◽  
Vol 13 (16) ◽  
pp. 4178 ◽  
Author(s):  
Michael Wessel ◽  
Reinhard Madlener ◽  
Christoph Hilgers
Keyword(s):  
Power Plant ◽  
Value At Risk ◽  
Financial Risk ◽  
Net Present Value ◽  
Analytical Framework ◽  
Open Pit Mine ◽  
Economic Feasibility ◽  
Production Costs ◽  
Open Pit ◽  
Specific Production

This work aims at the economic evaluation of a semi-underground pumped hydro storage power plant erected in an abandoned open-pit mine. For the exploratory model-based analysis, we develop and apply both a simple deterministic and a stochastic net present value (NPV) approach, the latter of which uses a Monte Carlo simulation to account for revenue uncertainty from electricity price fluctuations. The analytical framework developed is applied to two promising sites in the Rheinland region in Germany, Hambach and Inden, making reasonable parameter value assumptions and considering and ignoring the lengthy duration of lower reservoir flooding. The investor’s value-at-risk is computed for alternative performance indicators (NPV, net cash recovery, profit-to-investment ratio, and specific production costs) to compare the different outcomes in terms of the project’s financial risk distribution. Calculations show that a semi-underground pumped hydro storage power plant in an abandoned open-pit mine can be constructed at reasonably low investment costs and operated at low specific production costs. However, because the investment has to be made long before the pit lake is (naturally) flooded—a process that for realistic flow rates may take up to 20 years—the project is highly uneconomical and would require substantial subsidies, as compared to a situation where flooding happens immediately.

The rise of P2P ecosystem: a service logics amplifier for value co-creation

2017 ◽  
Vol 29 (6) ◽  
pp. 863-880 ◽  
Author(s):  
Cristina Simone ◽  
Antonio La Sala ◽  
Marta Maria Montella
Keyword(s):  
Knowledge Integration ◽  
Analytical Framework ◽  
Peer Production ◽  
Benefit Analysis ◽  
Net Benefit ◽  
Content Type ◽  
Extant Literature ◽  
Organizational Perspective ◽  
Adoption And Diffusion ◽  
Distributed Technologies

Purpose The purpose of this paper is to examine peer production (P2P) conceived as an ecosystem for value co-creation. First, this paper provides information on the specific P2P method for value co-creation, which is based on distributed technologies, cognitive slack and search for quality, to provide outputs that are open to continuous improvement. Second, aiming to fill the extant literature gap, this paper discusses the efficient dimension of P2P, providing a framework for the net benefit analysis of the economies and diseconomies that affect the value co-creation processes. Design/methodology/approach The paper identifies three main literature clusters that are focused on P2P, namely, economical, sociological and organizational clusters, and integrates them with the economics of organizational perspective to elicit information on the efficient dimension of P2P. This efficient dimension is expressed by a net benefit analysis of the economies and diseconomies that affect the P2P value co-creation processes. Findings The P2P ecosystem is characterized by the intensive interaction among cognitive slack and distributed technologies. This complex interaction presents interesting implications in terms of efficiency that, until now, have not been analyzed in the literature. Aiming to fill the extant literature gap, this paper provides a consistent analytical framework that simultaneously takes into account the economies of knowledge integration and potential diseconomies, that is, the costs of coordination and loss of control that arise from the adoption and diffusion of distributed technologies. Originality/value This paper provides an original explanation of P2P as an emergent ecosystem that serves as a service logics amplifier of value co-creation. In this regard, analysis of the key features of P2P not only sheds new light on P2P, but also allows for the reflection on the ecosystem’s framework, which promotes a virtuous interaction between the conceptual speculation and understanding of reality. Moreover, the proposed framework for the net benefit analysis of the P2P value co-creation model draws the attention of managers and decision makers as they consider the following issue: value co-creation jointly considers not only its benefits, but also its associated costs.

Universities and Innovation in Regional Strategic Planning Culture

2002 ◽  
Vol 16 (2) ◽  
pp. 113-116 ◽  
Author(s):  
Artur da Rosa Pires ◽  
Carlos Rodrigues ◽  
Eduardo de Castro
Keyword(s):  
Research Work ◽  
Analytical Framework ◽  
Institutional Capacity ◽  
Additional Dimension ◽  
Regional Strategic Planning ◽  
Planning Culture ◽  
Productive Systems ◽  
The University ◽  
University Industry ◽  
Academic Sector

The relevance of university-industry relationships to economic development is matched by the prolific research work that has been carried out on the interaction between the academic sector and productive systems. However, this research is almost exclusively focused on technology transfer. Considering the context of the emerging knowledge-driven economy in which institutional capacity emerges as a major competitive factor, this paper argues that there is a need to broaden the analytical framework in relation to university-industry links. This argument is based on the perception that universities can play a major role in building regional institutional capacity. The case of the University of Aveiro is explored to illustrate this additional dimension of university-industry interaction.

scholarly journals Metodología financiera de gestión y cuantificación de riesgos de las entidades aseguradoras

2013 ◽  
pp. 81
Author(s):  
Rafael Hernández Barros
Keyword(s):  
Value At Risk ◽  
Financial Risk ◽  
Stress Testing ◽  
Financial Models ◽  
Insurance Industry ◽  
Solvency Ii ◽  
Capital Requirements ◽  
Value Theory ◽  
Different Types ◽  
As Stress

El artículo describe las diferentes metodologías financieras de gestión integral de riesgos, detallando tanto aquellas utilizadas tradicionalmente en el sector asegurador para tarificar ycalcular las provisiones, y que ahora están siendo utilizadas para calcular la solvencia y los requerimientos de capital, como los modelos financieros más avanzados, tales como los modelosde “stress testing”, utilizados para analizar lo que podría ocurrir en determinados escenarios; la técnica de modelización del valor en riesgo (VaR), para calcular la pérdida máxima posible dentrode un periodo de tiempo y para un determinado nivel de probabilidad; la teoría del valor extremo, que se centra en el estudio de los extremos de la distribución de pérdidas y ganancias esperadas,tratando de estimar las pérdidas máximas que pueden producirse; y la aplicación de cópulas, para incorporar la dependencia entre diferentes tipos de riesgo. Supone también una aproximación aSolvencia II y a las nuevas exigencias de cuantificación del capital que trae consigo esta nueva legislación europea del sector asegurador.<br /><br />The article describes the different methodologies of financial risk management, featuring both those traditionally used in the insurance industry to estimate insurance, that they are now being used to calculate the solvency and capital requirements, as the more advances financial models as "stress testing", used to analyze what might happen in certain scenarios; the modeling technique of value at risk (VaR), to estimate the maximum possible loss within a period of time and for a certain level of probability; the extreme value theory, which focuses on the study of the ends of the expected losses and income distribution, trying to estimate the maximum losses that may occur; and the application of copulas to incorporate the dependence between different types of risk. It also implies an approach to Solvency II and to the new capital requirements for quantifying capital that brings this new insurance European legislation.

Building a specialty accountable care organization (ACO) for cancer: Using cost groupers in breast cancer (BC) and malignant hematology (MH).

2013 ◽  
Vol 31 (31_suppl) ◽  
pp. 253-253
Author(s):  
Janene Culumber ◽  
Brian Kiss ◽  
Hugo Francisco Fernandez ◽  
Karen Wartenberg ◽  
Lisa DeMaria ◽  
...  
Keyword(s):  
Breast Cancer ◽  
Financial Risk ◽  
Initial Step ◽  
Analytical Framework ◽  
Cancer Center ◽  
Care Organization ◽  
Accountable Care ◽  
Infusion Chemotherapy ◽  
Bundled Payments ◽  
Over Time

253 Background: New payment models, such as accountable care organizations (ACOs), bundled payments and global budgets will shift some financial risk from payers to providers. The first step in creating a cancer ACO will be to partner with payers to understand aggregate costs over time. Methods: Moffitt Cancer Center (MCC) is partnering with Florida Blue in (BCBS of FL) in developing a specialty ACO strategy for cancer. As an initial step, we created an analytical framework to group and estimate the total costs of cancer care for newly diagnosed breast cancer (BC) and malignant hematology (MH) patients. We used HIPPA-compliant Florida Blue claims billings from 2010-2012 to capture all episodes of care within each calendar year. BC and MH patients were attributed to MCC if they had at least 3 annual visits. Claims from attributed patients were grouped into 7 categories. We calculated the annual costs and the costs by category to generate a Per Member Per Year (PMPY) cost and determine the stability and/or trends in these costs. Results: The PMPY data for the three years (2010, 2011, 2012) were stable over time. Important trends, however, were noted: outpatient (OP) costs, which include infusion chemotherapy, rose similarly (16 and 13%, respectively), inpatient (IP) costs for BC increased 10%, compared to an 8% decrease in IP cost for MH over the 3 years. Physician costs remained stable, consistent with other reports. Conclusions: Moving away from volume-based reimbursement requires building partnerships between payers and providers. We created disease-based cost groupers for two cancer conditions as a first step. Cost trends were stable over time. These findings will give payers and partners confidence to explore ways to improve quality and reducing cost as they consider new arrangements such as a specialty ACO. [Table: see text]

Life Insurance Industry Agent’s Attrition: A Game Changer for Insurance Business

2020 ◽  
pp. 097215091986145
Author(s):  
Neha Chhabra Roy ◽  
N. G. Roy
Keyword(s):  
Life Insurance ◽  
Financial Risk ◽  
Insurance Industry ◽  
Extensive Literature ◽  
Insurance Sector ◽  
Life Insurance Industry ◽  
Central Argument ◽  
Recent Trends ◽  
Insurance Business ◽  
Game Changer

Insurance industry of any country acts as the backbone of its financial risk management system. Although two-thirds of the insurance business in India is carried out through individual agents, recent trends show significant attrition among them. The central argument in this article revolves around identifying the drivers responsible for individual agent’s attrition in India. The methodology used for this factor identification was based on extensive literature review and further validation through a primary survey of the stakeholders in the insurance sector. A conceptual model is also proposed for mitigation of agent’s attrition.

Living longer in high longevity risk

2020 ◽  
Vol 86 (1) ◽  
pp. 47-86
Author(s):  
Rachel Wingenbach ◽  
Jong-Min Kim ◽  
Hojin Jung
Keyword(s):  
Life Expectancy ◽  
Financial Risk ◽  
Mortality Rates ◽  
Longevity Risk ◽  
Considerable Uncertainty ◽  
High Volatility ◽  
The Usa ◽  
Cross Country ◽  
The Impact ◽  
To Receive

AbstractThere is considerable uncertainty regarding changes in future mortality rates. This article investigates the impact of such longevity risk on discounted government annuity benefits for retirees. It is critical to forecast more accurate future mortality rates to improve our estimation of an expected annuity payout. Thus, we utilize the Lee–Carter model, which is well-known as a parsimonious dynamic mortality model. We find strong evidence that female retirees are likely to receive more public lifetime annuity than males in the USA, which is associated with systematic mortality rate differences between genders. A cross-country comparison presents that the current public annuity system would not fully cover retiree's longevity risk. Every additional year of life expectancy leaves future retirees exposed to high risk, arising from high volatility of lifetime annuities. Also, because the growth in life expectancy is higher than the growth of expected public pension, there will be a financial risk to retirees.

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