Partage des risques dans le cadre de l'assurance Takaful

Details

Supervisors

Denuit, Michel

Faculty

Faculté des sciences

Degree label

Master [120] en sciences actuarielles, à finalité spécialisée

Abstract

This work concerns an actuarial approach to risk-sharing in Takaful insurance. In a context of financial crises and moral value crises, a growing number of individuals are seeking services that are ethical, such as collaborative insurance or, even more so, religiously-oriented insurance like Takaful. These particular forms of insurance share a common feature: the mutualization of risks among participants who collectively agree to share these risks. The risk-sharing mechanism and the solvency of these forms of insurance are crucial for their sustainability. The specificity of Takaful insurance lies in the interest-free or benevolent loan provided by shareholders to the participants. This is an alternative to the collaborative model with (re-)insurer, but its actuarial approach has not yet been addressed. This dissertation proposes an actuarial modeling of this loan mechanism, drawing a parallel with collaborative insurance. In the same vein, due to its interesting properties, conditional mean risk sharing has been used to define the way contributions are calculated in the pool, ensuring a sharing mechanism that is both equitable and transparent for all participants, as it is based on the concept of the mean. We determine the probability that the loan will be repaid over a fixed horizon to control the level of risk taken by the shareholders. This solvency issue, addressed within the framework of Takaful insurance with benevolent loans, thus strengthens this model and makes it more attractive in the insurance sector.