In order to celebrate the 70th anniversary of the founding of the People's Republic of China and the 70th anniversary of the founding of the Central University of Finance and Economics, and comprehensively sum up the brilliant achievements of the national and school actuarial disciplines, on May 29, 2019, the Actuarial Education Party Branch of the School of Insurance held the theme of "Building the Country for 70 Years in China" Party Day activities in the development of actuarial areas.
Actuarial Education Party Branch Launches Theme Party Day
Comrade Zhou Xianhua first gave a review of the development of non-life insurance actuarial after China's reform and opening up. China's non-life insurance actuarial technology began to develop in 2003. At that time, the main technologies were pricing, reserve, reinsurance, etc. and the reserve was extracted at 3% of the compensation expense. This extraction method is very rough. In 2004, China introduced《保险公司非寿险业务准备金管理办法(试行)》, and the reserve began to be divided into the reported outstanding claims reserve (CASE), the unresolved outstanding claims reserve (IBNR), and the claims expense reserve. The actuarial work is mainly concentrated in the second block, the IBNR, which often uses traffic triangles and is evaluated in several different ways. There are two problems involved in this: one is the selection of the evaluation method; the other is that the data of the traffic triangle can be the determined compensation data or the reported compensation data. The introduction of this document is the first milestone in the development of China's non-life insurance actuarial. The non-life insurance reserve in China really has its meaning.
The second milestone was the launch of the original China Insurance Regulatory Commission in 2009 [5x9A8B]. This explanation is mainly related to the fact that the two financial reports of listed companies in the mainland and Hong Kong were very different. At the time, the Ministry of Finance was merging and equivalent to international accounting standards and Hong Kong accounting standards. The original provision for unexpired liability is a simple one-six-six-fifth method. This method of extraction can no longer be used in the current year. It is necessary to subtract the first-day fee as the basis for the withdrawal of the reserve. In addition, the introduction of Interpretation No. 2 determines the use of the residual marginal method.