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2006•SSRN Electronic JournalOpen access

Assembling the Puzzle: The Insurance Performance Measure

Joseph Calandro, Scott Lane

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Abstract

The property and casualty insurance industry has historically focused on the underwriting or combined ratio as the measure of performance. Many dramatic changes have occurred in the industry and its operating environment over the past 30 years, however. These changes may have altered some of the assumptions regarding the use of the underwriting ratio. An alternative performance measurement system, the Insurance Performance Measure, is presented and illustrated.

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The property and casualty insurance industry has historically focused on the underwriting or combined ratio as the measure of performance. Many dramatic changes have occurred in the industry and its operating environment over the past 30 years, however. These changes may have altered some of the assumptions regarding the use of the underwriting ratio. An alternative performance measurement system, the Insurance Performance Measure, is presented and illustrated.

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Available abstract

The property and casualty insurance industry has historically focused on the underwriting or combined ratio as the measure of performance. Many dramatic changes have occurred in the industry and its operating environment over the past 30 years, however. These changes may have altered some of the assumptions regarding the use of the underwriting ratio. An alternative performance measurement system, the Insurance Performance Measure, is presented and illustrated.

Key concepts: Underwriting, Measure (data warehouse), Actuarial science, Insurance industry, Business, Medical underwriting, Property insurance, Econometrics

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