Planning and control in insurance

Insurance is a very traditional industry in which the importance of planning, budgeting, and control has only recently been recognized. There is a lack of literature dealing with planning and control in insurance. Risk Theory has been applied to the insurance problem. Risk Theory may be described as...

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Bibliographic Details
Published inEuropean Journal of Operational Research Vol. 9; no. 2; pp. 105 - 113
Main Author van Gelder, Hans
Format Book Review Journal Article
LanguageEnglish
Published Amsterdam Elsevier B.V 01.01.1982
Elsevier
Elsevier Sequoia S.A
SeriesEuropean Journal of Operational Research
Subjects
Control
Decision making
Insurance companies
Insurance premiums
Operations research
Reinsurance
Risk
Theory
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Summary:Insurance is a very traditional industry in which the importance of planning, budgeting, and control has only recently been recognized. There is a lack of literature dealing with planning and control in insurance. Risk Theory has been applied to the insurance problem. Risk Theory may be described as a branch of actuarial mathematics. Risk Theorists have been criticized for a number of omissions in their models, for a too strict adherence to the risk process proper, and for neglect of related problems in insurance. A closer link between the ''traditional'' actuaries and the Management Science/Operational Research (MS/OR) practitioners with a combination of analytical economics, marketing, finance, and accounting, could lead to improved models which would help ordinary insurance managers to obtain a better understanding of their company, industry, clients, and markets. This could also result in better decisions and better products at a lower price.
ISSN:0377-2217
1872-6860
DOI:10.1016/0377-2217(82)90062-5