Monte Carlo simulation (computer-based exercise). Assume that losses related to public liability are generated according to this process: next year, the number of losses will come from a Poisson distribution with rate = 4.4 and severity coming from a lognormal distribution with _ = 11.2 and _ = 1.5 (results are in GBP). Using the Monte Carlo simulation with at least 1000 simulations, produce an estimate of the total gross losses at the following percentiles: 50%, 75%, 80%, 85%, 90%, 95%, 98%, 99% and 99.5%. Also, produce an estimate of the mean and the standard deviation, and compare the

»Monte Carlo simulation (computer-based exercise). Assume that losses related to public liability are generated according to this process: next year, the number of losses will come from a Poisson distribution with rate = 4.4 and severity coming from a lognormal distribution with _ = 11.2 and _ = 1.5 (results are in GBP). Using the Monte Carlo simulation with at least 1000 simulations, produce an estimate of the total gross losses at the following percentiles: 50%, 75%, 80%, 85%, 90%, 95%, 98%, 99% and 99.5%. Also, produce an estimate of the mean and the standard deviation, and compare the results with the theoretical values for the mean and standard deviation.

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