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At the Annual Meetings in Singapore, the Board of Governors approved a program of quota and voice reforms (Resolution 61-5) that aims to enhance the effectiveness and credibility of the Fund. This report responds to that request and reflects the extensive discussions by the Executive Board over the past year on the reform agenda agreed in Singapore.

Credibility theory (Insurance)

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Actuarial mathematics --- Insurance, Life --- Insurance --- Assurance --- Mathematics --- Congresses --- Mathématiques --- Congrès --- Credibility theory (Insurance) --- Congresses. --- Life insurance --- Mathématiques --- Congrès --- Credibility theory (Insurance) - Congresses. --- Insurance, Life - Mathematics - Congresses.

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The book is aimed at teachers and students as well as practising experts in the financial area, in particular at actuaries in the field of property-casualty insurance, life insurance, reinsurance and insurance supervision. Persons working in the wider world of finance will also find many relevant ideas and examples even though credibility methods have not yet been widely applied here. The text combines scientific rigour with direct practical applicability. It is based on courses given by the two authors at ETH Zürich. These courses have undergone considerable changes over time. "A Course in Credibility Theory and its Applications" is the final product of this evolution. It covers the subject of Credibility Theory extensively and includes most aspects of this topic from the simplest case to the most general dynamic model. The first four chapters contain plenty of material for a first course on Credibility. The whole text is intended as a full one year course at intermediate to advanced level. Credibility is a lifeless topic if it is not linked closely to practical applications. The book therefore treats explicitly the tasks which the actuary encounters in his daily work such as estimation of loss ratios, claim frequencies and claim sizes. The models are worked out in detail (including the estimation of structural parameters) so that they can immediately be applied in practice. Most exercises are based on real insurance data and real situations from practice and many of them have the characteristics of a case study. The extension to practical problems arising from the general area of finance is often quite straightforward. This book deserves a place on the bookshelf of every actuary and mathematician who works, teaches or does research in the area of insurance and finance.

Credibility theory (Insurance) --- Théorie de la crédibilité (Assurance) --- Credibility theory (Insurance). --- Econometrische modellen. --- Grootste aannemelijkheid. --- Schattingstheorie. --- Insurance --- Economic Theory --- Finance --- Business & Economics --- Théorie de la crédibilité (Assurance) --- EPUB-LIV-FT LIVMATHE SPRINGER-B --- Mathematics. --- Economics, Mathematical. --- Statistics. --- Quantitative Finance. --- Statistics for Business/Economics/Mathematical Finance/Insurance. --- Statistical methods --- Finance. --- Statistics for Business, Management, Economics, Finance, Insurance. --- Funding --- Funds --- Economics --- Currency question --- Statistical analysis --- Statistical data --- Statistical science --- Mathematics --- Econometrics --- Economics, Mathematical . --- Statistics . --- Mathematical economics --- Methodology

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Credibility is the bedrock of any crisis stress test. The use of stress tests to manage systemic risk was introduced by the U.S. authorities in 2009 in the form of the Supervisory Capital Assessment Program. Since then, supervisory authorities in other jurisdictions have also conducted similar exercises. In some of those cases, the design and implementation of certainelements of the framework have been criticized for their lack of credibility. This paper proposes a set of guidelines for constructing an effective crisis stress test. It combines financial markets impact studies of previous exercises with relevant case study information gleaned from those experiences to identify the key elements and to formulate their appropriate design. Pertinent concepts, issues and nuances particular to crisis stress testing are also discussed. The findings may be useful for country authorities seeking to include stress tests in their crisis management arsenal, as well as for the design of crisis programs.

Credibility theory (Insurance) --- Monetary policy --- Insurance --- Mathematical models. --- Statistical methods --- Banks and Banking --- Exports and Imports --- Finance: General --- Financial Econometrics --- Field Experiments --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Financial Institutions and Services: Government Policy and Regulation --- International Investment --- Long-term Capital Movements --- Finance --- Banking --- International economics --- Stress testing --- Commercial banks --- External balance assessment (EBA) --- Solvency stress testing --- Financial sector policy and analysis --- Financial institutions --- External position --- Liquidity stress testing --- Financial risk management --- Banks and banking --- International finance --- United States