(1) The only paper I can find about this issue in syllabus is "Casualty
Contingencies". In that paper, it says: for lower layers, use actual
size of loss analysis; for higher layers, use the judgment. Does
anyone know any other papers that deal with property excess layers at
very high limits?
(2) In Finger's paper for part 9, he pointed out that the lognomal
distribution cannot be applied to property insurance for two reasons.
a. Most of properties have tangible, fixed upper limits
b. Values at risk vary greatly.
Therefore, I assume other similar distributions like Pareto, weibull,
and transformed Gamma cannot be applied to property insurance either.
If so, what would be the most appropriate distribution function to use
for property insurance?
(3) Can anyone who worked on property excess cover tell me how this
should be done?
Your help on this issue is greatly appreciated!
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