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Old 09-11-2019, 02:59 PM
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Default Optimal Loss Distributions for WC Severity Modeling

In practice, have any of you found that there is an optimal loss distribution to use for modeling WC loss (or loss + ALAE) severity? Assuming that this will only be used for a homogeneous data set (lost time claims vs med only, state, risk class, etc.). I know I've heard Gamma and Pareto often mentioned, but what seems to work best in practice? Thanks!
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loss distribution, pricing, reserving, workers comp

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