Modeling Individual Claims for Motor Third Party Liability of Insurance Companies in Albania

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Year:
2015
Type of Publication:
Article
Keywords:
Bodily Injury Claims, Claim, Distribution, Insurance Contracts, Estimation, Property Claims, R
Authors:
Oriana Zacaj; Eralda Dhamo (GJIKA); Shpetim Shehu
Journal:
IJECCE
Volume:
3
Number:
3
Pages:
174-178
Month:
May
Abstract:
When an insurer forecasts its claims, has to deal with two main problems; the first one is to find a model that fits the data, and the second one is to check how well that model fits the data in this paper we try to fit several nonnegative continuous distributions to the data from the claim of the MTPL portfolio of an Albanian insurance company, and then testing how well these models fits to the available data, and judge which among them fits better to our data. The modeling process will establish some probability models that could model the claim amounts, and then we’ll perform some diagnostic checks like Kolmogorov – Smirnov test, and Anderson – Darling test and we’ll use the Akaike’s Information Criterion (A.I.C) and Bayesian information Criterion (B.I.C) and graphically using the Q-Q plots and P – P plots. Finally the study gives a summary, a conclusion and recommendations that can be used by insurance companies to improve their results concerning future claim assumptions.

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