Actuarial science is an umbrella term for the broad set of scientific tools that are used to analyse and model in an insurance context. In particular probability and statistics play key roles in this field. The basic concept of insurance goes back as far as the ancient Greeks and has been a prominent topic of research ever since (see for instance the presentation `An overview of actuarial history' by Chris Lewin for an introduction).
The last few decades have seen some significant changes to the field, with an increasing adaptation of advanced modelling techniques, in particular related to valuation techniques that originated in the field of mathematical finance. This has redefined some of the core concepts in actuarial science and makes it an even more active area of academic research.
In addition to the taught programmes (UG and PGT) we offer, there is increasing research activity in actuarial science in the School mainly driven by Ronnie Loeffen, Kees van Schaik, Neil Walton and Alex Watson. Some particular topics of interest concern applications of queueing theory to ruin theory, Levy insurance risk processes, competition modelling, and optimal stopping/prediction problems in insurance.