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COMMISSIONERS METHOD FOR LAST SURVIVOR WHOLE LIFE INSURANCE RESERVES WITH GOMPERTZ LAW

BAREKENG: Jurnal Ilmu Matematika dan Terapan · Vol. 18 No. 2 (2024) · pp. 0937–0948

DOI
10.30598/barekengvol18iss2pp0937-0948
ISSN
2615-3017, 1978-7227
Published
2024-05-25
Publisher
PATTIMURA UNIVERSITY
Language
eng
License
creativecommons.org/licenses/by-sa/4.0

Abstract

Life insurance plays an important role in protecting one’s life in terms of financial risks. The right required reserve is one aspect that should be secured to obtain a good company’s financial health. A study reported that insufficient reserve is one of the primary causes of insolvency issues among bankrupted insurance companies. Therefore, this study aims to use the Commissioners method in calculating the reserve of the last-survivor whole life insurance policy The Gompertz mortality law is used to estimate Indonesian death probability of age. Gompertz law is employed due to its practical convenience in dealing with continuous case calculation. Linear Least Square Method will be utilized to estimate the Gompertz parameters and. This study uses secondary data from Indonesian Mortality Table IV published by OJK. The result of this study is that the reserve of multiple life status policies, such as last-survivor insurance, depends on the states of individuals of each pair. In this study, the reserve has the highest amount in cases where only the male person is alive. Average Relative Error values of the estimated Gompertz to the TMI IV show that the overall accuracy exhibits a deviation of up to 1.67%. MAPE values of Gompertz show that the estimated model best fits the TMI IV for the interval age of 0-60.

Collaboration network of the authors

11 authors · 26 co-authorship links · 1 across different organisations

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  • Bandung Islamic University
  • IPB University
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Hansen Juni LieusAffiliation unknown1
Devin TedjaAffiliation unknown1
Vanessa JoewitaAffiliation unknown1
Alexander R. J SilalahiAffiliation unknown1
Bagus SartonoIPB University1
Khairil Anwar NotodiputroBandung Islamic University1
Anang KurniaAffiliation unknown1
I Made SumertajayaAffiliation unknown1
Dian KusumaningrumAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://ojs3.unpatti.ac.id/index.php/barekeng/oai, first harvested 5 Nov 2026, last seen 5 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">COMMISSIONERS METHOD FOR LAST SURVIVOR WHOLE LIFE INSURANCE RESERVES WITH GOMPERTZ LAW</dc:title>
	<dc:creator>Hidayat, Agus Sofian Eka</dc:creator>
	<dc:creator>Styven, Arnol</dc:creator>
	<dc:description xml:lang="en-US">Life insurance plays an important role in protecting one’s life in terms of financial risks. The right required reserve is one aspect that should be secured to obtain a good company’s financial health. A study reported that insufficient reserve is one of the primary causes of insolvency issues among bankrupted insurance companies. Therefore, this study aims to use the Commissioners method in calculating the reserve of the last-survivor whole life insurance policy The Gompertz mortality law is used to estimate Indonesian death probability of age  . Gompertz law is employed due to its practical convenience in dealing with continuous case calculation. Linear Least Square Method will be utilized to estimate the Gompertz parameters  &amp;nbsp;and  . This study uses secondary data from Indonesian Mortality Table IV published by OJK. The result of this study is that the reserve of multiple life status policies, such as last-survivor insurance, depends on the states of individuals of each pair. In this study, the reserve has the highest amount in cases where only the male person is alive. Average Relative Error values of the estimated Gompertz  &amp;nbsp;to the TMI IV show that the overall accuracy exhibits a deviation of up to 1.67%. MAPE values of Gompertz  &amp;nbsp;show that the estimated model best fits the TMI IV for the interval age of 0-60.</dc:description>
	<dc:publisher xml:lang="en-US">PATTIMURA UNIVERSITY</dc:publisher>
	<dc:date>2024-05-25</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://ojs3.unpatti.ac.id/index.php/barekeng/article/view/11405</dc:identifier>
	<dc:identifier>10.30598/barekengvol18iss2pp0937-0948</dc:identifier>
	<dc:source xml:lang="en-US">BAREKENG: Jurnal Ilmu Matematika dan Terapan; Vol 18 No 2 (2024): BAREKENG: Journal of Mathematics and Its Application; 0937-0948</dc:source>
	<dc:source>2615-3017</dc:source>
	<dc:source>1978-7227</dc:source>
	<dc:source>10.30598/barekengvol18iss2year2024</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://ojs3.unpatti.ac.id/index.php/barekeng/article/view/11405/7843</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2024 Agus Sofian Eka Hidayat, Arnol Styven</dc:rights>
	<dc:rights xml:lang="en-US">http://creativecommons.org/licenses/by-sa/4.0</dc:rights>
</oai_dc:dc>