Wiley Series in Probability and Statistics
4 primary works • 7 total works
Book 249
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.
Book 620
Discover how to optimize business strategies from both qualitative and quantitative points of view Operational Risk: Modeling Analytics is organized around the principle that the analysis of operational risk consists, in part, of the collection of data and the building of mathematical models to describe risk. This book is designed to provide risk analysts with a framework of the mathematical models and methods used in the measurement and modeling of operational risk in both the banking and insurance sectors. Beginning with a foundation for operational risk modeling and a focus on the modeling process, the book flows logically to discussion of probabilistic tools for operational risk modeling and statistical methods for calibrating models of operational risk. Exercises are included in chapters involving numerical computations for students' practice and reinforcement of concepts. Written by Harry Panjer, one of the foremost authorities in the world on risk modeling and its effects in business management, this is the first comprehensive book dedicated to the quantitative assessment of operational risk using the tools of probability, statistics, and actuarial science.
In addition to providing great detail of the many probabilistic and statistical methods used in operational risk, this book features: Ample exercises to further elucidate the concepts in the text Definitive coverage of distribution functions and related concepts Models for the size of losses Models for frequency of loss Aggregate loss modeling Extreme value modeling Dependency modeling using copulas Statistical methods in model selection and calibration Assuming no previous expertise in either operational risk terminology or in mathematical statistics, the text is designed for beginning graduate-level courses on risk and operational management or enterprise risk management. This book is also useful as a reference for practitioners in both enterprise risk management and risk and operational management.
In addition to providing great detail of the many probabilistic and statistical methods used in operational risk, this book features: Ample exercises to further elucidate the concepts in the text Definitive coverage of distribution functions and related concepts Models for the size of losses Models for frequency of loss Aggregate loss modeling Extreme value modeling Dependency modeling using copulas Statistical methods in model selection and calibration Assuming no previous expertise in either operational risk terminology or in mathematical statistics, the text is designed for beginning graduate-level courses on risk and operational management or enterprise risk management. This book is also useful as a reference for practitioners in both enterprise risk management and risk and operational management.
Book 715
Revised, updated, and even more useful to students, teachers, and practicing professionals, The First Edition of "Loss Models" was deemed 'worthy of classical status' by the "Journal of the International Statistical Institute". While retaining its predecessor's thorough treatment of the concepts and methods of analyzing contingent events, this powerful Second Edition is updated and expanded to offer even more complete and flexible coverage of risk theory, loss distributions, and survival models. Beginning with a framework for model building and a description of frequency and severity loss data typically available, it shows readers how to combine frequency, severity, and loss models to build aggregate loss models and credibility-based pricing models, and how to analyze loss over multiple time periods.Important features of this new edition include: thorough preparation for relevant parts of preliminary examinations of the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS); exercises based on past SOA and CAS exams; examples using actual insurance data; practical treatment of modern credibility theory; data files and more from a ftp site "Loss Models, Second Edition" is an important resource, providing a comprehensive, practically motivated toolkit and an excellent reference, for actuaries preparing for SOA and CAS preliminary examinations, students in actuarial science who need to understand loss and risk models, and practicing professionals involved in loss modeling.
Book 984
Student Solutions Manual to Accompany Loss Models: From Data to Decisions, Fourth Edition
by Stuart A Klugman, Harry H Panjer, and Gordon E Willmot
Published 24 August 2012
Praise for the Third Edition "This book provides in-depth coverage of modelling techniques used throughout many branches of actuarial science...The exceptional high standard of this book has made it a pleasure to read." --Annals of Actuarial Science Newly organized to focus exclusively on material tested in the Society of Actuaries' Exam C and the Casualty Actuarial Society's Exam 4, Loss Models: From Data to Decisions, Fourth Edition continues to supply actuaries with a practical approach to the key concepts and techniques needed on the job. With updated material and extensive examples, the book successfully provides the essential methods for using available data to construct models for the frequency and severity of future adverse outcomes. The book continues to equip readers with the tools needed for the construction and analysis of mathematical models that describe the process by which funds flow into and out of an insurance system. Focusing on the loss process, the authors explore key quantitative techniques including random variables, basic distributional quantities, and the recursive method, and discuss techniques for classifying and creating distributions.
Parametric, non-parametric, and Bayesian estimation methods are thoroughly covered along with advice for choosing an appropriate model. New features of this Fourth Edition include: Expanded discussion of working with large data sets, now including more practical elements of constructing decrement tables Added coverage of methods for simulating several special situations An updated presentation of Bayesian estimation, outlining conjugate prior distributions and the linear exponential family as well as related computational issues Throughout the book, numerous examples showcase the real-world applications of the presented concepts, with an emphasis on calculations and spreadsheet implementation. A wealth of new exercises taken from previous Exam C/4 exams allows readers to test their comprehension of the material, and a related FTP site features the book's data sets. Loss Models, Fourth Edition is an indispensable resource for students and aspiring actuaries who are preparing to take the SOA and CAS examinations. The book is also a valuable reference for professional actuaries, actuarial students, and anyone who works with loss and risk models.
To explore our additional offerings in actuarial exam preparation visit www.wiley.com/go/c4actuarial .
Parametric, non-parametric, and Bayesian estimation methods are thoroughly covered along with advice for choosing an appropriate model. New features of this Fourth Edition include: Expanded discussion of working with large data sets, now including more practical elements of constructing decrement tables Added coverage of methods for simulating several special situations An updated presentation of Bayesian estimation, outlining conjugate prior distributions and the linear exponential family as well as related computational issues Throughout the book, numerous examples showcase the real-world applications of the presented concepts, with an emphasis on calculations and spreadsheet implementation. A wealth of new exercises taken from previous Exam C/4 exams allows readers to test their comprehension of the material, and a related FTP site features the book's data sets. Loss Models, Fourth Edition is an indispensable resource for students and aspiring actuaries who are preparing to take the SOA and CAS examinations. The book is also a valuable reference for professional actuaries, actuarial students, and anyone who works with loss and risk models.
To explore our additional offerings in actuarial exam preparation visit www.wiley.com/go/c4actuarial .
Loss Models: From Data to Decisions, 5e Student Solutions Manual
by Stuart A Klugman, Harry H Panjer, and Gordon E Willmot
Published 18 December 2018
Loss Models: From Data to Decisions, Fifth Edition continues to supply actuaries with a practical approach to the key concepts and techniques needed on the job. With updated material and extensive examples, the book successfully provides the essential methods for using available data to construct models for the frequency and severity of future adverse outcomes.
The book continues to equip readers with the tools needed for the construction and analysis of mathematical models that describe the process by which funds flow into and out of an insurance system. Focusing on the loss process, the authors explore key quantitative techniques including random variables, basic distributional quantities, and the recursive method, and discuss techniques for classifying and creating distributions. Parametric, non-parametric, and Bayesian estimation methods are thoroughly covered along with advice for choosing an appropriate model. Throughout the book, numerous examples showcase the real-world applications of the presented concepts, with an emphasis on calculations and spreadsheet implementation.
Loss Models: From Data to Decisions, Fifth Edition is an indispensable resource for students and aspiring actuaries who are preparing to take the SOA and CAS examinations. The book is also a valuable reference for professional actuaries, actuarial students, and anyone who works with loss and risk models.
Loss Models: from Data to Decisions + (one Year Online)
by Stuart A Klugman, Harry H Panjer, and Gordon E Willmot
Published 6 October 2011
"eKlugman" "ExamPrep" is an exciting new online product designed to help actuaries improve their examination skills. "eKlugman" "ExamPrep" provides an interactive method for working most of the exercises in "Loss Models" including, as well as providing, hints and step-by-step solutions. Many of the questions have a feature that makes random changes so that the same question can be worked more than once. The questions cover simulations, log normal distributions, aggregate loss models and operational risks, among a host of other actuarial topics. "eKlugman" "ExamPrep" also includes multiple forms of simulated exams with questions specially written for exam C/4 practice. The product features a built-in record keeping system in order to reinforce further practice and promote customization of study skills. This online product presents useful tips in understanding the test material, and it aids users in achieving specific exam goals. The material is a 'must have' for all aspiring and practicing actuaries who desire a fast and efficient alternative to using the traditional coursebook approach. Price includes 6-month access/subscription. Once purchased, the product is nonreturnable.After ordering, customers will be mailed a card that contains their registration code which is needed to access the "eKlugman ExamPrep" website.Also, check out the NEW enhanced version, Loss Models Online 3e. This product serves the same needs as ExamPrep, but with updated content and enhanced functionality to further improve your knowledge when preparing the the Actuarial Exam.
Loss Models: From Data to Decisions, 3rd Edition ExamPrep (Online) Wrapper
by Stuart A Klugman
Published 16 June 2009
eKlugman ExamPrep is an exciting new online product designed to help actuaries improve their examination skills. eKlugman ExamPrep provides an interactive method for working most of the exercises in Loss Models including, as well as providing, hints and step-by-step solutions. Many of the questions have a feature that makes random changes so that the same question can be worked more than once. The questions cover simulations, log normal distributions, aggregate loss models and operational risks, among a host of other actuarial topics. eKlugman ExamPrep also includes multiple forms of simulated exams with questions specially written for exam C/4 practice. The product features a built-in record keeping system in order to reinforce further practice and promote customization of study skills. This online product presents useful tips in understanding the test material, and it aids users in achieving specific exam goals. The material is a 'must have' for all aspiring and practicing actuaries who desire a fast and efficient alternative to using the traditional coursebook approach. Price includes 6-month access/subscription. Once purchased, the product is nonreturnable.
After ordering, customers will be mailed a card that contains their registration code which is needed to access the eKlugman ExamPrep website.
After ordering, customers will be mailed a card that contains their registration code which is needed to access the eKlugman ExamPrep website.