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Financial Engineering Methods In Insurance

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Executive Summary

The aim of this paper is to apply specific statistical tools known and used in finance and risk management to the area of actuarial mathematics. The need for an interdisciplinary approach in both actuarial world and risk management has emerged and has recently been addressed by numerous publications as well as in scientific and professional events and meetings within the actuarial world. This approach is a must in a sophisticated market with complex financial instruments. Examples of such an approach include equity-linked life insurance contracts, options on mortality, and attempts to implement methodologies like Risk Adjusted Return on Capital as a principal pricing rule by more and more insurance companies.

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