Loss Models by Stuart A. Klugman (9781118315323)

Description - Loss Models by Stuart A. Klugman

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
.

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