The process by which insurance companies determine the risks and the pricing for the classes of insurance

Property/Casualty] the process of establishing PREMIUM RATEs used in insurance or other RISK transfer mechanisms [similar to ASOP No. 9, appendix 1, which quotes CAS Statemenz of Principles Regarding Property and Casualty Insurance Ratemaking

The statistical process by which insurers determine probability of loss and pricing for the basic classes of insurance.