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• Maximum sum insured without individual underwriting
• Free Cover Limit depends on
– size of group
– average benefit
– take-up rate
Group Life UW and RM Application 18
Product Design
Free Cover Limits: Sample Calculation
n: number of lives
Usually an overall limit is applied.
(1+ 0.06*n)*average sum insured
Group Life UW and RM Application 19
Product Design
Unit Rating
• A single premium rate applies to the whole group
• NB: The unit rate is not the rate for the average age !!!
• Dynamic equilibrium of group assumed, i.e. constant structure:
- older members leave
- younger members join
- remaining members age
Group Life UW and RM Application 20
Product Design
Unit Rating
• Short rate guarantees (usually 1-3 years)
• Conditions:
– size of group varies within 25%
– unchanged eligibility conditions
– unchanged benefit formulas
– unchanged business activities
Group Life UW and RM Application 21
Product Design
Exclusions
Exclusions are required to avoid incalculable risks, e.g.
• Active war / ABC-terrorism
• Nuclear
• Pre-existing conditions
• Mental disorders for certain types of cover
Group Life UW and RM Application 22
Product Design
Exposure Control
• Overall event limit
• Reduced event limit for
PWR &/or terrorism
Main criteria: total sum Insured
Group Life UW and RM Application 23
Product Design
Exposure Control: Information Requirements for
Risk Assessment
• Business activities of the group?
• Where are the members of the group located and assigned
mostly?
• Maximum probable loss?
• Any special hazards involved (e.g. mining, oil rigs, etc.)?
• Any particular precautionary risk control management in
place (e.g. fire escape, protection gear guideline, etc.)?
A Berkshire Hathaway Company
Group Life Pricing
Group Life UW and RM Application 25
Pricing
Group Life UW and RM Application 26
Pricing
Group Mortality
• Positive selection effects:
– “healthy worker effect”
– product design features
• Negative selection effects:
– high Free Cover Limits
Group Life UW and RM Application 27
Pricing
Group Mortality
• Considerably lower than population mortality
• Similar to insured lives mortality
Group Life UW and RM Application 28
Pricing
Rating Factors
• Region
• Occupational, social class
• Lifestyle
• Economic situation
• Moral hazard
• Claims awareness
Group Life
Group Disability
Group Life UW and RM Application 29
Pricing
Regional Mortality: Example UK Mortality 1988
Region Male Female
North 116 116
North West 116 115
Wales 106 108
Yorkshire 107 105
W. Midlands 103 101
E. Midlands 97 98
South East 91 92
South West 89 88
East Anglia 81 83
Group Life UW and RM Application 30
Pricing
Occupational classification
Class 1: professional, executive, managerial
Class 2: clerical, supervisory
Class 3: skilled
Class 4: semi-skilled (<50% manual)
Class 5: semi-skilled (>50% manual)
Class 6: unskilled
Group Life UW and RM Application 31
Pricing
Occupational mortality (UK)
Class 1: 66 - 67 %
Class 2: 72 - 76 %
Class 3: 94 - 105 %
Class 4: 96 - 117 %
Class 5: 109 - 116 %
Class 6: 125 - 189 %
A Berkshire Hathaway Company
Experience Rating
Group Life UW and RM Application 33
Experience Rating
Experience Rating
Why experience rating?
• Not all relevant factors can be observed
• Take scheme history into account to assess
these factors
Competitive advantage
Group Life UW and RM Application 34
Experience Rating
Experience Rating
• If claims experience is ignored
– quotation could be unattractive where the experience is good, or
– quotation could be risky where the experience is adverse
• If only claims experience is used as a basis for the
quotation
– risk that claims data is random and not statistically significant
– quotation could be unattractive as random adverse experience could
lead to an overestimation of the true risk
Group Life UW and RM Application 35
Experience Rating
Experience Rating
Risk Theory Model:
m: expected claims rate
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