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Risk = Claims + Pricing + Legal + Reinsurance + Reinvestment, Income =…
Risk =
Claims + Pricing + Legal + Reinsurance + Reinvestment
Loss from Reinsurance
loss from counterparty default
loss due to residual risk
Loss from Reinvestment
credit risk
market risk
liquidity risk
economic risk
political risk
Loss incurred due to claims origin
True claims
True claim identified as True
Sufficient Reserve Funds to settle
Legal compliance in claim settlement
Capital depletion
True claim identified as False
Legal fees due to claim misidentification
False claims
False claim identified as false
no risk
False claim identified as True
Reserve Funds depletion
Loss of capital
Loss incurred due to pricing (forecast-cost)
Wrong assumption of risk level
Insufficient premium rate for the risk covered
Pricing strategy not evolving with changing trends
Incompetent pricing as per industry benchmark
Non compliance with regulatory standards
Loss due to Legal/Regulatory consequences
Under Reserving
Expense Reserve
Loss Reserve (IBNR, RBNS)
Catastrophe Reserve
Non compliance with reporting standards
Inaccurate Rate Filing
Reserving Analyses Reports
SOAs
Actuarial Memos
Insufficient capital for solvency
SCR
Income = Premiums + Investment Return -