Loss Models - from Data to Decisions + Solutions Manual Set by Stuart A. Klugman

by Stuart A. Klugman

An update of one of the most trusted books on constructing and analyzing actuarial models for the C/4 actuarial examThis new, abridged edition has been thoroughly revised and updated to include the essential material related to Exam C of the Society of Actuaries' and Casualty Actuarial Society's accreditation programs. The book maintains an approach to modeling and forecasting that utilizes tools related to risk theory, loss distributions, and survival models. Random variables, basic distributional quantities, the recursive method, and techniques for classifying and creating distributions are also discussed. Both parametric and non-parametric estimation methods are thoroughly covered along with advice for choosing an appropriate model.The book continues to distinguish itself by providing over 400 exercises that have appeared on previous examinations. The emphasis throughout is now placed on calculations and spreadsheet implementation. Additional features of the Fourth Edition extended discussions of risk management and risk measures, including Tail-Value-at-Risk; expanded coverage of copula models and their estimation; new sections on extreme value distributions and their estimations, compound frequency class of distributions, and estimation for the compound class; and motivating examples from fields of insurance and business. All data sets are available on an FTP site. An assortment of supplements (both print and electronic) is available."Loss Models, Fourth Edition" is an essential resource for students and aspiring actuaries who are preparing to take the SOA and CAS preliminary examinations C/4. It is also a must-have reference for professional actuaries, graduate students in the actuarial field, and anyone who works with loss and risk models in their everyday work.To explore our additional offerings in actuarial exam preparation visit www.wiley.com/go/c4actuarial .

Genres: Reference, Mathematics

Hardcover

First published January 9, 1998

Reviews

[Denis · Rating 5 out of 5]

The book is definitely a very good and worthwhile read. It's clear the authors have a great understanding of how all the distributions work and how they're connected.
However, this is definitely not the best choice for those who are unfamiliar with the subject. The book often explains one concept with the assumption that the reader is already quite familiar with several others. What's strange is that later, maybe 200 pages in, it will introduce those underlying concepts from the beginning as if the reader doesn't know them, which contradicts the earlier assumption of their understanding.
So, while it's not an introductory-level book, it's still quite a good one for providing an overall understanding and showing the connections between various subjects. This is also one of the few books where the appendix is definitely worth paying attention to.
What I didn't like was the generally intimidating feeling of the book. Even though the explanations are quite clear, maybe it's an editorial issue.

[Lisa · Rating 3 out of 5]

I read sections of this book more as an overview to loss models and credit risk analysis. It was informative for what I needed. Unfortunately most is for actuarial models and insurance. I would have liked to have seen more examples and some case studies and a bit less theory.

3.5/5 stars ⭐️

[Yehia · Rating 3 out of 5]

Mid life crisis

[Vonny · Rating 4 out of 5]

systematic and easy to understand ... :D

[Andrew · Rating 4 out of 5]

Pretty readable for an actuarial exam textbook. There are even some funny parts.