|November 9th to 11th, 2006 | Bucharest/Romania|
organised by the European Actuarial Academy EAA in co-operation with the Asociatia Romana de Actuariat
The price of an insurance product is not the outcome of simple actuarial calculation. The price is the outcome of the economic process of demand and supply. Within this process the insurance company has to calculate its cost price and it has to set its market price based on knowledge of the price elasticity and the behaviour of competitors. This process involves more actuarial expertise than just traditional actuarial calculation. In markets which have recently been deregulated or which are in a deregulation process it gives many opportunities and challenges to outperform and to beat the competition. The actuaries can play an important and maybe even leading role in this process.