Devoted to the problem of fitting parametric probability distributions to data, this treatment uniquely unifies loss modeling in one book. Data sets used are related to the insurance industry, but can be applied to other distributions. Emphasis is on the distribution of single losses related to claims made against various types of insurance policies. Includes five sets of insurance data as examples.
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Devoted to the problem of fitting parametric probability distributions to data, this treatment uniquely unifies loss modeling in one book. . Data sets used are related to the insurance industry, but can be applied to other distributions. Emphasis is on the distribution of single losses related to claims made against various types of insurance policies. Includes five sets of insurance data as examples.
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8 of 11 people found the following review helpful:
2.0 out of 5 stars
Loss Distributions,
By Alan Sirkin (Florida) - See all my reviews
This review is from: Loss Distributions (Wiley Series in Probability and Statistics) (Hardcover)
This book, part of the Wiley Series in Probability and Mathematical Statistics is writen for the fitting of probability distribution models to data relating to losses in the insurance industry. A necessary prerequisite for the understanding of this book is a university course in mathematical statistics. This is an advanced book utilizing higher mathematical formulas and functions. It covers models for random variables, statistical inference, loss distributions, and applications. It is a very useful book for those interested in theory and who are competent in advanced functions.
4.0 out of 5 stars
An Excellent Early Book,
By
This review is from: Loss Distributions (Wiley Series in Probability and Statistics) (Hardcover)
I have used this book actively in actuarial and quantitative finance work since it was first published. I've found it invaluable. I've not given it 5 stars only because it has been improved in Klugman's later book on the subject.
As the first reveiw mentions, you will need to be familiar with mathematical statistics to use it. Not too high a hurdle for those needing what this book has. The appendix on loss distributions is superb -- it is the cheat sheet I wanted and didn't have to create. Klugman has since had some substantial updates with Wilmot that cost a lot more than this fine old book. You'll get a lot of mileage out of this earlier work, but the updates have quite a bit more at the price of steeper math climbing. Full disclosure: Stuart was one of my professors at University of Iowa, and Robert Hogg was there as well at the time.
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Inside This Book
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First Sentence:
Losses caused by occurrences of unexpected events are problems both for individuals and for society as a whole. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
limited expected value function, transformed gamma distribution, percentile matching, franchise deductible, pure premium, allocated loss adjustment expenses, hurricane data, hurricane losses, eight distributions, primary insurer, convolution formula, elimination period, insured events, grouped data Key Phrases - Capitalized Phrases (CAPs): (learn more)
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Losses caused by occurrences of unexpected events are problems both for individuals and for society as a whole. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
limited expected value function, transformed gamma distribution, percentile matching, franchise deductible, pure premium, allocated loss adjustment expenses, hurricane data, hurricane losses, eight distributions, primary insurer, convolution formula, elimination period, insured events, grouped data Key Phrases - Capitalized Phrases (CAPs): (learn more)
Loss Figure New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 100
books:
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100
books
cite this book:
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- Probability and Statistical Inference (7th Edition) by Robert V Hogg on page 104, and Back Matter
- Mathematical Statistics (Wiley Publication in Mathematical Statistics) by S.S. Wilks in Front Matter, and Back Matter
- Linear Statistical Inference and Its Applications by C. Radhakrishna Rao in Front Matter, and Back Matter
- Introduction to Mathematical Statistics by Robert V. Hogg on page 17, and Back Matter
- Continuous Multivariate Distributions (Wiley Series in Probability and Statistics) by S. Kotz in Back Matter
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- Operational Risk : Modeling Analytics (Wiley Series in Probability and Statistics) by Harry H. Panjer in Back Matter (1), and Back Matter (2)
- Statistical Size Distributions in Economics and Actuarial Sciences (Wiley Series in Probability and Statistics) by Christian Kleiber in Back Matter (1), and Back Matter (2)
- Stochastic Processes for Insurance and Finance (Wiley Series in Probability and Statistics) by Tomasz Rolski in Back Matter (1), and Back Matter (2)
- Structural Equation Modeling: A Bayesian Approach (Wiley Series in Probability and Statistics) by Sik-Yum Lee in Back Matter
- A Probabilistic Analysis of the Sacco and Vanzetti Evidence (Wiley Series in Probability and Statistics) by Joseph B. Kadane in Back Matter
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