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  • Photo du rédacteurHélène Dufour

FIRE CLAIM SIZE ESTIMATION USING MATHEMATICAL METHODS: MONTE CARLO SIMULATION & SCENARIO ANALYSIS

This report uses UK fire statistics to model insurance claims for a company next year. It estimates the total sum of claims by modeling both the number and size of fires as random variables from statistical distributions. Monte Carlo simulations in R are used to predict the probability distribution of total claim costs.


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