Odd Generalized Exponential-Topp-Leone Weibull Distribution: Actuarial and Statistical Properties with Applications

Abstract

This paper introduces a novel five-parameter distribution referred to as the Odd Generalized Exponential-Topp-Leone Weibull (OGE-TLW) distribution. This distribution is formed by using an odd generalized exponential generator to modify a Topp-Leone Weibull baseline distribution. The OGE-TLW distribution extends the classical Weibull distribution by introducing additional parameters that capture the complex nature of lifetime data through a broader hazard rate function. Several statistical properties of this distribution are derived. These include the survival and hazard functions, entropy, actuarial risk measures, and others. Maximum likelihood parameter estimation procedures were presented, and Monte Carlo simulations were conducted to assess the performance of the estimates. Several important actuarial Risk Measures were calculated. The proposed distribution was fitted to real-life time data, and the results showed that the OGE-TLW distribution provided competitive, and in most cases better, fits than other related distributions. Overall, these findings indicated that the proposed OGE-TLW distribution is a useful and applicable alternative for analyzing reliability and survival data.