A Financial Approach to Insurance Economics

This article aims to introduce basic financial applications in insurance economics. Financial modeling is one of the most growing fields of insurance research. Major progress in understanding important relationships between insurance pricing and insurance markets is achieved through integration of financial theories and statistical models of insurance. This is especially urgent in the light of a more deregulated European insurance market. The European insurance market will in the near future be more competitive (Eisen et al. 1993). The structure of insurance institutions will thereby be determined by their market performance, how they succeed in insurance pricing, portfolio investment and organizational efficiency. The financial models of insurance in this article will hopefully shed some light on how insurance policies are valued in a competitive market.

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