Abstract
This paper argues that computer simulation is an underappreciated and, therefore, underutilized casualty actuarial resource. In so contending. “Computer Simulation and the Actuary” discusses five applications of Monte Carlo computer simulation to everyday actuarial problems: establishing full credibility standards; testing the solidity of new, limited purpose insurance companies; pricing difficult or catastrophic exposures; customizing casualty insurance charges and excess loss premium factors: and developing loss reserve confidence intervals. Illustrations of appropriate simulation solutions to each of these problems are provided.
Volume
LXVIII
Page
24-64
Year
1981
Categories
Financial and Statistical Methods
Simulation
Monte Carlo Valuation
Financial and Statistical Methods
Aggregation Methods
Simulation
Actuarial Applications and Methodologies
Reserving
Uncertainty and Ranges
Financial and Statistical Methods
Credibility
Publications
Proceedings of the Casualty Actuarial Society
