4. Actuarial risk modeling, measurement and comparison
4.1 The need to integrate risk into business strategy and objectives
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Overview
Banks and insurance companies buy, sell and transform risks at specific prices. A bank also has to calculate its exposure to market risk on thousands or even millions of variables every day. This is also the case for insurance and reinsurance companies, as they manage their financial assets and hedge their risks on the liabilities side. These same companies also need measures to calculate the risk exposure of contracts and to price the risk. For a given line of business or class of business, insurers, reinsurers and retrocessionaires, through cession and/or acceptance operations, reduce their customers' exposure to certain risks, transfer this risk to their...
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Actuarial risk modeling, measurement and comparison
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