LossALAE {AoE}R Documentation

Liability Claims and Allocated Loss Adjustment Expenses

Description

General liability claims Loss and allocated loss adjustement expenses ALAE provided by Insurance Services Office, Inc.

Usage

data(Loss)
data(ALAE)

Format

Numeric vectors of length 1500.

Details

Quoted from Frees and Valdez (1998), p. 12: “The data comprise 1500 general liability claims randomly chosen from late settlement lags and were provided by Insurance Services Office, Inc. Each claim consists of an indemnity payment Loss and an allocated loss adjustment expense ALAE. Here, ALAE are types of insurance company expenses that are specifically attributable to the settlement of individual claims such as lawyers' fees and claims investigation expenses.”

Amongst others, the data are also analysed in Beirlant et al. (2004, chapter 9).

Source

Frees, E.W. en Valdez, E.A. (1998) Understanding relationships using copulas. North American Actuarial Journal 2, 1-15.

References

Beirlant, J., Goegebeur, Y., Segers, J., and Teugels, J. (2004). Statistics of Extremes. Wiley, Chichester. http://lstat.kuleuven.be/Wiley/index.html

Examples

data(Loss, ALAE)
plot(Loss, ALAE, xlog = TRUE, ylog = TRUE)

[Package AoE version 1.0.1 Index]