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How is insurance premium calculated , especially credit risk insurance?. (This is for a non life business)? |
How is insurance premium calculated , especially credit risk insurance?. (This is for a non life business)? Well, it varies from state to state, and with the policy type. Would you like a homeowners example, or an auto example? This is done by actuaries calculated the risk that the policy will have to be paid for a given population. The rates are set using these calculations. All are based on probability. Actuaries look at their total claims and premium experience, adjust the claims experience to future conditions (for inflation, etc.), adjust the premium experience to future conditions (to adjust to the current set of rates being used), factor in company expenses and a desired profit loading, and then claculate what the new rates should be to achieve this desired profit. |
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