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A New Lomax Extension: Properties, Risk Analysis, Censored and Complete Goodness-of-Fit Validation Testing under Left-Skewed Insurance, Reliability and Medical Data.
- Source :
-
Symmetry (20738994) . Jul2023, Vol. 15 Issue 7, p1356. 24p. - Publication Year :
- 2023
-
Abstract
- The idea of symmetry, which is used to describe the shape of a probability distribution, is a key concept in the theory of probability. The use of symmetric and asymmetric distributions is common in statistical inference, decision-making, and probability calculations. This article introduces a novel asymmetric model for assessing risks under a skewed claims dataset. The new distribution is also employed for both censored and uncensored validation testing. Four estimation methods, maximum likelihood, ordinary least squares, L-Moment, and Anderson Darling, were used for the risk assessment and analysis. To explain the exposure to risk within actuarial claims data, we introduced five crucial indicators, namely value-at-risk, tail-value-at-risk, tail variance, tail mean-variance, and mean excess losses. A numerical and graphical analysis is presented to assess the actuarial risk. Furthermore, the article discusses a newly developed Rao Robson Nikulin statistic for censored and uncensored validation testing. The validation testing also involved the insurance claims dataset. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 20738994
- Volume :
- 15
- Issue :
- 7
- Database :
- Academic Search Index
- Journal :
- Symmetry (20738994)
- Publication Type :
- Academic Journal
- Accession number :
- 169700160
- Full Text :
- https://doi.org/10.3390/sym15071356