Stochastic Claims Reserving Methods in Insurance - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Stochastic Claims Reserving Methods in Insurance write by Mario V. Wüthrich. This book was released on 2008-04-30. Stochastic Claims Reserving Methods in Insurance available in PDF, EPUB and Kindle. Claims reserving is central to the insurance industry. Insurance liabilities depend on a number of different risk factors which need to be predicted accurately. This prediction of risk factors and outstanding loss liabilities is the core for pricing insurance products, determining the profitability of an insurance company and for considering the financial strength (solvency) of the company. Following several high-profile company insolvencies, regulatory requirements have moved towards a risk-adjusted basis which has lead to the Solvency II developments. The key focus in the new regime is that financial companies need to analyze adverse developments in their portfolios. Reserving actuaries now have to not only estimate reserves for the outstanding loss liabilities but also to quantify possible shortfalls in these reserves that may lead to potential losses. Such an analysis requires stochastic modeling of loss liability cash flows and it can only be done within a stochastic framework. Therefore stochastic loss liability modeling and quantifying prediction uncertainties has become standard under the new legal framework for the financial industry. This book covers all the mathematical theory and practical guidance needed in order to adhere to these stochastic techniques. Starting with the basic mathematical methods, working right through to the latest developments relevant for practical applications; readers will find out how to estimate total claims reserves while at the same time predicting errors and uncertainty are quantified. Accompanying datasets demonstrate all the techniques, which are easily implemented in a spreadsheet. A practical and essential guide, this book is a must-read in the light of the new solvency requirements for the whole insurance industry.
Claims Reserving in General Insurance
Claims Reserving in General Insurance - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Claims Reserving in General Insurance write by David Hindley. This book was released on 2017-10-26. Claims Reserving in General Insurance available in PDF, EPUB and Kindle. This is a single comprehensive reference source covering the key material on this subject, and describing both theoretical and practical aspects.
Bayesian Claims Reserving Methods in Non-life Insurance with Stan
Bayesian Claims Reserving Methods in Non-life Insurance with Stan - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Bayesian Claims Reserving Methods in Non-life Insurance with Stan write by Guangyuan Gao. This book was released on 2018-12-31. Bayesian Claims Reserving Methods in Non-life Insurance with Stan available in PDF, EPUB and Kindle. This book first provides a review of various aspects of Bayesian statistics. It then investigates three types of claims reserving models in the Bayesian framework: chain ladder models, basis expansion models involving a tail factor, and multivariate copula models. For the Bayesian inferential methods, this book largely relies on Stan, a specialized software environment which applies Hamiltonian Monte Carlo method and variational Bayes.
A Comparison of Stochastic Claims Reserving Methods
A Comparison of Stochastic Claims Reserving Methods - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook A Comparison of Stochastic Claims Reserving Methods write by Sukriye Tuysuz. This book was released on 2018. A Comparison of Stochastic Claims Reserving Methods available in PDF, EPUB and Kindle. In order to preserve their solvency, it is very important for insurance companies to accurately estimate their future required reserves. The aim of this article is to determine reserves by using different stochastic models: 1) distribution-free model (Mack's model), 2) probability distribution based models (Normal, Poisson, Gamma and Inverse Gaussian distributions), and 3) these latter probability based models combined with bootstrapping. To implement these models we used data on life-insurance and non-life insurance. Our findings indicate among distribution based methods, Mack's model (dataset 1 and 2) and Gamma probability distribution based model (dataset 3) are the best model in estimating reserves. The model based on Normal distribution produces the worst results, whatever the dataset. Regarding results of bootstrapping based on probability distribution models, they show that method based on Normal probability distribution (dataset 1 and 3) and ODP distribution (dataset 2) fit better. Our results also indicate that bootstrap method based on Chain-Ladder performs quit similarly than the best fitting probability distribution based bootstrap models. Among all retained models, methods based on bootstrapping present higher good-of-fit.
Handbook on Loss Reserving
Handbook on Loss Reserving - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Handbook on Loss Reserving write by Michael Radtke. This book was released on 2016-10-26. Handbook on Loss Reserving available in PDF, EPUB and Kindle. This handbook presents the basic aspects of actuarial loss reserving. Besides the traditional methods, it also includes a description of more recent ones and a discussion of certain problems occurring in actuarial practice, like inflation, scarce data, large claims, slow loss development, the use of market statistics, the need for simulation techniques and the task of calculating best estimates and ranges of future losses. In property and casualty insurance the provisions for payment obligations from losses that have occurred but have not yet been settled usually constitute the largest item on the liabilities side of an insurer's balance sheet. For this reason, the determination and evaluation of these loss reserves is of considerable economic importance for every property and casualty insurer. Actuarial students, academics as well as practicing actuaries will benefit from this overview of the most important actuarial methods of loss reserving by developing an understanding of the underlying stochastic models and how to practically solve some problems which may occur in actuarial practice.
