How does a change in the risk-free interest-rate affect the value of a non-life insurance company or portfolio? Risk managers typically argue that there should be little impact as long as assets and liabilities are properly matched.

In the last few years we have witnessed growing interest in Dynamic Financial Analysis (DFA) in the nonlife insurance. DFA combines many economic and mathematical concepts and methods...

Nielsen (1999) showed the surprising fact that a nonparametric one-dimensional hazard as a function of time can be estimated x/~-consistently if a high quality marker is observed...