Bootstrapping method in copula-based cyber insurance model
As an emerging sector in general insurance, cyber-insurance has become one of the most effective means in transferring the cyber security risk. One of the imminent issues in this field, however, is the accuracy in determining policy premiums. Practitioners and academics have dev...
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| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project |
| Language: | English |
| Published: |
2012
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/48377 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | As an emerging sector in general insurance, cyber-insurance has become one of the
most effective means in transferring the cyber security risk. One of the imminent
issues in this field, however, is the accuracy in determining policy premiums.
Practitioners and academics have developed various models over the years, the latest
of which has adopted the currently new and popular methodology of copula, in
attempts to price the premiums for cyber-insurance products. Even if those models are
well developed, the prevalent issue of data paucity has significantly hindered the
accuracy and validity of them. This study has addressed the specific issue of data
paucity by incorporating new features such as bootstrapping technique and multicopula
combination into the latest copula-based framework in pricing cyber-insurance
products. Furthermore, this study has also attempted to provide limelight to future
researches in developing better cyber-insurance pricing models. |
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