13_AS_4b_notes.pdf - Plan Contents 1 Introduction Ethics 1.1 Some elements of definition 1.2 The process.

13_AS_4b_notes.pdf - Plan Contents 1 Introduction Ethics...

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Plan Contents 1 Introduction - Ethics 1 1.1 Some elements of definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1.2 The process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Moral awareness in context: Actuarial applications 2 2.1 Discrimination in insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2.2 Heterogeneity in insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2.3 Heterogeneity - Illustrations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2.4 Discrimination - Illustrations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 Moral judgement: Possible frameworks 5 3.1 Central questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3.2 Utilitarianism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3.3 Deontology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3.4 A. Asher’s framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1 Introduction - Ethics 1.1 Some elements of definition What is ethics? Ethics can be defined as “what is good or right for human beings” (Hoffman and Frederick, 1995) normative : ‘what ought to be’, rather than ‘what is’ proactive (doing good) vs reactive (do no harm) legal vs ethical 1.2 The process Embedding ethics in everyday life Process: 1. Moral awareness: identify decisions / situations with moral content, that are ethically sensitive (newspaper test) 2. Moral judgement: framework for analysing the situation—how should I react to this situations, what should I do? 3. Ethical action: what is actually done 1
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2 Moral awareness in context: Actuarial applications 2.1 Discrimination in insurance What exactly are we doing in actuarial statistics? Differentiating between people on the basis of their risk profile (likelyhood to make frequent and/or large claims). Why? To reward risk diminishing behaviours? (e.g. install locks on your windows) To punish risk increasing behaviours? (e.g. smoking) To make insurance affordable? (e.g. by exluding high risk profiles - high flood areas) To manage capital (the risk bearer) efficiently? (actually know the amount of risk the company has taken) To increase market share?
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