nonperformance


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Participants were assigned to one of three incentive conditions: no incentive, a nonperformance based incentive condition, and a performance based incentive condition.
A decrease in the value of the derivative liabilities attributable to an increase in nonperformance risk is reflected as an unrealised gain while an increase in the value of the derivative liabilities attributable to a decline in nonperformance risk is reflected as an unrealized loss in the income statement.
A better method, however, would be to estimate the average probability of nonperformance and the correlation between nonperformance and exposure for reinsurance counterparties.