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Article: An actuarial approach to assessing personal injury compensations in Singapore: Theory and practice
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TitleAn actuarial approach to assessing personal injury compensations in Singapore: Theory and practice
 
AuthorsChan, FWH1
Chan, WS3
Li, JSH2
 
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
 
CitationSingapore Economic Review, 2010, v. 55 n. 4, p. 705-731 [How to Cite?]
DOI: http://dx.doi.org/10.1142/S0217590810004048
 
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.
 
ISSN0217-5908
2013 Impact Factor: 0.097
2013 SCImago Journal Rankings: 0.157
 
DOIhttp://dx.doi.org/10.1142/S0217590810004048
 
ISI Accession Number IDWOS:000286391800006
 
ReferencesReferences in Scopus
 
DC FieldValue
dc.contributor.authorChan, FWH
 
dc.contributor.authorChan, WS
 
dc.contributor.authorLi, JSH
 
dc.date.accessioned2011-07-06T04:49:15Z
 
dc.date.available2011-07-06T04:49:15Z
 
dc.date.issued2010
 
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.
 
dc.description.natureLink_to_subscribed_fulltext
 
dc.identifier.citationSingapore Economic Review, 2010, v. 55 n. 4, p. 705-731 [How to Cite?]
DOI: http://dx.doi.org/10.1142/S0217590810004048
 
dc.identifier.doihttp://dx.doi.org/10.1142/S0217590810004048
 
dc.identifier.epage731
 
dc.identifier.hkuros183774
 
dc.identifier.isiWOS:000286391800006
 
dc.identifier.issn0217-5908
2013 Impact Factor: 0.097
2013 SCImago Journal Rankings: 0.157
 
dc.identifier.issue4
 
dc.identifier.scopuseid_2-s2.0-78651483723
 
dc.identifier.spage705
 
dc.identifier.urihttp://hdl.handle.net/10722/134706
 
dc.identifier.volume55
 
dc.languageeng
 
dc.publisherWorld Scientific Publishing Co Pte Ltd. The Journal's web site is located at http://www.worldscinet.com/ser/ser.shtml
 
dc.publisher.placeSingapore
 
dc.relation.ispartofSingapore Economic Review
 
dc.relation.referencesReferences in Scopus
 
dc.subjectActuarial evidence
 
dc.subjectmortality projection
 
dc.subjectmultipliers
 
dc.subjectOgden Tables
 
dc.titleAn actuarial approach to assessing personal injury compensations in Singapore: Theory and practice
 
dc.typeArticle
 
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<description.abstract>In 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 &apos;clean break&apos; 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&apos;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. &#169; 2010 World Scientific Publishing Company.</description.abstract>
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Author Affiliations
  1. The University of Hong Kong
  2. University of Waterloo
  3. Chinese University of Hong Kong