Actuarial Study On Non-traditional Life Insurance

Actuary is essential to the insurance industry. In China , The non-traditional life insurance has a history less than 10 years , it's at the initial stage , so it's impendent and important to study on modeling,pricing,reserve valuation and factor analysis.In this dissertation,the main method is quantitative analysis with the combination of a little qualitative analysis.The author focuses on constructing the mathematical model of non-traditional life insurance on the basis of traditional actuary and Financial Engineering theory,pricing the model,valuing reserve,analyzing risk factors,especially studying the effect of new life table,giving suggestions to the regulatory body.The dissertation consists of five chapters. In chapter one , the author reviews the relative literatures,especially the actuarial study one the non-traditional life insur-ance. In chapter two and three,the Participating and equity-linked life insurance are modeled mathematically ,priced with the option pricing theory proposed by Cox,Ross and Rubinstein . In chapter four,the author decomposes the reserve of non-traditional life insurance,employs the past method to calculate each part and gives suggestions. In chapter five,numerical simulation is employed to analyze the risk factors in the view of quantity and suggestions are proposed.Innovations in the dissertation are as follows:(1)improving the traditional actuarial model with the option frame,pricing the model with the method proposed by Cox,Ross and Rubinstein;(2)calculating the equilibrium riskless interest rate with rates data of federal bonds in the past decades,on the basis of it,pricing the non-traditional model and giving suggestions;(3)employing the numerical simulation to analyze the risk factors , especially the effect of new life table;(4)on the basis of reserve valuation,proposing suggestions to the regulatory body.