MATH20972 - 2010/2011
- 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. Van Schaik
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.
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.
The syllabus will be subset of the eight topics appearing below; details will be announced at the start of the course.
- Loss Distributions
- Bayesian Statistics
- Credibility Theory
- Risk Models
- Ruin Theory
- Experience Rating
- Run-off Triangles
- Core Reading: Subject CT6, Statistical Methods. Produced by the Actuarial
- 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
- Lectures and Tutorials: There are two lectures and one tutorial class each week.
- Drop in Session: There will be an extra slot for a drop in session.
- Private Study: In addition, students should expect to spend at least four hours each week on private study for this course unit.
- Coursework 15%
- Examination at the end of the semester, two hours duration, 85%.