Bayesian Probability Models for Critical Illness Insurance

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Bayesian Probability Models for Critical Illness Insurance

Popis výsledku v původním jazyce

Critical Illness Insurance (CII) is a type of long term insurance that provides a lump sum on the diagnosis of one of a speci?ed list of critical illnesses within the policy conditions. Knowledge of the probability of an insured event is the basis for the valuation of the products in life and non-life insurance companies. The aim of this article is to use Bayesian binomial/beta model for estimation of event probability for critical illness insurance. In Bayesian approach to estimation we should always start with a priori distribution for unknown parameter. In this paper we have used the algorithm for such a priori estimation of the binomial probability, which allows Bayesian estimates with less square error compared with classical estimates. In articlethe algorithm has been applied on the data submitted by the Decree No. 20/2008 to the National Bank of Slovakia from Slovak insurance companies giving exposure to the critical illness risk.

Název v anglickém jazyce

Bayesian Probability Models for Critical Illness Insurance

Popis výsledku anglicky

Critical Illness Insurance (CII) is a type of long term insurance that provides a lump sum on the diagnosis of one of a speci?ed list of critical illnesses within the policy conditions. Knowledge of the probability of an insured event is the basis for the valuation of the products in life and non-life insurance companies. The aim of this article is to use Bayesian binomial/beta model for estimation of event probability for critical illness insurance. In Bayesian approach to estimation we should always start with a priori distribution for unknown parameter. In this paper we have used the algorithm for such a priori estimation of the binomial probability, which allows Bayesian estimates with less square error compared with classical estimates. In articlethe algorithm has been applied on the data submitted by the Decree No. 20/2008 to the National Bank of Slovakia from Slovak insurance companies giving exposure to the critical illness risk.

Druh

D - Stať ve sborníku

CEP obor

BB - Aplikovaná statistika, operační výzkum

OECD FORD obor

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Projekt

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Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2014

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

Recent Advances in Mathematical Methods in Applied Sciences

ISBN

978-1-61804-251-4

ISSN

2227-4588

e-ISSN

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Počet stran výsledku

4

Strana od-do

218-221

Název nakladatele

WSEAS Press

Místo vydání

Atény

Místo konání akce

Saint Petersburg

Datum konání akce

23. 9. 2014

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

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