Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/315378 
Title (translated): 
Modelling of an insurance premium through the application of actuarial methods, failure theory and Black-Scholes in the health in Colombia
Year of Publication: 
2023
Citation: 
[Journal:] Revista de Métodos Cuantitativos para la Economía y la Empresa [ISSN:] 1886-516X [Volume:] 35 [Year:] 2023 [Pages:] 330-359
Publisher: 
Universidad Pablo de Olavide, Sevilla
Abstract (Translated): 
The pricing's premium in an insurance for the health sector is influenced by the claims ratio of its subscribers, which generates high levels of fluctuation and uncertainty. The objective of this research is the application of the actuarial individual risk models, collective risk and credibility model, together with the application of the failure rate technological model and the Black-Scholes financial options model as tools for estimating pricing's premium for the insurance and health industry in Colombia. Based on the claims and the total costs of the historical claims, the models are applied to ensure optimal premiums for coverage of the aggregate losses of the claims. In the end, comparing these models and approaching a definition of an optimal method. The importance of the research settles in the high commitment, responsibility and financial impact of managing and mitigating the impact of actuarial risk, proposing new methodologies through an optimal estimation level in premiums to certify proper functioning of the sector entities in matters of costs, sustainability and service compliance in the sector.
Subjects: 
insurance premium
actuarial studies
individual risk model
collective risk model
failure rate
credibility theory
valuation of financial assets
aggregate claim amount
JEL: 
D91
G12
G22
G52
I12
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-sa Logo
Document Type: 
Article

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