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By Browers Gerber Hickman

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This is not so, however, in the case of general business, where the methodology is seriously underdeveloped. Considerable work needs to be done here. The Working Party whose work is reported in Daykin et al (1985) have produced a version of the model which can be run on a personal computer which, it is hoped, will encourage research in this area. In addition, the inter-action of asset and liability models requires more attention. 29 On the asset side, there is also need for work to be done. We have been able to take advantage of the pioneering work of Professor Wilkie in this respect, but his research has related primarily to equities and undated Government Bonds and is also concerned with time scales that are appropriate to life rather than non-life business.

Portion uncertain in respect of time and amount. General Insurance Timing & amount highly uncertain. Significant proportion uncertain in respect of time and amount. In summary, we would argue that there is an underlying structure which is common to all types of insurance contract, be they life, pensions or general business. In all cases, the insurer is involved in entering into a contract which commits him to make certain future payments to policyholders The insurer invests in assets, under certain conditions.

Under the classical model, the funds of the office will be invested in fixed interest bonds with a high degree of security, for example, Government securities. Such securities will have a fixed rate of interest and a determinate repayment date and, because of the high degree of security, the risk of default is practically negligible. 8 Hence, the future returns on assets can be assessed with relative certainty. Redington (1951) demonstrated that by considering the projected future cash flows it is possible to test whether a fund is protected against developing a deficiency in the event of the assets and liabilities being mismatched and the occurrence of a general change in interest rates.

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