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Article: An actuarial approach to assessing personal injury compensations in Singapore: Theory and practice

TitleAn actuarial approach to assessing personal injury compensations in Singapore: Theory and practice
Authors
KeywordsActuarial evidence
mortality projection
multipliers
Ogden Tables
Issue Date2010
PublisherWorld Scientific Publishing Co Pte Ltd. The Journal's web site is located at http://www.worldscinet.com/ser/ser.shtml
Citation
Singapore Economic Review, 2010, v. 55 n. 4, p. 705-731 How to Cite?
AbstractIn Singapore personal injury litigations, successful claimants usually receive their compensations as a lump sum. The main advantage of a lump sum payment is that the proceedings can be concluded with a 'clean break' between the parties. The lump sum is a result of discounting the future pecuniary values into a single present-day amount, considering the time value of money and the claimant's mortality. Conventionally, lump sum awards are determined by making reference to a spread of amounts in comparable cases. However, a fairer method would be one that involves input from not only lawyers but also other experts including economists and actuaries. This study, which is carried out by an inter-professional working group, provides a set of actuarially computed tables for use in personal injury settlements in Singapore. The calculations involve a consideration of recent advancements in stochastic mortality modeling and an empirical study on the econometrics of real returns on risk-free assets in Singapore. We then present two recent personal injury cases in Singapore, aiming at helping the Singapore legal profession understand and use the economic principles with actuarial tables, and educating economists and actuaries the legal concerns and concepts in personal injury cases. © 2010 World Scientific Publishing Company.
Persistent Identifierhttp://hdl.handle.net/10722/134706
ISSN
2014 Impact Factor: 0.129
2014 SCImago Journal Rankings: 0.175
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorChan, FWHen_HK
dc.contributor.authorChan, WSen_HK
dc.contributor.authorLi, JSHen_HK
dc.date.accessioned2011-07-06T04:49:15Z-
dc.date.available2011-07-06T04:49:15Z-
dc.date.issued2010en_HK
dc.identifier.citationSingapore Economic Review, 2010, v. 55 n. 4, p. 705-731en_HK
dc.identifier.issn0217-5908en_HK
dc.identifier.urihttp://hdl.handle.net/10722/134706-
dc.description.abstractIn Singapore personal injury litigations, successful claimants usually receive their compensations as a lump sum. The main advantage of a lump sum payment is that the proceedings can be concluded with a 'clean break' between the parties. The lump sum is a result of discounting the future pecuniary values into a single present-day amount, considering the time value of money and the claimant's mortality. Conventionally, lump sum awards are determined by making reference to a spread of amounts in comparable cases. However, a fairer method would be one that involves input from not only lawyers but also other experts including economists and actuaries. This study, which is carried out by an inter-professional working group, provides a set of actuarially computed tables for use in personal injury settlements in Singapore. The calculations involve a consideration of recent advancements in stochastic mortality modeling and an empirical study on the econometrics of real returns on risk-free assets in Singapore. We then present two recent personal injury cases in Singapore, aiming at helping the Singapore legal profession understand and use the economic principles with actuarial tables, and educating economists and actuaries the legal concerns and concepts in personal injury cases. © 2010 World Scientific Publishing Company.en_HK
dc.languageeng-
dc.publisherWorld Scientific Publishing Co Pte Ltd. The Journal's web site is located at http://www.worldscinet.com/ser/ser.shtmlen_HK
dc.relation.ispartofSingapore Economic Reviewen_HK
dc.rightsElectronic version of an article published as Singapore Economic Review, 2010, v. 55 n. 4, p. 705-731; DOI: 10.1142/S0217590810004048 © copyright World Scientific Publishing Company; http://www.worldscientific.com/worldscinet/ser-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectActuarial evidenceen_HK
dc.subjectmortality projectionen_HK
dc.subjectmultipliersen_HK
dc.subjectOgden Tablesen_HK
dc.titleAn actuarial approach to assessing personal injury compensations in Singapore: Theory and practiceen_HK
dc.typeArticleen_HK
dc.identifier.emailChan, FWH: fwhchan@hku.hken_HK
dc.identifier.authorityChan, FWH=rp01280en_HK
dc.description.naturepostprint-
dc.identifier.doi10.1142/S0217590810004048en_HK
dc.identifier.scopuseid_2-s2.0-78651483723en_HK
dc.identifier.hkuros183774-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-78651483723&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume55en_HK
dc.identifier.issue4en_HK
dc.identifier.spage705en_HK
dc.identifier.epage731en_HK
dc.identifier.isiWOS:000286391800006-
dc.publisher.placeSingaporeen_HK
dc.identifier.scopusauthoridChan, FWH=16174337300en_HK
dc.identifier.scopusauthoridChan, WS=7403918160en_HK
dc.identifier.scopusauthoridLi, JSH=36055350400en_HK

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