Research ArticleOpen accessIn the keywordsFitting of Finite Mixture Distributions to Motor Insurance ClaimsP. Sattayatham, T. TalangtamProblem statement: The modeling of claims is an important task of actuaries. Our problem is in modelling the actual motor insurance claim data set. In this study, we show that the actual motor insurance claim can be fitted by a finite mixture model. Approach: Firstly, we analyse the actual data set and then we choose the finite mixture Lognormal distributions … …Journal of Mathematics and Statistics, Vol. 8, Issue 1 · 16 Jan 2012 · 9,300 accessesView PDFCite
Research ArticleOpen accessIn the abstractPerformance of Standard Statistical Distributions for Modeling Glass FractureDavid Kinsella, Johan Lindström, Kent PerssonExperimental data on the strength of new annealed float glass tested in an ambient environment was collected. A comparison was made between four standard distributions, the normal, lognormal, Gumbel and Weibull, with respect to the performance in modelling the strength. The Weibull distribution outperformed the normal and lognormal distributions when the data contained edge only failure origins. When the data … …International Journal of Structural Glass and Advanced Materials Research, Vol. 2, Issue 1 · 24 Aug 2018 · 7,120 accessesView PDFCite
Research ArticleOpen accessIn the abstractEstimating the Claim Severity Distribution using Variable Neighborhood SearchKunjira Kingphai, Samruam ChongcharoenIn this study, Variable Neighborhood Search (VNS) is utilized to estimate the parameters of actual motor insurance claims data set and compared them obtained by the Moment Estimation Methods (MOM) and Maximum likelihood Estimation Method (MLE) which are known as a conscientious method. Then, the Kolmogorov-Smirnov test (K-S) is used to show how well the selected distribution fits the actual … …American Journal of Applied Sciences, Vol. 13, Issue 12 · 19 Dec 2016 · 7,326 accessesView PDFCite
Research ArticleOpen accessIn the abstractA Price Hedging Model in Dynamic MarketKuo-Wei Lin, Kuang-Jung Tseng, Szu-Cheng ChengProblem statement: Pricing is a problem when a firm has to set a price for the first time. This happens when the firm develops or acquires a new product, introduces its regular product into a new distribution or geographical area, or enters bids on the new contract work. Many companies try to set the price to maximize current profits. They … …American Journal of Applied Sciences, Vol. 9, Issue 7 · 3 Aug 2012 · 6,938 accessesView PDFCite
Research ArticleOpen accessIn the abstractProposed Reliability Techniques on Soil and Rock ExcavationsS. TangchawalProblem statement: Assessment of the ground mass excavation is normally done by the deterministic method. A quantitative indication of mass stability provides as an index term known "the Factor of Safety (F.S.)". There are uncertain to some degrees, such as only a single value of mass properties is used or variation in geologic conditions, computed values of F.S. are never … …Energy Research Journal, Vol. 2, Issue 1 · 26 Jan 2012 · 7,411 accessesView PDFCite
Research ArticleOpen accessIn the abstractA Study on the Effects of Non-Normality on the Performances of Max-DEWMA Versus SS-DEWMA ChartsTeh Sin Yin, Michael Khoo Boon ChongProblem statement: The called the Sum of Squares Double Exponentially Weighted Moving Average (SS-DEWMA) chart which is effective in detecting shifts in the mean and/or variance is compared with the Max-DEWMA (called the maximum double exponentially weighted moving average) chart. The comparison is based on the assumption that the distribution of the quality characteristic of the process is normal or … …Journal of Mathematics and Statistics, Vol. 8, Issue 1 · 18 Jan 2012 · 7,188 accessesView PDFCite
Research ArticleOpen accessIn the abstractHandling the Dependence of Claim Severities with Copula ModelsYulia Resti, Noriszura Ismail, Saiful Hafizah JaamanProblem statement: Several studies have been carried out on the modeling of claim severity data in actuarial literature as well as in insurance practice. Since it is well established that the claim cost distributions generally have positive support and are positively skewed, the regression models of Gamma and Lognormal have been used by practitioners for modeling claim severities. However, the … …Journal of Mathematics and Statistics, Vol. 6, Issue 2 · 30 Jun 2010 · 7,528 accessesView PDFCite
Research ArticleOpen accessIn the abstractRainfall Depth-Duration-Frequency Relationships for South Carolina, North Carolina, and GeorgiaJ. P. Raiford, N.M. Aziz, A.A. Khan, D.N. PowellThe depth-duration-frequency curves and isopluvial maps for the region encompassing South Carolina, North Carolina, and Georgia were developed using the available rainfall data. The aim was to update the existing intensity-duration-frequency curves in the region and obtain these curves at ungauged sites throughout the region using the newly developed rainfall frequency analysis techniques. A total of 17 durations ranging from … …American Journal of Environmental Sciences, Vol. 3, Issue 2 · 30 Jun 2007 · 7,323 accessesView PDFCite