Estimating the Poisson Rate Parameter (R for Actuarial Students)
Estimating the Poisson Rate Parameter - CS2B Paper H - Question 2
Analyzing Insurance Transaction Data for Premiums and Claims
This exercise involves working with a dataset named "Data.csv," which contains records of premiums received and claims paid over a specific period. The dataset includes a 'Day' field representing the date of each transaction, calculated from the first transaction date. The tasks include:
1. Separating the data into two tables based on the transaction type (premium and claim) and calculating:
Mean premium amount
Mean claim amount
Standard deviation of premium amount
Standard deviation of claim amount
2. Assuming that the waiting times between consecutive events follow a Poisson process, expanding the 'claim' table to include a column for observed waiting times (in days) for all claims and calculating the Poisson parameter value.