Introduction to Insurance Mathematics Technical and Financial Featur
The book aims at presenting technical and financial features of life insurance, non-life insurance, pension plans. The book has been planned assuming non-actuarial readers as its “natural” target, namely - advanced undergraduate and graduate students in E
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Annamaria Olivieri · Ermanno Pitacco
Introduction to Insurance Mathematics Technical and Financial Features of Risk Transfers
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Annamaria Olivieri Universit`a di Parma Dipartimento di Economia via Kennedy 6 43125 Parma Italy [email protected]
Ermanno Pitacco Universit`a di Trieste Dipartimento di Scienze Economiche, Aziendali, Matematiche e Statistiche piazzale Europa 1 34127 Trieste Italy [email protected]
ISBN 978-3-642-16028-8 e-ISBN 978-3-642-16029-5 DOI 10.1007/978-3-642-16029-5 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2010938965
Mathematics Subject Classification (2010): 91B30 c Springer-Verlag Berlin Heidelberg 2011 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign GmbH, Heidelberg Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
This book aims at introducing technical and financial aspects of the insurance business, with a special emphasis on the actuarial valuation of insurance products. While most of the presentation concerns life insurance, also non-life insurance is addressed, as well as pension plans. The book has been planned assuming as target readers: • advanced undergraduate and graduate students in Economics, Business and Finance; • advanced undergraduate students in Mathematics and Statistics, possibly aiming at attending, after graduation, actuarial courses at a master level; • professionals and technicians operating in insurance and pension areas, whose job may regard investments, risk analysis, financial reporting, and so on, hence implying communication with actuarial professionals and managers. Given the assumed target, the use of complex mathematical tools has been avoided. In this sense, the book can be placed at some “midpoint” of the existing literature, part of which adopts more formal approaches to insurance problems, which implies the use of non-elementary mathematics and calculus, whereas another part addresses practical questions totally avoiding even basic mathematics (which, in our opinion, can conversely provide effective tools for presenting technical and financial features of the insurance business). We assume that the reader has atten
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