Insurance vs. loss prevention - an actuarial approach

Insurance vs. loss prevention - an actuarial approach

Typical activities of a risk manager are loss prevention and risk transfer (e.g. by taking insurance). In this paper we present a model by which risk managers are enabled to find an optimal combination of loss prevention and insurance taking. This approach is built upon the collective model of risk...

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Veröffentlicht in:Insurance, mathematics & economics mathematics & economics, 1990-09, Vol.9 (2), p.179-184
1. Verfasser: Heilmann, W.-R.
Format: Artikel
Sprache:eng
Schlagworte:
Expected utility
Expenses
Insurance
Risk management
Risk theory
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Zusammenfassung:Typical activities of a risk manager are loss prevention and risk transfer (e.g. by taking insurance). In this paper we present a model by which risk managers are enabled to find an optimal combination of loss prevention and insurance taking. This approach is built upon the collective model of risk theory and the Bernoulli principle of decision theory.
ISSN:0167-6687
1873-5959
DOI:10.1016/0167-6687(90)90032-9