The discriminating pricing actuary

Author: pcgh

August undefined, 2024

WebThe Discriminating (Pricing) Actuary Edward W. Frees 1, Fei Huang 2 Abstract: The insurance industry is built on risk classification, grouping insureds into homogeneous classes. Through actions such as underwriting, pricing, and so forth, it differentiates, or discriminates, among insureds. WebErrata for Defining Discrimination in Insurance (September 23, 2024) Do you have feedback on the Race and Insurance Pricing Research Series or an idea for additional topics for research on this issue? The CAS research committees are interested in your input to potential research projects.

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WebThe Discriminating (Pricing) Actuary Edward W. Frees 1, Fei Huang 2 Abstract: The insurance industry is built on risk classification, grouping insureds into homogeneous … WebMay 4, 2024 · Actuaries have responsibility for pricing insurance risk transfers and are intimately involved in other aspects of company actions and so have a keen interest in … aryamaan r chaurasia

The Discriminating (Pricing) Actuary - ResearchGate

WebJun 24, 2024 · Actuarial pricing refers to the process that actuaries use to determine the most effective price to set an insurance premium. Actuarial pricing involves assessing the potential risk of insuring clients and finding the price ranges that can accept this risk while still generating a profit. WebNov 11, 2024 · justified, “fairly discriminatory” pricing is subject to limited, enumerated legislative ... Actuarial justification is determined by a rating factor’s predictive value, not a … WebJul 27, 2024 · " Discussion on “The Discriminating (Pricing) Actuary,” by Edward W. (Jed) Frees and Fei Huang." North American Actuarial Journal , 27(1), pp. 206–207 Discussions on this article can be submitted until October 1, 2024. arya mahajan

How AI Can Help Companies Set Prices More Ethically

WebJun 4, 2024 · Our discrimination-free pricing formula can be derived by arguing from two distinct directions; we only give a summary of the technical arguments here. First, recall … WebMar 15, 2024 · Methods for Quantifying Discriminatory Effects on Protected Classes in Insurance Approaches to Address Racial Bias in Financial Services: Lessons for the Insurance Industry. Was this article... arya mahendraWebJan 1, 2024 · Recent actuarial literature discusses discrimination-free insurance pricing which aims at developing a pricing framework that is free of discrimination w.r.t. so … bangka paint design

"WebFeb 8, 2024 · She explores this in her paper: The Discriminating (Pricing) Actuary, alongside co-author Edward W. (Jed) Frees, Emeritus Professor in the Risk and Insurance … " - The discriminating pricing actuary

The discriminating pricing actuary

kul-blueBias, fairness and discrimination-free insurance pricing

WebApr 14, 2024 · Actuarial Release 23-014 - Actuarial Information Available. As of April 14, 2024 the following information is now available on the FTP site: 2024 Actuarial Data Master for the 6/30 Filing Date, YTD, and Daily Files. 2024 Actuarial Data Master for the 6/30, 9/30, 11/30 Filing Date, YTD, and Daily Files. WebApr 5, 2024 · The Casualty Actuarial Society (CAS) published two new reports March 31 to examine methods to identify and measure racial bias when pricing products like auto and …

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WebAug 6, 2024 · The financial pricing of insurance refers to the application of asset pricing theory, empirical asset pricing, actuarial science, and mathematical finance to insurance … WebThe Discriminating (Pricing) Actuary EdwardW.(Jed)Frees UniversityofWisconsin-Madison,AustralianNationalUniversity FeiHuang UniversityofNewSouthWales …

WebAug 25, 2024 · Abstract This is online supplement provides and extended abstract, a description of regulation by jurisdiction, several appendices, and an annotated bibliography. Keywords: Actuarial fairness; disparate impact; proxy discrimination; unisex classification; credit-based insurance scores; price optimization; genetic testing; big data; COVID-19 WebNov 11, 2024 · justified, “fairly discriminatory” pricing is subject to limited, enumerated legislative ... Actuarial justification is determined by a rating factor’s predictive value, not a subjective causation standard. As the American Academy of Actuaries explained to NAIC: “Any finding of causality…is a statement of theory or conjecture ...

WebThe Discriminating (Pricing) Actuary Video : Chris Dolman: Fei Huang, Edward (Jed) Frees: 1:30pm-2:30pm: Virtual Networking for those interested in international networking: 3:00pm-4:00pm: Concurrent: Claims Management and what Actuaries should know Presentation Video: Colin Yellowlees: Alisha Jones FIAA, Jacqui Goldfinch, Matt Battersby: WEEK 2 WebApr 1, 2024 · The definition of when a rate is considered “not excessive, inadequate or unfairly discriminatory” is when “it is an actuarially sound estimate of the expected value of all future costs associated with an individual risk transfer.” This is an overly simplified view and the ASOPs provide more current guidance.

WebNov 1, 2024 · Here, we mainly focus on insurance discrimination in underwriting/pricing, and we use the word “discrimination” in an entirely neutral way, taking it to mean the act of treating distinct groups differently – whether or not such discrimination can be justified based on legal, economic or ethical grounds.

WebA selection of references 8 Sources I used to put this workshop together: • Mehrabi et al. (2024),A survey on bias and fairness in machine learning, ACM Computing Surveys • Caton & Haas (2024),Fairness in machine learning: a survey • E. Frees & F. Huang (2024),The discriminating (pricing) actuary, North American Actuarial Journal • M. Lindholm, R. … bangkarotaWebHugh Miller summarises the key takeaways from the cross-practice Concurrent session ‘The Discriminating (Pricing) Actuary’ at the 2024 All-Actuaries Virtual Summit. Insurance has always relied on finding a balance on the appropriate level of discrimination. arya maitreya mandalaWebAug 6, 2024 · The Discriminating (Pricing) Actuary 1. INTRODUCTION. Discrimination is a topic that touches on the daily lives of almost every person. The word... 2. SOCIAL JUSTICE CONSIDERATIONS. What Is Actuarial Fairness? To understand what is unfair … arya mahila samaj founder