Estimation of a Hazard Rate Function for Life Insurance Claim Data

Estimation of a hazard rate function can be beneficial for insurance company since it informs them about the instantaneous failure rates of specific ages. A feature that may arise in life insurance claim data is censoring. We extended the maximum likelihood estimator of a hazard function under a new extended Generalized Weibull distribution for both cases of uncensored and right censored life insurance claim data. Our numerical studies reveal that the proposed approach outperforms other parametric counterparts.