Modeling of Motor Insurance Extreme Claims through Appropriate Statistical Distributions

In the area of insurance, probability modeling has a wide variety applications. life compensation sum is calculated in advance and may often be estimated using actuarial techniques, while motor claim amount generally not known advance. insurance business, improvement risk control strategies an essential technique for controlling risk. Although company’s assessment about its solvency complex detailed problem, solution begins with statistical individual claims’ amounts. This article emphasizes possible ways obtaining suitable distribution model that accurately explains risks how to use such management purposes. For this reason, we have applied modern programming techniques software implemented methods provided based on data premium amounts third-party claims.