Paper Information

Journal:   SANAAT-E-BIMEH   FALL 2014 , Volume 29 , Number 3 (115); Page(s) 177 To 193.
 
Paper: 

AN ANALYSIS OF LONGITUDINAL COUNT RESPONSES FOR THE NUMBER OF CLAIMS WITH EXTRA ZEROS IN THE IRANIAN THIRD PARTY LIABILITY INSURANCE PORTFOLIO

 
 
Author(s):  SALAVATI FARID, BAHRAMI SAMANI EHSAN*
 
* SHAHID BEHESHTI UNIVERSITY
 
Abstract: 

In the third party insurance, because of existing the Bouns-Malus system and using the end of the year discount, the insured does not report small claims to the insurance company; therefore, extra zeros in the frequency of the insured claims will be created. On the other hand, the analysis of the frequency of claims and the risk factor on this response is of great importance for the insurance company. For this purpose, some numerical models using power series distribution like Poisson Regression Model, Negative Binomial Regression Model and zero-inflated power series distribution like zero-inflated Poisson model and inflated negative binomial zero have been applied for the third party insurance data analysis with extra zeros. It is possible to generalize these models for the third party insurance longitudinal data. A likelihood-based approach is used to obtain maximum likelihood estimates of the parameters of the model. In this method, the EM-algorithm is used to obtain the maximum likelihood estimates of the parameters for the zero- inflated models. Finally, to illustrate the utility of the proposed models, some real third party longitudinal data were analyzed.

 
Keyword(s): EM-ALGORITHM, THIRD PARTY LIABILITY INSURANCE, NO. OF CLAIMS, ZERO- INFLATED DISTRIBUTION, LONGITUDINAL RESPONSES
 
References: 
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