In insurance and related industries including healthcare, it is common to have several outcome measures that the analyst wishes to understand using explanatory variables. For example, in automobile insurance, an accident may result in payments for damage to one's own vehicle, damage to another...

The insurance industry is built on risk classification, grouping insureds into homogeneous classes. Through actions such as underwriting, pricing and so forth, it differentiates, or discriminates, among insureds. Actuaries have responsibility for pricing insurance risk transfers and are...

This article describes contributions of analytics and statistical methods to our understanding of insurance operations and markets. Specifically, it introduces insurance analytics, the foundations of the discipline, and the supporting literature. It also describes current trends in analytics....

Annuities are contractual guarantees that promise to provide periodic income over the lifetime(s) of individuals. Standard insurance industry practice assumes independence of lives when valuing annuities where the promise is based on more than one life. This article investigates the use of...

In this paper, we consider "heavy-tailed" data, that is, data where extreme values are likely to occur. Heavy-tailed data have been analyzed using flexible distributions such as the generalized beta of the second kind, the generalized gamma and the Burr. These distributions allow us to handle...