RESERVES FOR SHARIA LIFE INSURANCE CONTRIBUTIONS USING THE GROSS PREMIUM VALUATION (GPV) METHOD BASED ON VASICEK MODEL

  • Wahri Irawan Department of Islamic Insurance, Faculty of Islamic Economic and Business, Universitas Islam Negeri Sultan Maulana Hasanuddin Banten, Indonesia
  • Ramdhan Fazrianto Suwarman Department of Mathematics, Faculty of Mathematics and Natural Science, Universitas Negeri Malang, Indonesia
  • Muhamad Fadli Azim Department of Islamic Insurance, Faculty of Islamic Economic and Business, Universitas Islam Negeri Sultan Maulana Hasanuddin Banten, Indonesia
  • Budi Sudrajat Department of Islamic Insurance, Faculty of Islamic Economic and Business, Universitas Islam Negeri Sultan Maulana Hasanuddin Banten, Indonesia
  • Nurmaita Hamsyiah Department of Islamic Insurance, Faculty of Islamic Economic and Business, Universitas Islam Negeri Sultan Maulana Hasanuddin Banten, Indonesia
DOI: https://doi.org/10.30598/barekengvol17iss2pp0635-0640
Keywords: Contribution life insurance, Contribution reserve, Gross premium valuation, Monte-Carlo simulation

Abstract

Determining reserve for life insurance contributions has factors that influence it, such as contributions developed by participants and operational costs. Based on the financial services authority Number 71 of 2016, related to the company's financial health, one of which is that sharia insurance companies can make reserve for contributions. In this study, we discuss the calculation of the contribution of the initial value of return on investment which is sensitive and different calculations for the technical calculation of the contribution of sharia life insurance using the gross premium assessment method (GPV) by applying the Monte-Carlo simulation and using the vasicek model in calculating the discount factor so that with this method can recommend several possible contributions and contributions reserve from sharia life insurance products.

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Published
2023-06-11
How to Cite
[1]
W. Irawan, R. Suwarman, M. Azim, B. Sudrajat, and N. Hamsyiah, “RESERVES FOR SHARIA LIFE INSURANCE CONTRIBUTIONS USING THE GROSS PREMIUM VALUATION (GPV) METHOD BASED ON VASICEK MODEL”, BAREKENG: J. Math. & App., vol. 17, no. 2, pp. 0635-0640, Jun. 2023.
Issue
Vol 17 No 2 (2023): BAREKENG: Journal of Mathematics and Its Applications
Section
Articles

Copyright (c) 2023 Wahri Irawan, Ramdhan Fazrianto Suwarman, Muhamad Fadli Azim, Budi Sudrajat, Nurmaita Hamsyiah

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