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**Extra info for The Economist (18 October, 2013)**

**Sample text**

120) = 1 − FY (VaR1−α (Y )) = 1 − FY FY← (1 − α) = α. Choose c ∈ (0, 1) and define (note that Y is Tn -measurable) ϕTn = (1 − c) + and for t < n c 1{Y >VaR1−α (Y )} , α ϕTt = E ϕTn Tt . 0. Moreover, prove that ϕT ∈ L 2n+1 (P, T). t. T and P. 122) 42 2 Stochastic Discounting (3) Assume that Xk = (0, . . , 0, X k , 0, . . , 0) with X k = Λk Uk(k) . Choose Y = Λk and t < k. 123) with so-called credibility weights βt = 1−c (1 − c) + c P [Λk >VaR1−α (Λk )|Tt ] α . 126) which says where VaR1−αt (Λk |Tt ) denotes the Value-at-Risk of Λk |Tt at level 1−αt .

Then one introduces insurance products that enlarge the underlying financial filtration. This enlargement in general makes the market incomplete (but still arbitrage-free) and adds idiosyncratic risks to the economic model. Finally, one defines the “hedgeable” filtration that exactly describes the part of the insurance claims that can be described via financial market movements. The remaining parts are then the insurance technical risks. For an analysis of this split in terms of projections we also refer to Happ et al.

Assume that the cash flows X of interest are of the form X = (Λ0 U0(0) , . . ,n ∈ L 2n+1 (P, G) for all k = 0, . . , n. Moreover, assume that the chosen (fixed) deflator ϕ ∈ L 2n+1 (P, F) factorizes ϕk = ϕTk ϕG k for all k = 0, . . ,n is G-adapted. 6 Insurance Technical and Financial Variables 37 The valuation of these cash flows X = (Λ0 U0(0) , . . 98) (k) Tt , Gt ϕTk Λk ϕG k Uk k=0 n = (k) Gt . E ϕTk Λk Tt E ϕG k Uk k=0 Remarks. • The term E[ϕTk Λk |Tt ] describes the price of the insurance technical cover in units of the corresponding numeraire instrument Uk at time t.