Management

Risk Analysis in Finance and Insurance

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This book deals with the notion of “risk” and is devoted to analysis of risks in finance and insurance. We will study risks associated with financial and insurance contracts, by which we understand risks to be uncertainties that may result in financial loss and affect the ability to make payments associ- ated with the corresponding contracts. Our approach to this analysis is based on the development of a methodology for estimating the present value of the future payments given current financial, insurance, and other information. Us- ing this approach, one can appropriately define notions of price for a financial contract, of premium for insurance policy, and of reserve for an insurance company. Historically, financial risks were subject to elementary mathematics of finance and were treated separately from insurance risks, which were an- alyzed in actuarial science. The development of quantitative methods based on stochastic analysis is a key achievement of modern financial mathematics. These methods can be naturally extended and applied in the area of actuarial science, thus leading to unified methods of risk analysis and management.
The aim of this book is to give an accessible comprehensive introduction to the main ideas, methods, and techniques that transform risk management into a quantitative science. Because of the interdisciplinary nature of this book, many important notions and facts from mathematics, finance, and actuarial science are discussed in an appropriately simplified manner. Our goal is to present interconnections among these disciplines and to encourage our reader toward further study of the subject. We indicate some initial directions in the Bibliographic Remarks.

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Detail Information

Series Title

Risk Analysis in Finance and Insurance

Call Number

-

Publisher

USA : Taylor & Francis Group, LLC., 2012

Collation

1-324

Language

English

ISBN/ISSN

13: 978-1-4200-7053-

Classification

NONE

Content Type

-

Media Type

-

Carrier Type

-

Edition

2nd Edition

Subject(s)

Management

Specific Detail Info

-

Statement of Responsibility

-

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