About: Statistical Tools for Modeling Claim Severity

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
rdfs:seeAlso	http://is.muni.cz/do/econ/sborniky/2014/proceedings-EFS-2014.pdf
Description	The main aim of the paper is point out on a new approach to statistical modelling of claims severity by using quantile functions. In addition to explain the theoretical principles and present the application of claims severity models that based on quantile function. Claims severity in non-life insurance refers to the monetary loss of an insurance claim and is usually modeled as a non-negative continuous random variable. The conditions under which claims are performed and data are collected allow considering the claims severity to be samples from specific heavy-tailed probability distribution. Probability models of claims severity creates the basis for solving of many substantial problems in non-life insurance company. To find the models based on empirical data can be used several methods such as goodness of fit tests, kernel densities, composition distributions or mixture distributions. In this regard, quantile methods provide an appropriate and flexible approach to the probability modelling needed to obtain well-fitted tails. By using this approach, it has been confirmed the advantages of quantile models and their usefulness for non-life insurance practice. The main aim of the paper is point out on a new approach to statistical modelling of claims severity by using quantile functions. In addition to explain the theoretical principles and present the application of claims severity models that based on quantile function. Claims severity in non-life insurance refers to the monetary loss of an insurance claim and is usually modeled as a non-negative continuous random variable. The conditions under which claims are performed and data are collected allow considering the claims severity to be samples from specific heavy-tailed probability distribution. Probability models of claims severity creates the basis for solving of many substantial problems in non-life insurance company. To find the models based on empirical data can be used several methods such as goodness of fit tests, kernel densities, composition distributions or mixture distributions. In this regard, quantile methods provide an appropriate and flexible approach to the probability modelling needed to obtain well-fitted tails. By using this approach, it has been confirmed the advantages of quantile models and their usefulness for non-life insurance practice. (en)
Title	Statistical Tools for Modeling Claim Severity Statistical Tools for Modeling Claim Severity (en)
skos:prefLabel	Statistical Tools for Modeling Claim Severity Statistical Tools for Modeling Claim Severity (en)
skos:notation	RIV/00216275:25410/14:39898348!RIV15-MSM-25410___
http://linked.open...avai/riv/aktivita	I
http://linked.open...avai/riv/aktivity	I
http://linked.open...vai/riv/dodaniDat	2015
http://linked.open...aciTvurceVysledku	Jindrová, Pavla
http://linked.open.../riv/druhVysledku	D - Článek ve sborníku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Univerzita Pardubice / Fakulta ekonomicko-správní
http://linked.open...dnocenehoVysledku	47352
http://linked.open...ai/riv/idVysledku	RIV/00216275:25410/14:39898348
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	Pareto distribution; lognormal distribution; quantile function; claims severity model (en)
http://linked.open.../riv/klicoveSlovo	quantile function claims severity model Pareto distribution lognormal distribution
http://linked.open...ontrolniKodProRIV	[040E1B53C7B0]
http://linked.open...v/mistoKonaniAkce	Lednice
http://linked.open...i/riv/mistoVydani	Brno
http://linked.open...i/riv/nazevZdroje	Proceedings of the 11th International Scientific Conference European Financial Systems 2014
http://linked.open...in/vavai/riv/obor	BB
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	2 (xsd:int)
http://linked.open...UplatneniVysledku	2014
http://linked.open...iv/tvurceVysledku	Jindrová, Pavla Sipková, Lubica
http://linked.open...vavai/riv/typAkce	WRD - Světová
http://linked.open.../riv/zahajeniAkce	2014-06-12 (xsd:date)
number of pages	7 (xsd:int)
http://purl.org/ne...btex#hasPublisher	Masarykova univerzita
https://schema.org/isbn	978-80-210-7153-7
http://localhost/t...ganizacniJednotka	25410

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