Towards socially responsible (re)insurance underwriting practices: readily available ‘big data’ contributions to optimize catastrophe risk management

Ivelin Zvezdov

MPRA Paper from University Library of Munich, Germany

Abstract: Today's advances in big data technologies readily allow for storing large inter-dependent data sets of historical and modeled natural hazard and financial data and unifying their granularity and accuracy with common geo-spatial and risk-type record identifiers. This is a significant component at both single insurance account, and even more so at the larger multi-policy portfolio scale for enabling optimal and socially responsible insurance underwriting practices. This supports insurance risk transfers by creating more accurate and all-uncertainty encompassing pricing techniques, and exposes these techniques and methodologies to all market players, including insurance policy holders via transparent statistical and actuarial principles.

Keywords: Big Data; (Re)Insurance Premium Pricing; Sustainable (Re)Insurance Principles (search for similar items in EconPapers)
JEL-codes: D0 D01 G0 O3 O30 (search for similar items in EconPapers)
Date: 2016-09-26, Revised 2016-11-04
New Economics Papers: this item is included in nep-ias and nep-rmg
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:75312

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