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Determination of Fair Underwriting Return for Property and Liability Insurance Industry
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- Authors
- Issue Date
- 1997-06
- Publisher
- 서울대학교 경영대학 경영연구소
- Citation
- 경영논집, Vol.31 No.1/2, pp. 202-220
- Keywords
- 202-220
- Description
- 1997-06
- Abstract
- There have been substantial debates and controversies about whether to allow for investment income in setting rates for property and liability insurers. The debate began
at least as early as 1919 when a resolution was introduced at the National Convention of
Insurance Commissioners to determine the extent to which investment income should be
considered in ratemaking. After two years' debate the so-called 1921 Standard Profit Formula was adopted by the NAIC. That formula provided that fire insurers were entitled to a 5 percent underwriting profit and no part of investment income should be
considered in ratemaking process (Webb, 1979). No explanation was given to indicate how the percentage was derived.
- ISSN
- 1229-0491
- Language
- English
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