ACTUARIAL BASIS OF FIRE INSURANCE RATEMAKING: A NEW APPROACH TO FIRE INSURANCE RATEMAKING IN IRAN

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MAHDAVI GHADIR; NASIRI FATEME

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Paper Information

Journal: IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH) Year:2011 | Volume:26 | Issue:1 (101) Page(s): 53-86

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Information Journal Paper

Title

ACTUARIAL BASIS OF FIRE INSURANCE RATEMAKING: A NEW APPROACH TO FIRE INSURANCE RATEMAKING IN IRAN

Author(s)

MAHDAVI GHADIR | NASIRI FATEME | Issue Writer Certificate

Keywords

FIRE INSURANCE RATEMAKINGQ2

PURE PREMIUM METHODQ2

LOSS RATIO METHODQ2

PRINCIPLE OF EQUIVALENCEQ2

Abstract

The risks covered by insurance policies should be evaluated continuously in order to determine an appropriate premium rates. In this paper we discuss two common methods in fire ratemaking, the loss ratio and PURE PREMIUM METHODs. We assess methods of calculating components of a fundamental insurance equation and the PRINCIPLE OF EQUIVALENCE. We find that the PURE PREMIUM METHOD is more accurate in producing fire rates. We also provide a numerical example to show calculations of the average premium which should be charged by an insurance company in order to satisfy fundamental insurance equation and the PRINCIPLE OF EQUIVALENCE. We find that there are a lot of deficiencies in the data aggregation system for premium, losses, expenses and other loadings in pure premium determination in Iran. Finally, further suggestions are made for removing these deficiencies.

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APA: Copy

MAHDAVI, GHADIR, & NASIRI, FATEME. (2011). ACTUARIAL BASIS OF FIRE INSURANCE RATEMAKING: A NEW APPROACH TO FIRE INSURANCE RATEMAKING IN IRAN. IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH), 26(1 (101)), 53-86. SID. https://sid.ir/paper/100944/en

Vancouver: Copy

MAHDAVI GHADIR, NASIRI FATEME. ACTUARIAL BASIS OF FIRE INSURANCE RATEMAKING: A NEW APPROACH TO FIRE INSURANCE RATEMAKING IN IRAN. IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH)[Internet]. 2011;26(1 (101)):53-86. Available from: https://sid.ir/paper/100944/en

IEEE: Copy

GHADIR MAHDAVI, and FATEME NASIRI, “ACTUARIAL BASIS OF FIRE INSURANCE RATEMAKING: A NEW APPROACH TO FIRE INSURANCE RATEMAKING IN IRAN,” IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH), vol. 26, no. 1 (101), pp. 53–86, 2011, [Online]. Available: https://sid.ir/paper/100944/en

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