A Novel Model for Quantitative Risk Assessment under Claim-Size Data with Bimodal and Symmetric Data Modeling

A novel flexible extension of the Chen distribution is defined and studied in this paper. Relevant statistical properties model are derived. For actuarial risk analysis evaluation, maximum likelihood, weighted least squares, ordinary Cramer–von Mises, moments, Anderson–Darling methods utilized. purposes, a comprehensive simulation study presented using various combinations to evaluate performance six analyzing insurance risks. These used evaluating risks claims data. Two applications on bimodal data highlight flexibility relevance new distribution. The compared several competing distributions. Actuarial analyzed evaluated data, ability disclose by study, through which disclosure models wide range well-known models.