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Reserve set aside for future insurance liabilities
In insurance, an actuarial reserve is a reserve set aside for future insurance liabilities. It is generally equal to the actuarial present value of the
Actuarial_reserves
Statistics applied to risk in insurance and other financial products
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment, psychology
Actuarial_science
Topics referred to by the same term
the underlying concept Reserve (accounting), any part of shareholders' equity, except for basic share capital Actuarial reserves, a liability equal to
Reserve
Analyst of business risk and uncertainty
Eric V. (2006) [2001]. "6: Commutation Functions, Reserves & Select Mortality" (PDF). Actuarial Mathematics and Life-Table Statistics (PDF). pp. 149–150
Actuary
expected future claims) of the company. Statutory reserves are a type of actuarial reserve. Statutory reserves are intended to ensure that insurance companies
Statutory_reserve
Process of estimating what something is worth, used in the finance industry
recognizing regulatory differences: Insurance companies: embedded value and actuarial reserves Banking sector: net interest margin and provision for credit losses
Valuation_(finance)
Loss reserving is the calculation of the required reserves for a tranche of insurance business, including outstanding claims reserves. Typically, the claims
Loss_reserving
American financial criminal (born 1954)
proven losses to insurance companies he bought then looted their actuarial reserves; the sentence was reaffirmed in 2006. Marty Frankel was born to Leon
Martin_Frankel
Expected present value of life-contingent cash flows
The actuarial present value (APV) is the expected value of the present value of future payments whose timing or amount depends on uncertain events such
Actuarial_present_value
Actuarial reinsurance premium calculation uses the similar mathematical tools as actuarial insurance premium. Nevertheless, Catastrophe modeling, Systematic
Reinsurance_Actuarial_Premium
To become a qualified actuary, the actuarial credentialing and exam process usually requires passing a series of professional examinations over a period
Actuarial credentialing and exams
Actuarial_credentialing_and_exams
Insurance purchased by an insurance company
standards are the same, the reinsurer may be able to hold smaller actuarial reserves than the cedent if it thinks the premiums charged by the cedent are
Reinsurance
Loss reserving method in actuarial science
The chain-ladder or development method is a prominent actuarial loss reserving technique. The chain-ladder method is used in both the property and casualty
Chain-ladder_method
North American professional society
The Casualty Actuarial Society (CAS) is a leading international professional society of actuaries, based in North America, and specializing in property
Casualty_Actuarial_Society
Table which shows probability of death at various ages
In actuarial science and demography, a life table (also called a mortality table or actuarial table) is a table which shows, for each age, the probability
Life_table
Estimated amount owed by an insurer on claims not yet reported
implementation of Solvency II, stochastic claims reserving methods have become more common. Loss reserving Actuarial science "Archived copy". Archived from the
Incurred_but_not_reported
in actuarial science that describes the allocation of the variance or risk of the loss random variable over the lifetime of an actuarial reserve. In
Hattendorff's_theorem
Belgian real estate company
in over ten countries. To diversify its holdings and support its actuarial reserves Fortis has continuously invested in real estate. Since its creation
AG_Real_Estate
Contributory, earnings-related social insurance program
2017 Annual Report 21st Actuarial Report (as at December 31, 2003) 23rd Actuarial Report (as at December 31, 2006) 25th Actuarial Report (as at December
Canada_Pension_Plan
Definition - Investopedia". Norrick, Brad (January 2012). "Demystifying Actuarial Reports" (PDF). "Workers' Comp: An Introductory View into Loss Sensitive
Loss_development_factor
Global insurance broking and advisory company
risk advisory, employee benefits and rewards consulting, retirement and actuarial services, and investment advice for pension funds and institutional investors
Willis_Towers_Watson
Probability modelling tool
estimates of claim reserves. See J Li's article "Comparison of Stochastic Reserving Models" (published in the Australian Actuarial Journal, volume 12
Stochastic modelling (insurance)
Stochastic_modelling_(insurance)
American professional services company
firm that provided risk management services, human resource consulting, actuarial services, and investment management. The company operated in 37 countries
Towers_Watson
New York City-based multinational property and casualty insurance company
actuarial process for estimating loss reserves failed to disclose the company’s process for reporting its management’s best estimate of loss reserves
AmTrust_Financial_Services
profits plus adjusted net asset value. It is a construct from the field of actuarial science which allows insurance companies to be valued. Life insurance
Embedded_value
Branch of statistics focusing on large deviations
widely used in many disciplines, such as structural engineering, finance, actuarial science, economics, earth sciences, traffic prediction, and geological
Extreme_value_theory
Series of payments made at equal intervals
experience. Actuarial practice changed annuity business because long-duration promises required mortality tables, interest assumptions, reserves, and solvency
Annuity
Method for calculating loss reserves
Basic Techniques" (PDF). casact.org. Retrieved 19 August 2023. "Casualty Actuarial Society | Ronald Bornhuetter – in Memoriam". Archived from the original
Bornhuetter–Ferguson_method
Probability distribution
is used to describe social, quality control, scientific, geophysical, actuarial, and many other types of observable phenomena; the principle originally
Pareto_distribution
Insurance company in Florida, United States
reserves and reinsurance to cover a once in 100-year storm. Many firms in past years purchased less, and if claims exceeded reinsurance and reserves,
Citizens Property Insurance Corporation
Citizens_Property_Insurance_Corporation
U.S. public employee retirement and disability fund
after August 29, 2003. This further reduced pension sought to bring state actuarial liabilities in line with employer contributions by raising the retirement
Oregon Public Employees Retirement System
Oregon_Public_Employees_Retirement_System
the Actuarial Society of America, 1919 Premiums and reserves for non-cancellable accident and health policies, by E.E. Cammack, Casualty Actuarial Society
E._E._Cammack
Permanent life insurance with fixed premiums and guaranteed cash-value accumulation
values, and death benefits) are fixed at issue. The insurer assumes all actuarial risk regarding mortality rates, administrative costs, and investment performance
Whole_life_insurance
American-Latvian philosopher and theologian
Surrounding Zillmer Reserves. (with William Roach). Actuarial Research Clearing House. 1991 Vol. 1. August Zillmer, an actuary with less reserve. The Actuary
Gunnar_Alksnis
UK professional body
worked very closely together, and their professional qualifications and actuarial standards were identical. On 25 May 2010, voting members of the institute
Institute_of_Actuaries
Commercial bank in Zimbabwe
unbundled service. It offers consultancy, pension fund administration, actuarial, underwriting and investment management services. ZB Bank Limited offers
ZB_Bank_Limited
Economics term
charge. The CVA charge may be seen as an accounting adjustment made to reserve a portion of profits on uncollateralized financial derivatives. These reserved
Credit_valuation_adjustment
Concept in financial mathematics
management and insurance, risk measures are often used to determine capital reserve requirements to mitigate downside risk to make it acceptable to regulators
Risk_measure
multiple (AHCM) is a commonly used actuarial measure of Unemployment Trust Fund adequacy. Technically, AHCM is defined as reserve ratio (i.e., the balance of
Average_high_cost_multiple
Theory in gerontology
change in the hazard rate are small), but other methods, such as the "actuarial estimate", yield bias (especially due to concavity of an exponential function
Late-life mortality deceleration
Late-life_mortality_deceleration
Risk measure estimating the average loss in the worst tail of the distribution
distributions. Risk measures are used both in mathematical finance and in actuarial science, and the value-at-risk and expected shortfall measures are often
Expected_shortfall
American actor (born 1936)
three siblings: Jonathan Douglas, a retired professor of statistics and actuarial science at The University of Iowa, Daniel Walter Cryer, author of a biography
David_Cryer
British life insurance company
1775 and served until 1830. In 1776 the Society carried out the first actuarial valuation of liabilities and subsequently distributed the first reversionary
The Equitable Life Assurance Society
The_Equitable_Life_Assurance_Society
American investment management firm
Retrieved June 20, 2013. "Barings celebrates 250th anniversary". UK: Actuarial Post. Retrieved June 20, 2013. "Barings Enters Korea's Asset Management
Barings_LLC
Risk class in finance
(2006). "On joint and separate history of probability, statistics and actuarial science". In Liksi; et al. (eds.). Festschrift for Tarmo Pukkila on his
Model_risk
American reinsurance company
Reinsurance" (PDF). 1929-30 Proceedings of the Casualty Actuarial Society. Vol. XVI. Casualty Actuarial Society. Retrieved 8 April 2022. Martin, Jonathan;
Gen_Re
American financial services company
Hidden Dangers of Historical Simulation, Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series, 2001. Jeremy Berkowitz
RiskMetrics
Retirement fund
Security Act of 1974, any reduction factor less than or equal to the actuarial early retirement reduction factor is acceptable. Many DB plans include
Pension
Insurance that protects against the loss of crops or crop related revenues
and Germany. That is among the earliest forms of hail insurance from an actuarial perspective. It is possible to implement the hail risk into financial
Crop_insurance
American retirement system
the COVID-19 pandemic. With regard to actuarial balance, the Social Security Trustees estimate a 75-year actuarial deficit of 3.61 percent of payroll. This
Social Security (United States)
Social_Security_(United_States)
Modelling financial risks
risk modeling to help portfolio managers assess the amount of capital reserves to maintain, and to help guide their purchases and sales of various classes
Financial_risk_modeling
territories by life expectancy List of European regions by life expectancy "Actuarial Life Table". U.S. Social Security Administration Office of Chief Actuary
List of U.S. states and territories by life expectancy
List_of_U.S._states_and_territories_by_life_expectancy
Associate of the Casualty Actuarial Society ACAS Casualty Actuarial Society Fellow of the Casualty Actuarial Society FCAS Casualty Actuarial Society Member of
List of professional designations in the United States
List_of_professional_designations_in_the_United_States
Investment strategy
Warrant of payment Banking Central bank Deposit account Fractional-reserve Full-reserve Investment banking Loan Money supply Lists of banks Bank regulation
Asset_allocation
Bond issued by a government
2025. Lewin, C. G. (2019). "The emergence of compound interest". British Actuarial Journal. 24. doi:10.1017/S1357321719000254. Retrieved 30 August 2025.
Government_bond
Tendency in the insurance industry
"Underwriting cycles and business strategies". Proceedings of the Casualty Actuarial Society. 88: 175–235. Boyer, M. Martin; Jacquier, Eric; Van Norden, Simon
Insurance_cycle
Scottish professional body
representing actuaries in Scotland. The Faculty of Actuaries was one of two actuarial bodies in the UK, the other was the Institute of Actuaries, which was
Faculty_of_Actuaries
Indemnification insurance for a prize promotion
participants are offered the chance to win prizes. Instead of keeping cash reserves to cover large prizes, the promoter pays a premium to an insurance company
Prize_indemnity_insurance
Species of large cat
Müller, P.; Sliwa, A.; Siberchicot, A. & Douay, G. (2021). "Sex-specific actuarial and reproductive senescence in zoo-housed tiger (Panthera tigris): The
Tiger
Framework for managing risks arising from mismatches between assets and liabilities
related to Asset liability management. Society of Actuaries Professional Actuarial Specialty Guide describing Asset Liability Management[dead link] Asset-Liability
Asset and liability management
Asset_and_liability_management
2007 mortgage crisis in the United States
initially fueled by a global pool of reserves valued at approximately U.S.$70 trillion. A significant portion of these reserves was utilized by investment banks
Subprime_mortgage_crisis
US National Historic Landmark in St. Louis, Missouri
thing on top of another. In this arch, everything is curved." Although an actuarial firm predicted thirteen workers would die while building the arch, no
Gateway_Arch
losses such as these overwhelmed even Lloyd's extended process. Actuarial science Loss reserving Luessenhop, Elizabeth (1995). Risky Business. New York: Scribner
Reinsurance_to_close
Canadian regulatory agency
Actuary, an independent unit operating within OSFI, provides a range of actuarial valuation and advisory services to the Government of Canada. The OSFI
Office of the Superintendent of Financial Institutions
Office_of_the_Superintendent_of_Financial_Institutions
Organisation of the Government of India
High Empowered Monitoring Committee as well as taking into account the actuarial evaluation of the Employees' Pension Fund. Some of the important amendments
Employees' Provident Fund Organisation
Employees'_Provident_Fund_Organisation
Spanish economist of the Austrian School (born 1956)
and a PhD in economics in 1992, from Complutense University. His MBA in actuarial science is from Stanford University, 1985. In 2000, he became a full professor
Jesús_Huerta_de_Soto
Worldwide economic crisis
Donnelly, Catherine; Embrechts, Paul (May 2010). "The Devil is in the Tails: Actuarial Mathematics and the Subprime Mortgage Crisis". ASTIN Bulletin. 40 (1):
2008_financial_crisis
Protection from financial loss
payout for these claims. The most complicated aspect of insuring is the actuarial science of ratemaking (price-setting) of policies, which uses statistics
Insurance
U.S. federal healthcare statute
only risk adjustment was permanent. Plans with low actuarial risk compensate plans with high actuarial risk. ACA revised and expanded Medicaid eligibility
Affordable_Care_Act
Statistical techniques analyzing facts to make predictions about unknown events
be used to mitigate moral hazard and prevent accidents from occurring. Actuarial science Artificial intelligence in healthcare Analytical procedures (finance
Predictive_analytics
Regulatory body of the Government of India
early 1990s. In 1993, the government set up a committee chaired by former Reserve Bank of India governor R. N. Malhotra to propose recommendations for insurance
Insurance Regulatory and Development Authority
Insurance_Regulatory_and_Development_Authority
British multinational professional services and accounting company
Worldwide Key people Gary Wingrove (Global Chairman and CEO) Services Actuarial Assurance Financial/Legal/Tax advice Consulting Revenue US$38.4 billion
KPMG
the period when services are received. Provide information about the actuarial liabilities for the promised benefits. Provide information useful in assessing
GASB_45
Constituent college of the University of Georgia in Athens, Georgia, USA
annually enrolled in the program. The Actuarial Science Certificate Program is designed to prepare students for an actuarial career. Actuaries apply mathematical
Terry_College_of_Business
Protecting economic value by managing risk exposure
assumptions re claim frequency and severity — reserves are set aside (actuarial, with statutory reserves as a floor). These will cover both known claims
Financial_risk_management
typical resident's expected lifetime in the community, i.e., the simple actuarial model. In 2010, the US Government Accountability Office (GAO) reported
Continuing care retirement communities in the United States
Continuing_care_retirement_communities_in_the_United_States
Mathematical model as an economic concept
good state multiplied by utility of being in a good state. Similarly, actuarially fair insurance can also be modeled: E U = ( 1 − q ) ∗ U ( W − p ) + q
Consumption_smoothing
Non-life insurance policies
written in 2005 followed by the European Union Insurance Outstanding claims reserves "London Market". 12 January 2014. Archived from the original on 2009-03-03
General_insurance
US government health insurance program
Academy of Actuaries, January 2002. "Social Insurance", Actuarial Standard of Practice No. 32, Actuarial Standards Board, January 1998 Pear, Robert (May 31
Medicare_(United_States)
Suspension of contractual obligations during extreme circumstances
company should be doing extensive exploration and analysis of its geological reserves and should not even be negotiating a coal-supply agreement if it cannot
Force_majeure
Application of mathematical and statistical methods in finance
(or arbitrage-pricing probability), denoted by "Q", and the actual (or actuarial) probability, denoted by "P". The goal of derivatives pricing is to determine
Mathematical_finance
Percentage of a sum of money charged for its use
and Denmark have set negative interest on reserves—that is to say, they have charged interest on reserves. In July 2009, Sweden's central bank, the Riksbank
Interest_rate
Wagering something of value on a random event
is a method of shifting risk from one party to another. Insurers use actuarial methods to calculate appropriate premiums, which is similar to calculating
Gambling
Financial swap agreement in case of default
Insurers manage risk primarily by setting loss reserves based on the Law of large numbers and actuarial analysis. Dealers in CDSs manage risk primarily
Credit_default_swap
Possibility of something bad happening
Power Stations (PDF) (2nd ed.). Health and Safety Executive. 1992. Federal Reserve Bank of Chicago, Health and the Savings of Insured versus Uninsured, Working-Age
Risk
American insurance rating service
companies. Demotech was founded in 1985 to provide financial analysis of, and actuarial services for, niche markets ignored by the Big Three credit rating agencies
Demotech
Type of financial asset
securities (ILS) life market, post financial crisis." 2009 East Asian Actuarial Conference. (2009): 14. Print. Artemis Catastrophe Bond Deal Directory
Insurance-linked_security
Condition negatively affecting an organism
conditions, such as schizophrenia and substance abuse. In epidemiology and actuarial science, the term morbidity (also morbidity rate or morbidity frequency)
Disease
known as Unemployment Insurance Benefit Financing Model (UIBFM), is an actuarial forecasting model designed to help analysts project the condition of Unemployment
Benefit_financing_model
Age at which a person expects or requires to retire
legion and four years in the reserves. This was later increased to 20 years in a legion and five years in the reserves. The first retirement age was
Retirement_age
State-run property insurance program in California
2024, FAIR Plan president Victoria Roach stated: "Our rates are never actuarially sound because all of our expenses are not included in that ratemaking
California_FAIR_Plan
Academic discipline studying businesses and investments
while risk and portfolio management generally use physical (or actual or actuarial) probability, denoted by "P". These are interrelated through the above
Finance
Insurance providing income protection when a disability prevents a person from working
Tables for Insured Workers Who Attain Age 20 in 2025 (PDF) (Report). Actuarial Note. Baltimore, Maryland: Social Security Administration, Office of the
Disability_insurance
British-born, Zimbabwean-raised actuary
wanted to become a pilot and later succeeded in gaining admission to study Actuarial Science at the London School of Economics but she could not complete due
Marjorie_Ngwenya
plans: a visual essay" (PDF). Monthly Labor Review. Retrieved 2020-04-26. "Actuarial Life Table". U.S. Social Security Administration Office of Chief Actuary
Pensions_in_the_United_States
Risk-linked securities
Bonds: A Primer and Retrospective". Chicago Fed Letter. 2018 (405). Federal Reserve Bank of Chicago. doi:10.21033/cfl-2018-405. ISSN 0895-0164. Retrieved November
Catastrophe_bond
Insurance market in England
money to hold in reserve for its known liabilities and its estimated unknown liabilities, and each may choose to release some of its reserves for prior-year
Lloyd's_of_London
History of political imprisonment in the United States
function of law Labeling theory Psychopathy Rational choice Risk and actuarial criminology Social control Social learning Strain Subculture Symbolic
Political prisoners in the United States
Political_prisoners_in_the_United_States
Lack of quantifiable knowledge in economics
Financial Stability: A Framework for Building Resilience" (PDF). US Federal Reserve. Retrieved June 20, 2025. This article incorporates text from this source
Knightian_uncertainty
American politician (born 1974)
scholarship. After graduating in 1996 with a degree in statistics and actuarial science, Osborn was commissioned as an ensign in the United States Navy
Shane_Osborn
travel, tourism, insurance
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travel, tourism, insurance