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May/110
Statistics: How to calculate a risk premium of insurance?
A client for a fire insurance policy has a $ 90,000 house in an area which, depending on experience, may suffer a total loss of a year or with probability 0.001, and a loss of 50% with a probability of 0.01. Ignoring all other partial losses, the premium charge for an insurance policy annually to make 10% above the threshold profitability? Thank you for the help!
Well it seems you need the value of the house to solve this problem, but assuming the house is 90,000, then you can use the expected value. Expected Value = 0.001 * 90000 + 0.01 * 45000 = 90 + 450 = 540 The policy is worth $ 540 then, therefore they should 594 to be charge 10% above breakeven.
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