Survival Analysis refers to the probability or the measure of time taken for an event to occur. It is also known as time-to-event analysis and is used heavily by insurance companies to gauge the probability of the event of death of the insurers as well as other parameters like cancellation of the policy, rejection of the claim, etc. This analysis helps the insurance companies in fairly determining the insurance premium amount and value of subsequent add-ons.
Survival analysis was originally used in biology and medicine to determine the onset of a particular disease but is adapted into various streams like insurance, engineering, finance, etc. It can also be used to determine the probability of a business surviving a loss or a financial event and the viability of the business for investment.
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