Summary and Info
Written by three renowned authorities in the actuarial field, Loss Models, Third Edition upholds the reputation for excellence that has made this book required reading for the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS) qualification examinations. This update serves as a complete presentation of statistical methods for measuring risk and building models to measure loss in real-world events. This book maintains an approach to modeling and forecasting that utilizes tools related to risk theory, loss distributions, and survival models. Random variables, basic distributional quantities, the recursive method, and techniques for classifying and creating distributions are also discussed. Both parametric and non-parametric estimation methods are thoroughly covered along with advice for choosing an appropriate model. Features of the Third Edition include: Extended discussion of risk management and risk measures, including Tail-Value-at-Risk (TVaR) New sections on extreme value distributions and their estimation Inclusion of homogeneous, nonhomogeneous, and mixed Poisson processes Expanded coverage of copula models and their estimation Additional treatment of methods for constructing confidence regions when there is more than one parameter The book continues to distinguish itself by providing over 400 exercises that have appeared on previous SOA and CAS examinations. Intriguing examples from the fields of insurance and business are discussed throughout, and all data sets are available on the book's FTP site, along with programs that assist with conducting loss model analysis. Loss Models, Third Edition is an essential resource for students and aspiring actuaries who are preparing to take the SOA and CAS preliminary examinations. It is also a must-have reference for professional actuaries, graduate students in the actuarial field, and anyone who works with loss and risk models in their everyday work. To explore our additional offerings in actuarial exam preparation visit www.wiley.com/go/actuarialexamprep. Content: Chapter 1 Modeling (pages 1–7): Chapter 2 Random Variables (pages 9–19): Chapter 3 Basic Distributional Quantities (pages 21–50): Chapter 4 Characteristics of Actuarial Models (pages 51–60): Chapter 5 Continuous Models (pages 61–100): Chapter 6 Discrete Distributions and Processes (pages 101–159): Chapter 7 Multivariate Models (pages 161–177): Chapter 8 Frequency and Severity with Coverage Modifications (pages 179–197): Chapter 9 Aggregate Loss Models (pages 199–268): Chapter 10 Discrete?Time Ruin Models (pages 269–276): Chapter 11 Continuous?Time Ruin Models (pages 277–311): Chapter 12 Review of Mathematical Statistics (pages 313–330): Chapter 13 Estimation for Complete Data (pages 331–342): Chapter 14 Estimation for Modified Data (pages 343–371): Chapter 15 Parameter Estimation (pages 373–439): Chapter 16 Model Selection (pages 441–471): Chapter 17 Estimation and Model Selection for More Complex Models (pages 473–502): Chapter 18 Five Examples (pages 503–523): Chapter 19 Interpolation and Smoothing (pages 525–554): Chapter 20 Credibility (pages 555–640): Chapter 21 Simulation (pages 641–664):
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