Classification of climate-related insurance claims using gradient boosting

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Originally published by The Instituto de Actuarios Espanioles, December 2022. © Instituto de Actuarios Espanioles.
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Abstract The aim of this paper is to implement, one of the most representative supervised learning approaches, the decision tree based ensemble method called gradient boosting for classifying the number of claims caused by storms in Greece using data from a major insurance company operating in Greece. Finally, a machine learning algorithm is used to for categorising the number of claims which have been occurred by a “storm event” into 3 categories: “no claims”, “1 claim”, “2 or more claims”.