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Hi, I have a problem at hand.
I want to convert annual frequency of motor claims into a daily frequency.
So, let’s say I receive 40 claims from a exposure of 100 cars in a year. How do I convert this into a daily claim count.
I am assuming a poisson distribution to estimate daily claim count but in all the scenarios that i am trying to generate, all the 40 claims are received in the first half of the year which is not correct.Can anyone help me on this?
sorry, I think your choice has some problems.
annual frequency=0.4 and you may make a straightforward transformation. so the daily frequency lamda=0.4/365.
and you can calculate it. given any day, the frequency of no claim is exp(-0.4/365).
and it’s just a binomial distribution, if you want to see some claims at the second half.
at the upper half year, there is a 182 days and making a simplified assumtion that there is no more one claim at any day.
it’s a combinatorial calculation. From 182 days, you chose 39 day that reported a claim and there are 143 no claim days.
the combinatorial part is infinity.
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Annual to daily claims frequency converts annual insurance claims to a daily rate for better risk assessment and pricing. This involves dividing the annual claims total by 365 or 366 days. This daily frequency helps insurers understand patterns, seasonal variations, and anomalies in claims data.
For example, in a SASSA status check (South African Social Security Agency), this method helps manage daily claim volumes and inquiries efficiently.
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