Computational Intelligence Techniques for a Smart

Abstract

This paper is an attempt to answer the question “What is the proper frame- work for understanding risk?” in the context of general insurance. It argues that although actuaries and other risk professionals tend to deal with risk in the context of classical statistics and by resorting to subjective judgment to compensate the inadequacies of this framework, understanding risk is ac- tually an “ecological” problem and it is more fruitful to look at risk in the context