Effective Statistical Methods for Group Insurance
Effective Statistical Methods for Group Insurance by Nanak Chand, published by Trafford Publishing in 2003, offers a detailed exploration of statistical methods applicable to the calculation of net premiums for groups with varying risk characteristics. This edition, comprising 139 pages, is written in English and addresses the complexities of determining equitable and competitive premiums based on observed claim costs and risk profiles.
Readers will find that the book presents unique credibility formulas tailored to individual group characteristics, aligning with contemporary actuarial practices while allowing for necessary modifications. Additionally, it assesses stop loss claim costs through established parametric models, providing comprehensive tables of corresponding stop loss premiums. The focus on business and economics, particularly within the insurance and health sectors, makes this work a relevant resource for those interested in the statistical underpinnings of group insurance pricing.
Official synopsis Publisher
Given the risk characteristics and the observed claim cost for the experience period, this book describes some ways in which statistical methods can be used in the calculation of net premiums for individual groups having non-identical risk characteristics and credibility generally less than one.
The applications result in unique credibility formulas that take into account the individual characteristics, and are expected to provide adequate, equitable, and competitive premiums. The underlying methods are designed to be consistent with current actuarial practice, though giving attention to occasional need for suitable modifications.
Since stop loss claim costs are a function of the behavior of the tails of their respective distributions, this part of the book assesses such claim cost using well established parametric models, and provides comprehensive tables of the corresponding stop loss premiums.
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