Actuarial Methds for Loss Adjustors

Course Description

This course is designed to introduce students to the fundamentals of actuarial methods that are used in the insurance industry. The course focuses on understanding the process of risk analysis and actuarial modeling and tries to detail the relevance of such modelling practices in the insurance business. Additionally, the course provides some practical applications of actuarial models e.g. in life and health insurance. The course further trains the students to acquire skills that are required in actuarial investigations which is part of the control cycle for insurance practices.

Course objective

The course will be guided by the following objectives:

1. i) To equip learners with skills that are necessary for risk analysis and actuarial modeling.
2. To expose learners to the relevance of actual modelling in insurance businesses
3. Explore actuarial approaches to catastrophe modeling i
4. Gain insights into actuarial methods used in insurance pricing
5. Explore various actuarial techniques for estimating reserves, considering factors such as claim frequency, severity, and development patterns.

Expected learning outcomes

By the end of the course, every learner should be able to:

1. Describe the concepts and theories used in actuarial modelling.
2. Describe the various models used in insurance practices and also be able to explain their underlying assumptions.
3. Use actuarial models and theories in relating quantitative variables relevant in insurance practices.
4. Report the relationship between quantitative variables using probability and moments of loss distributions. 
5. Explain the basic loss reserving techniques and analysis of run-off triangles and also be able to use them in insurance practices.
6. Use actuarial models in predicting the underwriting requirements.