Insurers have been concerned about surrenders for a long time especially in Saving business, where huge sums are at stake. The emergence of the European directive Solvency II, which promotes the development of internal risk models (among which a complete unit is dedicated to surrender risk management), strengthens the necessity to deeply study and understand this risk. In this paper we investig...

The paper analyzes one of the most common life insurance products the so-called participariflg (or with pro@) policy. This type of contract stands in contrast to UnitLinked (UL) products in that interest is credited to the policy periodically according to some mechanism which smoothes past returns on the life insurance company’s (LIC) assets. As is the case for UL products, the participating po...

Despite high numbers of cats admitted to animal shelters annually, there is surprisingly little information available about the characteristics of these cats. In this study, we examined 195,387 admissions to 33 Australian RSPCA shelters and six friends of the RSPCA groups from July 2006 to June 2010. The aims of this study were to describe the numbers and characteristics of cats entering Austra...

We study the effect of the life settlement market on the structure of long term contracts offered by the primary market for life insurance, as well as the effect on consumer welfare, using a dynamic model of life insurance with one sided commitment and bequest-driven lapsation. We show that the presence of life settlement affects the extent as well as the form of dynamic reclassification risk i...