From the course: Everyday Statistics, with Eddie Davila

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Statistics and the insurance industry

Statistics and the insurance industry

From the course: Everyday Statistics, with Eddie Davila

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Statistics and the insurance industry

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- [Instructor] The insurance industry has been around for thousands of years. And almost since statistics was developed, it has played a role in helping insurance companies. In its earliest days, insurance companies helped mariners and merchants deal with the uncertainties of the sea. And since those days, insurance companies have found ways to insure nearly anything against fire, natural disasters, terrorism, war, and of course, against the inevitability of death. Insurance helps people recover from the unexpected loss of their homes, vehicles, and other property. It helps companies manage all sorts of business risk. And it helps families remain financially stable when tragedy strikes. But insurance is a business, and therefore, making a profit is important. So how do so many insurance companies keep their rates competitive to attract customers, but then keep their profits high in such an uncertain world? In many cases, insurance companies use statistical models to help them develop…

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