7P Framework: Determining the Premium for an Insurance

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7P Framework: Determining the Premium for an Insurance
Kailash Chandra Mishra, Management Consultant, India

Underwriting is the reconciliation of a risk price with reference to a standard price, which is commonly known as premium in insurance.
The 7 Ps of Underwriting for pricing or premium rating:
P1 Place (Geographical distribution of risk)
P2 Period (Timing of risk - frequency and severity)
P3 Property / proportioned liability (Mitigable finite value of property or casuality risk)
P4 Peril (single or multiple branded risks)
P5 Person (Propensity of moral hazard)
P6 Portion (Layer of risk)
P7 PAD (Provision for adverse deviation)



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