Employees always concern about losing their job, or in other word, losing their income resources. For this purpose, governments require strong protection system for covering these concerns. The Unemployment Insurance (UI) program’s can be used for achievin g this goal. Based on article five of Iranian unemployment Insurance law, premium is four percent of employee’s salary while employer and government’s contribution is four percent and one percent, respectively. Hence, there are great concerns about the financial pressure on the government regarding implementing this law. In this paper, we price UI based on the Insurance history of employee and the duration of being unemployed. We use the Weibull distribution for finding duration of unemployment, and finally equivalence principle applied for finding the fair UI premium rate. Our findings indicate that the UI rate is less than 4% which is lower than current UI rate in Iran which has been set by law. Consequently, government’s contribution can be eliminated which reduces concerns about providing required budget by the government.

BACKGROUND AND OBJECTIVES: In this research, our main objective is more accurate pricing of life Insurance products with a new approach of predicting mortality or survival rates. Currently, a life table is used to calculate the current value of pensions, Insurance premiums, etc. Therefore, to increase the accuracy of our calculations, we are looking for a mortality prediction model for such calculations. Therefore, in this research, instead of static pricing (only using the latest life table), we used life table prediction and dynamically rated life Insurance products.Methodology: In this research, a new model proposed to predict the probability of human mortality (survival) based on the Markov process, a limited state with an absorption state (death). This model measured based on the physiological age, because the physiological age of each person can be checked based on different laboratory indicators, and finally it has led to the results of the individual health index. In addition, the parameters of this model are the initial probability vector and the sub-intensity matrix of a Markov chain that changes over time. In other words, in this model, according to a possible process in the model, the initial probability vector over time selects the possible interval of the physiological age equivalent to the chronological age.FINDINGS: To show the satisfactory performance of this model, the relevant data set from the United States of America was analyzed. The predicted results with the presented model are better than Lee Carter''''s model. It should be noted that the number of parameters of the model introduced in this research is much less compared to the Lee Carter model and other mortality or survival prediction models. Based on this model, a closed form for life Insurance pricing relationships is obtained, which simplifies these calculations for users.CONCLUSION: The relationships obtained for pricing were investigated based on two products, 5-year term life Insurance and also a 5-year term pension. The fitted results for the model used in the predictions of the probability of mortality as well as the probability of survival and pricing are very satisfactory.

Objective: One of the most important problems involved Insurance companies is Insurance products pricing. In recent actuarial researches, fuzzy random variables have been used to consider uncertainty of economics parameters in Insurance products pricing. Due to the effects of interest rate uncertainty on the Insurance industry and especially life Insurance, in this article, fuzzy random variables are implemented to consider interest rate uncertainty and calculate premiums for different types of life Insurance products. Also, considering that the life table of Iran has been written based on the demographic information of this country and has been communicated to Insurance companies to use, the results of using this table on fuzzy Insurance premiums of different types of Insurance policies have been compared with the life table TD88-90 previously used by Insurance companies. Methodology: In this study, the fuzzy interest rates are used to define fuzzy discount functions and premiums of life Insurance products is calculated. Findings: In this paper, we have implemented fuzzy set theory to model interest rate for calculating premiums of life Insurance products. Research findings were presented and analyzed for (term and whole) life Insurances, endowments and life annuities using the interest rates announced in the supplement of Regulation No. 68 for Iranian life Insurance products. The premium calculations have been performed for Life table of Iran, which recently has been issued to be used by Insurance companies, and life table TD88-90, which has previously been used by Insurance companies. Our findings based on Life table of Iran for a life annuity shows that all possible values of the premium for a 57-year-old person are in the interval [3. 741, 4. 384] and the deterministic amount of premium is 4. 045. Also, the net premiums for the average risk aversion mode (β =0. 75) is 4. 212. Also, the effect of changes in β and insured age on premium amounts for different types of life Insurance products has been studied and analyzed. Furthermore, all calculations based on life table TD88-90 has been done and is compared with those based on Life table of Iran. Theoretically, the mortality probability of an x-year-old person according to the Life table of Iran is higher than the mortality probability of this person based on the life table TD88-90. So, the premiums calculated for this person based on the Iranian table for term Insurance and endowment Insurance are less and for life annuity is more than the premium calculated based on Table TD88-90. This can also be seen based on the findings of this article. On the other words, our findings based on table TD88-90 shows that all possible values of the fuzzy premium for a 57-year-old person are in the interval [3. 575, 4. 257] and the deterministic amount of premium is 3. 896. Also, the net premiums for the average risk aversion mode (β =0. 75) is 3. 988. Also, these results were compared with the random method, which indicates the validity of the proposed fuzzy method. Conclusion: Interest rates fluctuate over time due to changes in monetary, fiscal and foreign exchange policies, and this fluctuation can affect the determination of premiums, reserves and liabilities of Insurance companies. This is especially important for life Insurance products due to their long-term nature and the possibility of higher interest rate fluctuations during the policy period. Therefore, it is necessary to be considered the interest rate risk and uncertainty in life Insurance products by the regulator and Insurance companies. In this regard, using the fuzzy interest rate, the permitted range for the interest rate can be considered that Insurance companies, taking into account their risk aversion, to determine the amount of premium in the desired period.

Gardening products, like apple, are exposed to a variety of risks caused by unfavorable weather conditions. This kind of risk is unavoidable, but manageable. Agricultural Insurance is an effective scheme in weather risk management. Nevertheless, current Insurance schemes have challenges, such as high transaction costs, and problems caused by asymmetric information, i. e. adverse selection and moral hazard. Therefore, this study aimed to present an appropriate Insurance scheme for apple production in Damavand, the so-called “ weather-based index Insurance” . In this regard, the information on apple yield and weather variables was collected between 1987-2016, from Iranian Agriculture Jihad Organization and the local meteorological station. The dependency structure between apple yield and weather variables was investigated by C-Vine Copula as a joint distribution to compute the expected loss. Then, according to the expected loss, weatherbased index Insurance premium was measured. The premium amount was equal to Thousand Rials 32, 546. 11 in the crop year 2016-17, which is different from the current Insurance premium. This difference is because of the distinct nature of the two Insurance schemes and the imperative and official mode of current Insurance scheme.

The adverse effect of climate change on agriculture has increased the importance of weather index Insurance, particularly in developing countries. By using several econometric models, this study estimated the price and evaluated its effectiveness in rainfall index Insurance for rice and wheat in Nepal. Crop yields associated with seasonal rainfall in three crop reporting districts were applied for actuarial estimation. The primary findings suggest that well designed weather index Insurance is helpful to reduce the yield risk and stabilize farm income for rice, but results vary across crops and districts. The study results imply that rainfall index Insurance is a promising Insurance product, particularly for rice. Implementation of rainfall index Insurance could increase the investment in cereal production in Nepal.

Agricultural Insurance is a good alternative of stabilizing producers'' incomes, but problems such as asymmetric information have made Insurance an expensive tool. Recent studies have shown that weather index Insurance manage these problems. Rainfall values have the greatest impact on agricultural production, compared to other climatic factors. On the other hand, Hashtroud County has a central position in wheat and barley production in in East Azerbaijan province of Iran. Therefore, in this study, the pricing of rainfall index Insurance for wheat and barley in this county was investigated. In this regard, the required data of wheat and barley yield and rainfall during 1991-2015 were collected. The results of indemnity function showed that in the cropping years of 1999-2000 and 2007-08 with the annual rainfall of less than 225 mm, the indemnity was fully paid, equal to the maximum level of the insurer''s liability. Then, using the lost-cost function and log-logistic theoretical distribution, the premium rate was calculated to be 18 percent. Actual premiums were calculated at four levels of coverage and for each product, the calculated amount for wheat for the cropping year 2014-15 at the coverage level of 80 percent was 2568641 IR Rials and for the barley, equal to 2410948. 1 IR Rials. The results showed that the premiums calculated in this study for both products were higher than current premiums. Therefore, it might be suggested that the concerned premiums calculated to reduce the inefficiency of the Agricultural Insurance Fund should be taken into consideration by policy makers and managers of agricultural sector.

The zero-price conundrum in drug pricing is the dilemma pharmaceutical companies face in pricing their drugs. 1 They must balance accessibility and affordability for consumers with profitability to cover research and development costs. Government and Insurance restrictions on drug prices can make profitability difficult. Conversely, recent research indicates that the pharmaceutical industry’s “Financialization” has resulted in significant allocations of funds towards share buybacks and dividends, surpassing expenditures on research and development. This trend may contribute to the elevated prices of drugs. 2

Deposit Insurance is a type of shelter for banks depositors. The main purpose of this system is stabilization of financial market and providing a situation that small and fragile bank and deposit institutions can survive in credit market. Appropriate pricing of deposit Insurance rate is necessary for realization of this goal. In this paper we use Merton option pricing model for estimating deposit Insurance rate of some Iranian private banks. For this purpose, first, banks asset value and its variance that are unobserved, were estimated with specification of maximum likelihood function. Then deposit Insurance price of each bank based on their risks were calculated. We found banking deposit Insurance premium and risk are growing. In some years, estimated deposit Insurance premium unusually was very high. This fact can be due to two events: first D/E ratio in this year was high, which means debt to equity ratio was high. Secend, banks value variance were high. Other finding of this study is that deposit Insurance premium of Iranian banks are different. This fact shows that these banks have different risk levels so, with respect to differences in deposit Insurance premium of each bank, this paper recommends that deposit Insurance system in Iran should be based on their risk levels.