Insurability of non-life risks

Insurability of non-life risks

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Speaker(s): Maria Heep-Altiner (Cologne University of Applied Science)

All over the world, individuals and entities are exposed to risk defined as a negative deviation from their "normal" expectations - sometimes with very high economic impacts. In this context, "insurability" implies that there exists an efficient mechanism to create a collective for risk mitigation.

Because of the high relevance, the Non-Life Committee of the German Actuarial Association (DAV) has formed a task force to deal with the insurability of non-life risks in more detail. In this presentation, the most important results of the task force will be provided.

Theoretically, it can be distinguished between (pure) "privately" or "publicly" organized mechanisms. In practice, there exist very often "hybrid" solutions. Nevertheless, there are circumstances that promote private solutions and others that rather require public solutions because (profit-oriented) private solutions will probably fail in those cases.

Additional to a more general treatment of risk mitigation, particular features of non-life insurance will be presented and discussed. Especially, general requirements, techniques, and methods are outlined. Furthermore, examples for certain lines of business and special non-life risks are presented. Additionally, with respect to non-life risks, possible future developments will be discussed.

This presentation is of high relevance for all non-life actuaries. Furthermore, the presentation should provide clarification for all discussions with the public. There are very often public requirements that profit-oriented private solutions won't be able to realize. A specification of the conditions for private or public solutions will be helpful to have the discussions in a more rational way. Thus, this presentation is also of a high practical relevance.

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