## Loss Models: From Data to DecisionsAn update of one of the most trusted books on constructing and analyzing actuarial modelsWritten by three renowned authorities in the actuarial field, 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. |

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### Contents

From Data to Decisions PART II ACTUARIAL MODELS | 51 |

From Data to Decisions PART III CONSTRUCTION OF EMPIRICAL MODELS | 313 |

From Data to Decisions PART IV PARAMETRIC STATISTICAL METHODS | 373 |

From Data to Decisions PART V ADJUSTED ESTIMATES | 525 |

From Data to Decisions PART VI SIMULATION | 641 |

From Data to Decisions Appendix A An inventory of continuous distributions | 665 |

From Data to Decisions Appendix B An inventory of discrete distributions | 683 |

From Data to Decisions Appendix C Frequency and severity relationships | 691 |

From Data to Decisions Appendix D The recursive formula | 693 |

From Data to Decisions Appendix E Discretization of the severity distribution | 695 |

From Data to Decisions Appendix F Numerical optimization and solution of systems of equations | 699 |

From Data to Decisions References | 709 |

719 | |