Thursday, December 29, 2011

Wiley Series in Probability and Statistics; Loss Models: From Data to Decisions and Solutions Manual Set, 3rd Edition by Stuart A. Klugman, Harry H. Panjer, Gordon E. Willmo

Wiley Series in Probability and Statistics; Loss Models: From Data to Decisions and Solutions Manual Set, 3rd Edition


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"This book provides in depth coverage of modelling techniques used throughout many branches of actuarial science … .The exceptional high standard of this book has made it a pleasure to read and review."

“This book will be necessary for all academic programs in actuarial science. It will also serve as an important reference for practicing actuaries.”




Much of actuarial science consists of constructing and analyzing mathematical models that describe how fluids flow into and out of an insurance system. This book examines contemporary topics such as risk theory and economics, credibility and stochastic processes with a focus on the loss process, or the outflow of cash due to the payment of benefits.

This set contains: Loss Models: From Data to Decisions, 3rd Edition and the 3rd Edition Solutions Manual by Stuart A. Klugman, Harry H. Panjer, Gordon E. Willmot.

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Wiley Series in Probability and Statistics; Loss Models: From Data to Decisions and Solutions Manual Set, 3rd Edition Review


"Loss Models from Data to Decision" is an excellent book that covers many of the areas of mathematics and statistics that property and casualty insurance (aka general insurance) actuaries are required to know. Topics include: frequency and severity models; aggregate loss models; ruin models; Bayesian statistics; credibility and simulation. The theory is well explained; with worked examples throughout and numerous exercises at the end of each section (these questions are based on past SOA and CAS exam questions, so are directly relevant to people studying for either of these exams). Solutions to the exercises are not provided in this book, but a separate solutions manual is available.

I am a lecturer in Actuarial Studies at an Australian university and set this book for one of my (later-year undergraduate) units. In my opinion, this is the best General Insurance text book available and students whom I have spoken to tell me that they like this book very much, too. I highly recommend this text for all student actuaries.