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Article

Analyzing insurance data with an exponentiated composite inverse Gamma-Pareto model

ORCID Icon & ORCID Icon
Pages 7618-7631 | Received 06 May 2021, Accepted 02 Mar 2022, Published online: 14 Mar 2022
 

Abstract

Exponentiated models have been widely used in modeling various types of data such as survival data and insurance claims data. However, the exponentiated composite distribution models have not been explored yet. In this paper, we introduce an improvement of the one-parameter Inverse Gamma-Pareto composite model by exponentiating the random variable associated with the one-parameter Inverse Gamma-Pareto composite distribution function. The goodness-of-fit of the exponentiated Inverse Gamma-Pareto was assessed using three different insurance data sets. The two-parameter exponentiated Inverse Gamma-Pareto model outperforms the one-parameter Inverse Gamma-Pareto model in terms of goodness-of-fit measures for all datasets. In addition, the proposed exponentiated composite Inverse Gamma-Pareto model provides a very good fit with some well-known insurance datasets.

Acknowledgement

We Thank The Reviewers And The Editor For Their Helpful Comments And Suggestions.

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