Statistical Foundations of Actuarial Leaing and its Applications (Springer Actuarial)

by: Mario V. Wüthrich (Author),Michael Merz(Author)

Publisher: Springer
Edition: 1st ed. 2023

Publication Date: 23 Nov. 2022

Language: English

Print Length: 617 pages

ISBN-10: 3031124081

ISBN-13: 9783031124082

Book Description

This open access book discusses the statistical modeling of insurance problems, a process which comprises data collection, data analysis and statistical model building to forecast insured events that may happen in the future. It presents the mathematical foundations behind these fundamental statistical concepts and how they can be applied in daily actuarial practice. Statistical modeling has a wide range of applications, and, depending on the application, the theoretical aspects may be weighted differently: here the main focus is on prediction rather than explanation. Starting with a presentation of state-of-the-art actuarial models, such as generalized linear models, the book then dives into mode machine leaing tools such as neural networks and text recognition to improve predictive modeling with complex features. Providing practitioners with detailed guidance on how to apply machine leaing methods to real-world data sets, and how to interpret the results without losing sight of the mathematical assumptions on which these methods are based, the book can serve as a mode basis for an actuarial education syllabus.