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simulate_claims

Source: R/actuary-simulate_claims.R
simulate_claims.Rd

A function to simulate transactional actuarial claims/loss data for Property Casualty Insurance.

Usage

simulate_claims(
  n_claims = 1000,
  start_date = "2015-01-01",
  end_date = Sys.Date(),
  seed = 12345,
  loss_distribution = "lnorm",
  params = list(mean_log = 7.5, sd_log = 1.5),
  status_prob_open = 0.96,
  cache = FALSE,
  ...
)

Arguments

n_claims

Numeric - Number of claims to be simulated.

start_date, end_date

Character/Date - Start and End dates for simulation to create claims within (experience_period).

seed

Numeric - the seed is used to isolate randomness during statistical simulations.

loss_distribution

Character - must be one of the distributions mentioned in the details below. Defaults to lognormal.

params

Parameters associated with the specified loss_distribution in a list (i.e. list(mean_log = 7.5, sd_log = 1.5) for lognormal distribution).

status_prob_open

Numeric - must be within 0 < x < 1 and represents probability a claim is open when running binomial simulations for claims' status.

cache

Boolean/Logical - enable caching?

...

If needed

Value

The return value, if any, from executing the function.

Details

Severity/Loss Distributions:

  • Normal: norm

  • Lognormal: lnorm

  • Gamma: gamma

  • LogGamma: lgamma

  • Pareto: pareto

  • Weibull: weibull

  • Generalized Beta: genbeta