Spatial Risk Smoothing

Topics:
Insurance
Tags:
Business Operations,
Corporate Insurance,
Dependence,
Finance,
Financial Planning,
Insurance,
University Of New South Wales
Source:
University of New South Wales

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Overview: This paper describes a method for estimating insurance claims or risk premiums allowing for spatial dependence as well as explanatory factors. The concepts are related to those used for graduation of mortality tables using cubic splines but extended to spatial dependence as found in many insurance products. Firstly techniques for measuring spatial dependence are reviewed. Then models with bivariate thin plate splines and penalized least squares objectives are fit to the explanatory factors and the spatial smoothing.

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Format: PDF | Size: 1,772KB | Date: Nov 2004 | Pages: 21

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