Spatial Models Of Insurance Losses For Claims Management
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Spatial Models Of Insurance Losses For Claims Management
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Author : Lisa Gao
language : en
Publisher:
Release Date : 2022
Spatial Models Of Insurance Losses For Claims Management written by Lisa Gao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Hail property damage represents a substantial and growing liability for insurers against the backdrop of changing weather and socio-economic patterns. This dissertation develops spatial models of hail property claims to optimize insurers' claims management processes. Described as the key insurance operation of handling and settling policyholder claims, claims management is undergoing rapid transformation as insurers embrace technological advances that both streamline the policyholder experience and provide large amounts of granular data. The first study leverages high-resolution weather information to predict the geographical distribution of insurance claims following the occurrence of a hailstorm. Motivated by a unique dataset construction that overlays weather radar maps on top of the insurer's in-force policies, we adopt a point process perspective in which individual hailstorms initiate a spatial point process from which claims arise. The framework notably allows insurers to simultaneously incorporate high-resolution weather information and traditional property-level rating characteristics, despite being measured from different sets of locations. A gamma frailty further captures unobserved storm-specific heterogeneity in claim intensity and leads to flexible likelihood-based model inference. The second study quantifies the financial impact of hail property claims on the insurer and predicts the severity of the claims arising from a common storm. The highly localized nature of hailstorms results in a concentration of risks that can substantially amplify storm-level losses and whose dependence must be characterized. We propose a spatial factor copula to capture the spatial dependence between properties that decays with distance, as well as the aspatial dependence induced by the common shock of experiencing the same storm regardless of location. The framework allows insurers to flexibly leverage the suite of well-studied univariate models of skewed, heavy-tailed, and zero-inflated insurance losses. Using hail damage insurance claims data from a U.S. insurer, supplemented with hail radar maps and other spatially varying weather features, we show how incorporating granular data to model the development of claims can help insurers anticipate and manage weather risks more effectively. This dissertation represents progress in adapting actuarial methods in tandem with the technological innovations that provide new and unique data structures.
Spatial Joint Modeling Of Claim Frequency And Claim Size In Third Party Car Insurance Of Iran Based On Copula Functions
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Author : Vahid Tadayon
language : en
Publisher:
Release Date : 2023
Spatial Joint Modeling Of Claim Frequency And Claim Size In Third Party Car Insurance Of Iran Based On Copula Functions written by Vahid Tadayon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
The number of claims and the amount of claims (or the sum of claims, which is referred to as the amount of total claims/loss in the insurance literature) is among the most important information available to insurance companies, and its analysis can provide the necessary knowledge for targeted planning. In this paper, a spatial approach is studied for joint modeling of claim frequency and claim size. It is assumed that the number of accidents follows a Poisson distribution with a variable mean, and this mean in turn has a distribution that is usually referred to as a mixed distribution. Then, the spatial dependence structure within the observations is modeled using an appropriate copula function. Considering a similar framework for the conditional distribution of total claim size given the number of claims, the corresponding data will also be modeled. Finally, by estimating the parameters of the proposed model, the predictionmap for both claim frequencies and totatl claim size will be drawn and the cities or provinces of Iran with the highest number of claims and the highest amount of claims will be predicted.
Generalized Linear Models For Insurance Rating
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Author : Mark Goldburd
language : en
Publisher:
Release Date : 2016-06-08
Generalized Linear Models For Insurance Rating written by Mark Goldburd and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-08 with categories.
Claim Models
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Author : Greg Taylor
language : en
Publisher: MDPI
Release Date : 2020-04-15
Claim Models written by Greg Taylor and has been published by MDPI this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-15 with Business & Economics categories.
This collection of articles addresses the most modern forms of loss reserving methodology: granular models and machine learning models. New methodologies come with questions about their applicability. These questions are discussed in one article, which focuses on the relative merits of granular and machine learning models. Others illustrate applications with real-world data. The examples include neural networks, which, though well known in some disciplines, have previously been limited in the actuarial literature. This volume expands on that literature, with specific attention to their application to loss reserving. For example, one of the articles introduces the application of neural networks of the gated recurrent unit form to the actuarial literature, whereas another uses a penalized neural network. Neural networks are not the only form of machine learning, and two other papers outline applications of gradient boosting and regression trees respectively. Both articles construct loss reserves at the individual claim level so that these models resemble granular models. One of these articles provides a practical application of the model to claim watching, the action of monitoring claim development and anticipating major features. Such watching can be used as an early warning system or for other administrative purposes. Overall, this volume is an extremely useful addition to the libraries of those working at the loss reserving frontier.
Computational Actuarial Science With R
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Author : Arthur Charpentier
language : en
Publisher: CRC Press
Release Date : 2014-08-26
Computational Actuarial Science With R written by Arthur Charpentier and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-26 with Business & Economics categories.
A Hands-On Approach to Understanding and Using Actuarial ModelsComputational Actuarial Science with R provides an introduction to the computational aspects of actuarial science. Using simple R code, the book helps you understand the algorithms involved in actuarial computations. It also covers more advanced topics, such as parallel computing and C/
Non Life Insurance Pricing With Generalized Linear Models
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Author : Esbjörn Ohlsson
language : en
Publisher: Springer Science & Business Media
Release Date : 2010-03-18
Non Life Insurance Pricing With Generalized Linear Models written by Esbjörn Ohlsson and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-18 with Mathematics categories.
Non-life insurance pricing is the art of setting the price of an insurance policy, taking into consideration varoius properties of the insured object and the policy holder. Introduced by British actuaries generalized linear models (GLMs) have become today a the standard aproach for tariff analysis. The book focuses on methods based on GLMs that have been found useful in actuarial practice and provides a set of tools for a tariff analysis. Basic theory of GLMs in a tariff analysis setting is presented with useful extensions of standarde GLM theory that are not in common use. The book meets the European Core Syllabus for actuarial education and is written for actuarial students as well as practicing actuaries. To support reader real data of some complexity are provided at www.math.su.se/GLMbook.
Advanced Methods For Decision Making And Risk Management In Sustainability Science
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Author : Jürgen Kropp
language : en
Publisher: Nova Publishers
Release Date : 2007
Advanced Methods For Decision Making And Risk Management In Sustainability Science written by Jürgen Kropp and has been published by Nova Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Global environmental change categories.
Understanding sustainability is vital to resolving and managing many of today's problems, on a global as well as local scale. Sustainability science is an emerging field of research that comprises concepts and methodologies from different disciplines in a problem-oriented manner. Research efforts are often concentrated in a variety of sectoral domains. The heterogeneity of scientific tasks involved here and the complexity of environmental and social systems call for specific research strategies which are generally a compromise between high-precision analysis and educated guesswork. For understanding of global change, which embraces a variety of processes on several scales, information needs to be refined and compressed rather than amplified. This book aims at presenting advanced methods and techniques to make them available to a wider scientific community involved in global change and sustainability research. The contributions describe novel schemes to study the relationship between the socio-economic and the natural sphere and/or the social dimensions of climate and global change. The methodological approaches can be useful in the design and management of environmental systems, for policy development, environmental risk reduction, and prevention/mitigation strategies. In this context, a variety of environmental and sustainability aspects can be addressed, e.g. changes in the natural environment and land use, environmental impacts on human health, economics and technology, institutional interactions, human activities and behaviour.
Catastrophe Modeling
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Author : Patricia Grossi
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-01-27
Catastrophe Modeling written by Patricia Grossi and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-27 with Business & Economics categories.
Based on the research that has been conducted at Wharton Risk Management Center over the past five years on catastrophic risk. Covers a hot topic in the light of recent terroristic activities and nature catastrophes. Develops risk management strategies for reducing and spreading the losses from future disasters. Provides glossary of definitions and terms used throughout the book.
Actuarial Modelling Of Claim Counts
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Author : Michel Denuit
language : en
Publisher: John Wiley & Sons
Release Date : 2007-07-27
Actuarial Modelling Of Claim Counts written by Michel Denuit and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-07-27 with Mathematics categories.
There are a wide range of variables for actuaries to consider when calculating a motorist’s insurance premium, such as age, gender and type of vehicle. Further to these factors, motorists’ rates are subject to experience rating systems, including credibility mechanisms and Bonus Malus systems (BMSs). Actuarial Modelling of Claim Counts presents a comprehensive treatment of the various experience rating systems and their relationships with risk classification. The authors summarize the most recent developments in the field, presenting ratemaking systems, whilst taking into account exogenous information. The text: Offers the first self-contained, practical approach to a priori and a posteriori ratemaking in motor insurance. Discusses the issues of claim frequency and claim severity, multi-event systems, and the combinations of deductibles and BMSs. Introduces recent developments in actuarial science and exploits the generalised linear model and generalised linear mixed model to achieve risk classification. Presents credibility mechanisms as refinements of commercial BMSs. Provides practical applications with real data sets processed with SAS software. Actuarial Modelling of Claim Counts is essential reading for students in actuarial science, as well as practicing and academic actuaries. It is also ideally suited for professionals involved in the insurance industry, applied mathematicians, quantitative economists, financial engineers and statisticians.
Handbook Of Spatial Statistics
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Author : Alan E. Gelfand
language : en
Publisher: CRC Press
Release Date : 2010-03-19
Handbook Of Spatial Statistics written by Alan E. Gelfand and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-19 with Mathematics categories.
Assembling a collection of very prominent researchers in the field, the Handbook of Spatial Statistics presents a comprehensive treatment of both classical and state-of-the-art aspects of this maturing area. It takes a unified, integrated approach to the material, providing cross-references among chapters.The handbook begins with a historical intro