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Actuarial science

What gets measured and what gets reserved: pricing, development triangles, loss distributions, capital models, and the biases each of those tools carries with it.

116 terms

A priori loss ratio Acquisition costs Actuarial fairness Actuarial non-stationarity Adverse selection Aggregation of capital requirements Allocated loss adjustment expenses (ALAE)As-if restating Average claim cost Benktander method Berliner criteria Biometric assumptions Bornhuetter-Ferguson method Buhlmann credibility Cape Cod method Capital allocation Capping (large loss capping)Catastrophe model (cat model)CDF: Cumulative development factor Chain ladder Claim frequency Claims inflation Claims reserves Clayton copula Climate stress test Climate-conditioned PML Coherent risk measure Compound Poisson distribution Copula Cramer-Lundberg model Credibility theory Cyber risk quantification (CRQ)Damage ratio Deviance Earned premiums Economic capital Endogeneity Exceedance probability Expense ratio Exposure Exposure curve Exposure rating Extreme value theory Fairness through unawareness Fat-tailed distribution First loss scale Frequency and severity Generalized additive model Generalized linear model (GLM)Generalized Pareto distribution Gross premium Gumbel copula Hill estimator Increased limit factors Incurred losses Indexation Indirect discrimination Investment income IPCC SSP scenarios Kendall tau and Spearman rho Knightian uncertainty Law of large numbers in insurance LDF: Loss development factor Link function Lognormal distribution Loss adjustment expenses (LAE)Loss development triangle (chain ladder)Mack method MBBEFD curve Mean excess plot Model risk Monte Carlo simulation Moral hazard Mortality improvement trend Munich chain ladder Natural hedge Negative binomial distribution NGFS scenarios No-claims discount Operating ratio ORSA (Own Risk and Solvency Assessment)Over-dispersed Poisson bootstrap Paid and incurred triangles Panjer recursion Peaks over threshold Prior-year reserve development Probable Maximum Loss (PML) / Estimated Maximum Loss (EML)Pure premium Rating relativity Rating segmentation Regulatory correlation matrix Return period Risk horizon Risk loading Ruin theory Secondary perils Severity Solvency Capital Requirement (SCR)Solvency II internal model Solvency II standard formula Student t copula Tail correlation Tail development factor Territorial rating Tragedy of the commons Trend Trend risk Tweedie family Ultimate loss Unallocated loss adjustment expenses (ULAE)Under-reserving Undertaking specific parameter Unearned premium reserve Value at Risk and Tail Value at Risk (VaR, TVaR)Veil of ignorance Written premiums

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