The search for relevant models that can describe the loss data has been one of the main interests of researchers for decades. There is limited research on modeling such data using K-component mixture models. An example of that can be Miljkovic and Grün's study (2016) of six distributions where...

This study introduces and evaluates the truncated Schröter recursive algorithm for computing aggregate claim amounts in the insurance sector. The algorithm addresses the limitations in the existing methods by incorporating truncation at 1, which is crucial for an accurate modelling of insurance...