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    A Multipe State Model for Pricing and Reserving Private Long Term Care Insurance in Australia

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    A Multipe State Model for Pricing and Reserving Private Long Term Care Insurance in Australia (418.8Kb)

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    Author
    Leung, Edward
    Date
    2004
    University of Melbourne Author/s
    LEUNG, EDWARD
    Affiliation
    Economics and Commerce: Centre for Actuarial Studies
    Metadata
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    Document Type
    Preprint
    Citations
    Leung, Edward (2004) A Multipe State Model for Pricing and Reserving Private Long Term Care Insurance in Australia.
    Access Status
    Open Access
    URI
    http://hdl.handle.net/11343/33809
    Abstract
    We seek to develop a model for pricing LTC insurance contracts in Australia using the disability prevalence rates contained in the 1998 Australian Bureau of Statistics (ABS) Survey of Disability, Ageing and Carers. We perform premium and reserve calculations by applying generalisations of Thiele's differential equation for a multiple state model within a Markov framework. Several sets of results are presented that both capture a varying range of possible scenarios and demonstrate the flexibility of the model.
    Keywords
    long term care; disability; multiple state model; private insurance; Markov Process; Thiele's Differential Equation

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