Farnaz Hooshmand; Mitra Ghanbarzadeh
Abstract
Asset-liability management (ALM) is a critical issue for insurance companies because the premiums received from policyholders should be invested according to regulatory frameworks while providing suitable profitability, and simultaneously, the insurer should fulfill its obligations to policyholders on ...
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Asset-liability management (ALM) is a critical issue for insurance companies because the premiums received from policyholders should be invested according to regulatory frameworks while providing suitable profitability, and simultaneously, the insurer should fulfill its obligations to policyholders on time. Our focus is on participating (with-profit) life insurance policies, where policyholders not only receive a guaranteed profit but also participate in the return of the insurer's investment-portfolio. Due to the risks of death and surrender, uncertainty in asset returns, the broad range of insurance products and regulations, it is difficult to make optimal decisions. In this paper, we aim to present a new multi-stage stochastic programming ALM model for with-profit life insurance policies. Compared to existing models that involve some simplifications, our model incorporates more details and is closer to reality. Specifically, our model is multi-stage and updates the amount of policies investment reserves based on the realized return of the investment-portfolio. Evaluation of the model across a variety of datasets confirms the effectiveness of the proposed model.
Asma Hamzeh; Mitra Ghanbarzadeh; Faezeh Banimostafaarab
Abstract
Usage-based Insurance (UBI) is an innovation that differs from traditional car insurance and seeks to distinguish between high-risk and low-risk drivers. The premium in this policy is calculated based on the distance traveled and telematics variables such as road type, time, speed, etc. This study measured ...
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Usage-based Insurance (UBI) is an innovation that differs from traditional car insurance and seeks to distinguish between high-risk and low-risk drivers. The premium in this policy is calculated based on the distance traveled and telematics variables such as road type, time, speed, etc. This study measured the UBI acceptance rate and the factors that influence it. Global surveys and expert opinions were used to design a questionnaire, which was then administered to 396 randomly selected respondents, meeting the requirements of Cochran's formula for indeterminate populations (at least 384). Multinomial and binary logistic regression models were employed to measure acceptance and the willingness to purchase UBI based on distance, as well as distance and driving behaviors. These investigations were carried out across five and three scenarios, respectively, considering value-added services, awareness levels, and the importance of factors. Finally, a confirmatory factor analysis model was utilized to validate the UBI acceptance model, with the indicators affirming its appropriateness. The findings suggest the need for plans to enhance the information and awareness levels of insurance policyholders regarding UBI. Additionally, variables such as providing warnings to policyholders to improve driving, policy price, awareness of UBI, awareness of providing UBIs by some insurance companies in Iran, and providing rewards/discounts are identified as influential in driving UBI purchases, warranting investment by insurance companies to boost sales.
Mitra Ghanbarzadeh; Nasrin Hozarmoghadam; Asma Hamzeh
Abstract
Since pension funds are part of the social security system and have a socio-economic function, in order to maintain the value of the insured's savings, they should invest them, which will have a direct relationship with the money market and the capital market of each country. Due to the significant ...
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Since pension funds are part of the social security system and have a socio-economic function, in order to maintain the value of the insured's savings, they should invest them, which will have a direct relationship with the money market and the capital market of each country. Due to the significant resources they have, pension funds affect the country's economic variables and, of course, are mostly affected by economic variables. This issue reveals the importance of examining how macroeconomic variables affect pension funds and the intensity of each one's impact, as well as the management of funds' resources in the face of the fluctuations of these variables. Therefore, in this paper, the impact of pension funds on economic variables in 8 countries is investigated. Based on the results obtained in this research, the variables of short-term interest rate, exchange rate, and unemployment rate have an effect on the ratio of pension fund assets to GDP (as an indicator of performance).
Parissa Ghonji; Ghadir Mahdavi; Mitra Ghanbarzadeh
Abstract
Insurance companies regularly estimate loss reserves due to delays in settling claims. These delays depend on the time taken from claim filing to settlement. The study aims to estimate reported loss reserves through cross-sectional regression using cargo insurance market data. The model considers written ...
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Insurance companies regularly estimate loss reserves due to delays in settling claims. These delays depend on the time taken from claim filing to settlement. The study aims to estimate reported loss reserves through cross-sectional regression using cargo insurance market data. The model considers written premiums, paid claims, reinsurance issued premiums, inflation rates, and return on investment. The analysis demonstrates a nonsignificant negative association between inflation rates and loss reserves, as well as a negative correlation between paid claims and loss. While revealing a statistically significant positive relationship between written premiums and loss reserves.
