Profit participation annuities: a business profitability analysis within a demographic risk sensitive approach

The aim of the paper is to analyze the performance of a portfolio of participating life annuities, focusing on the minimum acceptable income level throughout the quantiles of the return distribution. The model, in addition to the necessary consideration of the volatility of financial markets, gives a central role to the impact of the longevity phenomenon. The sensitivity of the portfolio performance to the survival projection, the presence of a break-even point and the time of optimum performance are pointed out, under different hypotheses for the participating quota and with stochastic assumption for the accumulation and the discounting financial processes and for the survival description

Fair value and demographic aspects of the insured loans

The paper deals with the liability valuation of the insured loan in compliance of the fair value requirements for the financial assets and liabilities, as mapped out by the international boards engaged in this tool. Initially we propose a closed form for the fair valuation of the mathematical provision in a framework in which the randomness in the mortality is considered along with the financial risk component. Furthermore, the aim of the paper is to analyze the relevance of the risk arising from the demographic movements on the insured loan reserve. The approach we follow implies the mathematical provision calculated as current values, this meaning at current interest rates and at current mortality rates. In these two variables the basic risk drivers of a life insurance business dwell and the many-sided risk system consists, in its systematic aspects, in the choice of the adequate models for forecasting the future scenarios. The relevance of the impact of the risk connected to the choice of the mortality table (table risk) on the fair value of the mathematical provision is pointed out and quantified using a measurement tool obtained by conditional expectation calculus. The risk mapping is performed analyzing the accidental risk impact on the insured loan portfolio liabilities. In all likelihood, insured loan portfolios are not large enough to be considered well diversified to the aim of the pooling risk reduction; this consideration makes interesting the measuring of the liability variability caused by the random events connected to mortality (mortality risk). Practical implications of assuming different mortality scenarios on the reserve fair value are presented, a graphic description of the model risk deriving from the choice of the demographic model is provided and numerical evidences of the accidental mortality risk are show

Novel insights in health-promoting properties of sweet cherries

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proficiency testing as a tool to assess quality of data the experience of the eu reference laboratory for chemical elements in food of animal origin

AbstractQuality and reliability of analytical results are, in general, key issues for all laboratories but become a top priority for laboratories accredited according to ISO/IEC 17025:2005. In this international standard the proficiency testing (PT) is regarded as a means to assure the validity of results. Nowadays, the proved competence of laboratories is an essential requirement especially for that structures that are involved in the official controls aimed at ensuring the safety of EU food products and the public health. To guarantee the EU consumers, the Council and the Commission have designated 28 European Union Reference Laboratories (EURLs) for food and feed, whose main role is to contribute to the standardization of analytical methods and to the harmonization of performance among the EU National Reference Laboratories (NRLs) to reach a comparable level of quality in the analytical data among all Member States. With this aim, the organization of PTs is a task that each EURL has to accomplish. Over the last 15 years, the EURL for chemical elements in food of animal origin (EURL-CEFAO) have organized 32 PTs on determination of total As, Cd, Pb and total Hg in meat, milk, fish and offal for the benefit of its network of NRLs. Some specific aspects of this activity will be discussed (e.g. preparation and characterization of PT materials, statistical evaluation of data, follow-up actions). Finally, based on the EURL-CEFAO experience, it will be demonstrated that the participation into PTs on a regular basis can result in an improvement of the laboratory's performance as well as in the harmonization of the results submitted by participants

Fair value and demographic aspects of the insured loan

The paper deals with the liability valuation of the insured loan in compliance of the fair value requirements for the financial assets and liabilities, as mapped out by the international boards engaged in this tool. Initially we propose a closed form for the fair valuation of the mathematical provision in a framework in which the randomness in the mortality is considered along with the financial risk component. Furthermore, the aim of the paper is to analyze the relevance of the risk arising from the demographic movements on the insured loan reserve. The approach we follow implies the mathematical provision calculated as current values, this meaning at current interest rates and at current mortality rates. In these two variables the basic risk drivers of a life insurance business dwell and the many-sided risk system consists, in its systematic aspects, in the choice of the adequate models for forecasting the future scenarios. The relevance of the impact of the risk connected to the choice of the mortality table (table risk) on the fair value of the mathematical provision is pointed out and quantified using a measurement tool obtained by conditional expectation calculus. The risk mapping is performed analyzing the accidental risk impact on the insured loan portfolio liabilities. In all likelihood, insured loan portfolios are not large enough to be considered well diversified to the aim of the pooling risk reduction; this consideration makes interesting the measuring of the liability variability caused by the random events connected to mortality (mortality risk). Practical implications of assuming different mortality scenarios on the reserve fair value are presented, a graphic description of the model risk deriving from the choice of the demographic model is provided and numerical evidences of the accidental mortality risk are shown