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School of Mathematics

# MATH20972 - 2009/2010

General Information
• Title: Actuarial Insurance
• Unit code: MATH20972
• Credit rating: 10
• Level: 2
• Pre-requisite units: MATH10141, MATH20701
• Co-requisite units: None
• This course unit may only be taken by students on the Actuarial Science and Mathematics degree programme
• School responsible: Mathematics
• Members of staff responsible:Dr. V. Asimit
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## Unit specification

### Aims

The aim of this unit is to provide to students a further grounding in stochastic and statistical techniques of particular relevance to the insurance industry.

### Brief description

This course unit provides a basic knowledge of the major notions and models of probability and statistics, which are particularly relevant to general insurance.

### Intended learning outcomes

Upon successful completion, the students are expected to be able to describe and apply techniques developed during the course, which essentially is the understanding of the financial implications and risks of an insurance company.

### Future topics requiring this course unit

More advanced actuarial subjects offered by the Institute of Actuaries such as CA1, ST1 and ST3, will heavily rely on the content delivered during this course.

### Syllabus

1. Loss Distributions
2. Reinsurance
3. Bayesian Statistics
4. Credibility Theory
5. Risk Models
6. Ruin Theory
7. Experience Rating
8. Run-off Triangles

### Textbooks

• Core Reading: Subject CT6, Statistical Methods. Produced by the Actuarial
Education Company.
• Loss models: from data to decisions (2008), third edition. Stuart A. Klugman,
Harry H. Panjer and Gordon E. Willmot.
• Non-life Insurance Mathematics. An Introduction with Stochastic Processes (2004),
second edition. Thomas Mikosch.

### Learning and Teaching processes

1. Lectures and Tutorials: There are three lectures and one tutorial class each week: Monday between 3PM and 5PM (one lecture followed by one tutorial) and Friday between 3PM and 5PM (two lectures).
2. Office Hours: I will be available each Monday from week 2 to week 11 in my office (Alan Turing Building 2.117) between 5PM and 6PM.
3. Problem Sets: Practice questions will be distributed at the end of each lecture on February 1 and 15, and March 1 or anytime during the office hours.
4. Private Study: In addition, students should expect to spend at least three hours each week on private study for this course unit.

### Assessment

1. Coursework Assignment 15% (five quizzes of 3% each)
• Ten minute quizzes will be given at the start of each tutorial on February 15, March 01, 15 and 22, April 26 and May 10;
• Among the six quizzes, only the best five will be taken into account for the final mark.
• Marked quizzes are available for pick-up at the next lecture or anytime during the office hours.
2. Examination at the end of the semester, two hours duration, 85%.

## Arrangements

Online course materials are available for this unit.