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Loss Models, Solutions Manual: From Data to Decisions [Paperback]

Stuart A. Klugman , Harry H. Panjer , Gordon E. Willmot
4.5 out of 5 stars  See all reviews (6 customer reviews)

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Student Solutions Manual to Accompany Loss Models: From Data to Decisions, Fourth Edition Student Solutions Manual to Accompany Loss Models: From Data to Decisions, Fourth Edition
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Book Description

Aug. 25 2008 0470385715 978-0470385715 3
An update of one of the most trusted books on constructing and analyzing actuarial models

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.

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"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 and review." (Annals of Actuarial Science, 2008)

“This book will be necessary for all academic programs in actuarial science. It will also serve as an important reference for practicing actuaries.” (Mathematical Assoc. of America, June 2009)  --This text refers to an out of print or unavailable edition of this title.

From the Publisher

Much of actuarial science consists of constructing and analyzing mathematical models that describe how fluids flow into and out of an insurance system. This book examines contemporary topics such as risk theory and economics, credibility and stochastic processes with a focus on the loss process, or the outflow of cash due to the payment of benefits. --This text refers to an out of print or unavailable edition of this title.

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2.0 out of 5 stars Loss Models Oct. 17 2012
By Cal
Format:Hardcover|Verified Purchase
This is a reasonable textbook. However, this edition is quite different from the latest, which is what most professors will be referencing. It's worth spending the money to get the latest edition.
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2 of 2 people found the following review helpful
5.0 out of 5 stars great introduction to models needed in insurance Aug. 9 2000
When I took a job to model prediction of loss reserves for workers compensation insurance, I began to realize that the traditional statistical methods that I generally relied n would not help me (without modification). The required modification would be either to transform variables or to model long-tailed probability distributions. This is because in the insurance business you have to reserve for those big catastrophies. The cost data for workers compensation data generally show a high frequency of low to moderate costs (say in the range of $1000 to $50,000). However occasionally there are a few cases of severe injury causing permanent disability which could run over 1 million dollars. Even though the probability of occurrence is small the cost is so high that it cannot be ignored. Such claims will surely be found when large insurance company cover millions of employees over many years.
The problem occurs when insuring for floods, earthquakes, fires and other disasters. Stuart Klugman and Bob Hogg in 1984 wrote the first introductory text to acquaint statisticians with such probability models that are important in the insurance business. Other books covering the subject were covered in books on risk theory designed for actuaries. This book covers all the topics and assumes mathematical and staistical knowledge at the level of the book by Hogg and Craig (so some calculus is required).
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5.0 out of 5 stars great book Jan. 4 2010
I think this is the best book about actuarial models, even for beginners in probabilities and actuarial science. It has a great introduction with review stuff, and it is enough complete for the actuarial exams. As a student I recommend this book
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