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Loss Models: From Data to Decisions (Wiley Series in Probability and Statistics)
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A modern practical guide to building and using actuarial models.
Loss Models: From Data to Decisions is organized around the principle that actuaries build models in order to analyze risks and make decisions about managing the risks based on conclusions drawn from the analysis. In practice, one begins with data and ends with a business decision. The book flows logically from this principle. It begins with a framework for model building and a description of frequency and severity loss data typically available to actuaries. Parametric models are emphasized throughout.
The frequency and severity models are used in building aggregate loss models, in credibility-based pricing models, and in loss analysis over multiple time periods.
Designed as both an educational text as well as a professional reference, Loss Models:
- Assumes little prior knowledge of insurance systems
- Features many fascinating examples taken from insurance files
- Contains a major instructive case study continued through each chapter
- Covers the classical areas of risk theory and loss distributions
- Gives a practical but rigorous treatment of modern credibility theory
- Uses standard statistical concepts, methods, and notation
- Provides modern computational algorithms for implementing methods
- Includes free companion software available from an FTP site
- Deals with many topics on CAS 4B and SOA 151 and 152 actuarial exams
- Includes many exercises based on past CAS and SOA exams.
PRODUCT DESCRIPTIONS:
Binding: Hardcover
Dewey Decimal Number: 368.01
EAN: 9780471238843
ISBN: 0471238848
Label: Wiley-Interscience
Manufacturer: Wiley-Interscience
Number Of Items: 1
Number Of Pages: 672
Publication Date: 1998-01-09
Publisher: Wiley-Interscience
Studio: Wiley-Interscience
SIMILAR ITEMS:
• Loss Models, Solutions Manual: From Data to Decisions (Wiley Series in Probability and Statistics)
• Derivatives Markets (2nd Edition) (Addison-Wesley Series in Finance)
• Operational Risk : Modeling Analytics (Wiley Series in Probability and Statistics)
• Derivatives Markets: Student Solutions Manual
• Introduction to Probability Models, Ninth Edition
CUSTOMER REVIEWS:
Mathematics for property and casualty insurance actuaries -
"Loss Models from Data to Decision" is an excellent book that covers many of the areas of mathematics and statistics that property and casualty insurance (aka general insurance) actuaries are required to know. Topics include: frequency and severity models; aggregate loss models; ruin models; Bayesian statistics; credibility and simulation. The theory is well explained; with worked examples throughout and numerous exercises at the end of each section (these questions are based on past SOA and CAS exam questions, so are directly relevant to people studying for either of these exams). Solutions to the exercises are not provided in this book, but a separate solutions manual is available.
I am a lecturer in Actuarial Studies at an Australian university and set this book for one of my (later-year undergraduate) units. In my opinion, this is the best General Insurance text book available and students whom I have spoken to tell me that they like this book very much, too. I highly recommend this text for all student actuaries.
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When I took a job to model prediction of loss reserves for workers compensation insurance, I began to realize that the traditional statistical methods that I generally relied n would not help me (without modification). The required modification would be either to transform variables or to model long-tailed probability distributions. This is because in the insurance business you have to reserve for those big catastrophies. The cost data for workers compensation data generally show a high frequency of low to moderate costs... . However occasionally there are a few cases of sever injury causing permanent disability which could run over 1 million dollars. Even though the probability of occurrence is small the cost is so high that it cannot be ignored. Such claims will surely be found when large insurance company cover millions of employees over many years.
The problem occurs when insuring for floods, earthquakes, fires and other disasters. Stuart Klugman and Bob Hogg in 1984 wrote the first introductory text to acquaint statisticians with such probability models that are important in the insurance business. Other books covering the subject were covered in books on risk theory designed for actuaries. This book covers all the topics and assumes mathematical and staistical knowledge at the level of the book by Hogg and Craig (so some calculus is required).
Good one but for advance users -
Nothing else to say. The best book for actuarial mathematics. Also good for risk managers, in particular for operational risk. It does not introduce many concepts but rather take to advance level. Excellent concepts that can be applicable in any topic or situation. A must buy in you want to have your grips on acturial mathematics and concepts
Best Actuarial Book -
Nothing else to say. The best book for actuarial mathematics. Also good for risk managers, in particular for operational risk.
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great introduction to models needed in insurance - With this unbeatable web hosting you will get: 5,000MB disk space (raid storage), 30GB data transfer/bandwidth, 250 POP3/IMAP Email & SMTP, 10 FTP users, Unlimited subdomains, 24 x 7 FTP access, CGI-BIN, SSI, .htaccess, Cronjobs, PHP4 w/ Zend Optimizer, Sendmail, Perl5, FrontPage 98/2000/2002 Ext., SSL (secure server), MySQL database. All come with FREE setup fee and FREE 1st year domain name.
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When I took a job to model prediction of loss reserves for workers compensation insurance, I began to realize that the traditional statistical methods that I generally relied n would not help me (without modification). The required modification would be either to transform variables or to model long-tailed probability distributions. This is because in the insurance business you have to reserve for those big catastrophies. The cost data for workers compensation data generally show a high frequency of low to moderate costs (say in the range of $1000 to $50,000). However occasionally there are a few cases of severe injury causing permanent disability which could run over 1 million dollars. Even though the probability of occurrence is small the cost is so high that it cannot be ignored. Such claims will surely be found when large insurance company cover millions of employees over many years.
The problem occurs when insuring for floods, earthquakes, fires and other disasters. Stuart Klugman and Bob Hogg in 1984 wrote the first introductory text to acquaint statisticians with such probability models that are important in the insurance business. Other books covering the subject were covered in books on risk theory designed for actuaries. This book covers all the topics and assumes mathematical and staistical knowledge at the level of the book by Hogg and Craig (so some calculus is required).
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