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Actuaries do not always attempt to predict aggregate future events. Often, their work may relate to determining the cost of financial liabilities that have already occurred, called retrospective reinsurance, [25] or the development or re-pricing of new products. [26] Actuaries also design and maintain products and systems.
Another example is the use of actuarial models to assess the risk of sex offense recidivism. Actuarial models and associated tables, such as the MnSOST-R, Static-99, and SORAG, have been used since the late 1990s to determine the likelihood that a sex offender will re-offend and thus whether he or she should be institutionalized or set free. [9]
present value adjustment using actuarial rate, prices index,... base insurance premium correction, underwriting policy evolution, clauses application 'as if' data, calcul of the 'as if' historical reinsurance indemnity, Reinsurance pure premium rate computing, add charges, taxes and reduction of treaty
European embedded value (EEV) is a variation of EV which was set up by the CFO Forum which allows for a more formalised method of choosing the parameters and doing the calculations, to enable greater transparency and comparability.
Rate making, or insurance pricing, is the determination of rates charged by insurance companies. The benefit of rate making is to ensure insurance companies are setting fair and adequate premiums given the competitive nature.
A net premium valuation is an actuarial calculation, used to place a value on the liabilities of a life insurer. Background
This is a concept dealt with regularly by actuaries. New business strain, or initial capital stain, occurs because the initial outgoings (such as commission, expenses, reserves, etc.) will take place when the policy is written, and thus have an immediate negative impact on the company's financial position. [ 1 ]
Initially all CERAs were members of the Society of Actuaries [24] but in 2009 the CERA designation became a global specialized professional credential, awarded and regulated by multiple actuarial bodies; [25] for example Chartered Enterprise Risk Actuary from the Institute and Faculty of Actuaries.