Matching Items (4)
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- All Subjects: Actuarial
- All Subjects: Insurance
- Creators: Chester, Mikhail
- Resource Type: Text
- Status: Published
Description
Catastrophe events occur rather infrequently, but upon their occurrence, can lead to colossal losses for insurance companies. Due to their size and volatility, catastrophe losses are often treated separately from other insurance losses. In fact, many property and casualty insurance companies feature a department or team which focuses solely on modeling catastrophes. Setting reserves for catastrophe losses is difficult due to their unpredictable and often long-tailed nature. Determining loss development factors (LDFs) to estimate the ultimate loss amounts for catastrophe events is one method for setting reserves. In an attempt to aid Company XYZ set more accurate reserves, the research conducted focuses on estimating LDFs for catastrophes which have already occurred and have been settled. Furthermore, the research describes the process used to build a linear model in R to estimate LDFs for Company XYZ's closed catastrophe claims from 2001 \u2014 2016. This linear model was used to predict a catastrophe's LDFs based on the age in weeks of the catastrophe during the first year. Back testing was also performed, as was the comparison between the estimated ultimate losses and actual losses. Future research consideration was proposed.
ContributorsSwoverland, Robert Bo (Author) / Milovanovic, Jelena (Thesis director) / Zicarelli, John (Committee member) / School of Mathematical and Statistical Sciences (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
Managed Lanes (MLs) have been increasingly advocated as a way to reduce congestion. This study provides an innovative new tolling strategy for MLs called the travel time refund (TTR). The TTR is an “insurance” that ensures the ML user will arrive to their destination within a specified travel time savings, at an additional fee to the toll. If the user fails to arrive to their destination, the user is refunded the toll amount.
To gauge interest in the TTR, a stated preference survey was developed and distributed throughout the Phoenix-metropolitan area. Over 2,200 responses were gathered with about 805 being completed. Exploratory data analysis of the data included a descriptive analysis regarding individual and household demographic variables, HOV usage and satisfaction levels, HOT usage and interests, and TTR interests. Cross-tabulation analysis is further conducted to examine trends and correlations between variables, if any.
Because most survey takers were in Arizona, the majority (53%) of respondents were unfamiliar with HOT lanes and their practices. This may have had an impact on the interest in the TTR, although it was not apparent when looking at the cross-tabulation between HOT knowledge and TTR interest. The concept of the HOT lane and “paying to travel” itself may have turned people away from the TTR option. Therefore, similar surveys implementing new HOT pricing strategies should be deployed where current HOT practices are already in existence. Moreover, introducing the TTR concept to current HOT users may also receive valuable feedback in its future deployment.
Further analysis will include the weighting of data to account for sample bias, an exploration of the stated preference scenarios to determine what factors were significant in peoples’ choices, and a predictive model of those choices based on demographic information.
To gauge interest in the TTR, a stated preference survey was developed and distributed throughout the Phoenix-metropolitan area. Over 2,200 responses were gathered with about 805 being completed. Exploratory data analysis of the data included a descriptive analysis regarding individual and household demographic variables, HOV usage and satisfaction levels, HOT usage and interests, and TTR interests. Cross-tabulation analysis is further conducted to examine trends and correlations between variables, if any.
Because most survey takers were in Arizona, the majority (53%) of respondents were unfamiliar with HOT lanes and their practices. This may have had an impact on the interest in the TTR, although it was not apparent when looking at the cross-tabulation between HOT knowledge and TTR interest. The concept of the HOT lane and “paying to travel” itself may have turned people away from the TTR option. Therefore, similar surveys implementing new HOT pricing strategies should be deployed where current HOT practices are already in existence. Moreover, introducing the TTR concept to current HOT users may also receive valuable feedback in its future deployment.
Further analysis will include the weighting of data to account for sample bias, an exploration of the stated preference scenarios to determine what factors were significant in peoples’ choices, and a predictive model of those choices based on demographic information.
ContributorsArcher, Melissa (Author) / Lou, Yingyan (Thesis advisor) / Chester, Mikhail (Committee member) / Zhou, Xuesong (Committee member) / Arizona State University (Publisher)
Created2015
Description
AARP estimates that 90% of seniors wish to remain in their homes during retirement. Seniors need assistance as they age, historically they have received assistance from either family members, nursing homes, or Continuing Care Retirement Communities. For seniors not wanting any of these options, there has been very few alternatives. Now, the emergence of the continuing care at home program is providing hope for a different method of elder care moving forward. CCaH programs offer services such as: skilled nursing care, care coordination, emergency response systems, aid with personal and health care, and transportation. Such services allow seniors to continue to live in their own home with assistance as their health deteriorates over time. Currently, only 30 CCaH programs exist. With the growth of the elderly population in the coming years, this model seems poised for growth.
ContributorsSturm, Brendan (Author) / Milovanovic, Jelena (Thesis director) / Hassett, Matthew (Committee member) / School of Mathematical and Statistical Sciences (Contributor) / Economics Program in CLAS (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
Description
The objective of this study is to build a model using R and RStudio that automates ratemaking procedures for Company XYZ’s actuaries in their commercial general liability pricing department. The purpose and importance of this objective is to allow actuaries to work more efficiently and effectively by using this model that outputs the results they otherwise would have had to code and calculate on their own. Instead of spending time working towards these results, the actuaries can analyze the findings, strategize accordingly, and communicate with business partners. The model was built from R code that was later transformed to Shiny, a package within RStudio that allows for the build-up of interactive web applications. The final result is a Shiny app that first takes in multiple datasets from Company XYZ’s data warehouse and displays different views of the data in order for actuaries to make selections on development and trend methods. The app outputs the re-created ratemaking exhibits showing the resulting developed and trended loss and premium as well as the experience-based indicated rate level change based on prior selections. The ratemaking process and Shiny app functionality will be detailed in this report.
ContributorsGilkey, Gina (Author) / Zicarelli, John (Thesis director) / Milovanovic, Jelena (Committee member) / Barrett, The Honors College (Contributor) / School of Mathematical and Statistical Sciences (Contributor)
Created2022-05