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All Journal International Journal of Research in Community Services Operations Research: International Conference Series
Chun wang
Air Defense Forces Academy Zhengzhou
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Journal : Operations Research: International Conference Series

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Life Insurance Aggregate Claims Distribution Model Estimation Yohandoko, Setyo; Prabowo, Agung; Yakubu, Usman Abbas; Wang, Chun
Operations Research: International Conference Series Vol. 4 No. 4 (2023): Operations Research International Conference Series (ORICS), December 2023
Publisher : Indonesian Operations Research Association (IORA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47194/orics.v4i4.271

Abstract

Risk is a hazard or consequence that can occur in an ongoing process or future events. As the party responsible for assuming and managing risks, the insurance company must be prepared to provide compensation in the event of claims; otherwise, they may face bankruptcy. Hence, it is important to understand the characteristics of risks handled by the insurance company. The risk's characteristics can be analyzed through the distribution model of previous-period claims. The sum of aggregate claims over several periods forms the aggregate claims distribution. The aggregate claims distribution used to determine the amount of pure premium and gross premium that must be obtained by the insurance company. In this research, the determination of distribution model estimation was examined for data cases on aggregate claims of life insurance in Indonesia 2016-2020. The result of this research conduct that the appropriate distribution model is the inverse Gaussian 3P distribution (three parameters).
Co-Authors Agung Prabowo Laksito, Grida Saktian Sidiq, Fahmi Yakubu, Usman Abbas Yohandoko, Setyo