Insurance Valuation: How to Price Uncertainty?

Roberto Moro-Visconti ()
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Roberto Moro-Visconti: Catholic University of the Sacred Heart

Chapter 17 in Augmented Corporate Valuation, 2026, pp 729-767 from Springer

Abstract: Abstract This chapter establishes a comprehensive framework for valuing insurance companies that integrates actuarial, financial, and regulatory perspectives. It explains why traditional DCF methods fail for insurers and proposes models grounded in underwriting discipline, reserve adequacy, and investment management. Life insurance valuation relies on embedded value and value of new business, while property and casualty valuation depends on combined ratios and reserve integrity. The chapter emphasizes IFRS 17 and Solvency II as catalysts for transparency, framing insurance valuation as a disciplined process of quantifying uncertainty, solvency, and capital resilience.

Keywords: Embedded value; Reserve adequacy; Solvency regulation; Risk; Actuarial uncertainty (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-032-17903-6_17

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DOI: 10.1007/978-3-032-17903-6_17

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