Abstract
The author is concerned with the inability of the non-life industry and regulatory authorities to agree upon what constitutes a fair return to the insurer and the manner in which this return should affect the ratemaking process. The suggested prescription seeks its justification in risk theory. The paper leads to several controversial conclusions, including the idea that rates should be loaded only enough to allow the insurer a fair return on that part of policyholder surplus funds required to conduct a prudent insurance business.
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