Modern business runs on data

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Experts of the Risk Institute calculate insurance rates based on individual statistics of the company, their own statistical database and other sources of market data.

Risk Institute also performs audit of existing insurance rates, assessing their effectiveness.

The most typical mistakes that we identify when inspecting insurance rates:

  • the use of statistical data that does not correspond to actual situation;
  • underestimation of the expenditures of the company, which shall be included in the rate;
  • calculation of the insurance rates without bringing them into line with reinsurance rates (this often leads to the fact that the company incurs losses on reinsurance, passing the premium, received from the insured in excess, to reinsurance);
  • using wrong methodology, formulas;
  • errors / misprints in actuarial calculations or automation systems.