Modeling and Analysis the Insurance Loss Data
Many problems in actuarial science involve the building of a mathematical model that can be used to forecast or predict insurance costs in the future. The insurance data has its own structure, for example, data can be left truncated and/or right-censored which correspond to an ordinary deductible and a policy limit, respectively. The objective of this project is to do some research on the modeling and analysis these most common observed insurance loss data. Research topics would be the analysis the left truncation and right censoring data, the investigation of parametric and non-parametric estimation approaches and the comparison of the empirical modeling and the parametric modeling procedures.
1. Conduct the literature review on the research topics proposed.
2. Study relevant papers and suggest statistical models for the loss data.
3. Derive mathematical expressions if necessary and capable.
4. Implement the calculations and analyze the modeling results.
5. Write a report and make a presentation if time allows.