Actuarial methods

Course description

The aim of the course is to introduce students to the basic actuarial methods and to provide foundation for more advanced modules in insurance. Emphasis will be placed on understanding the important concepts explained by examples rather than by the rigorous mathematical reasoning.

Course objectives

1. To understand the risk analysis and actuarial modeling and it use in insurance
2. To understand the use of the Markov chain model and its application
3. To understand the survival models in predicting underwriting

Learning outcomes

At the end of the program, participants should be able:

1. To model and use actuarial models as a means of relating quantitative variables.
2. To apply the Markov chain model in the insurance business
3. To utilize the survival models for predicting the underwriting requirements
4. To use the different method and undertake actuarial investigations pertaining to insurance.

Further reading

Dickson, D., C., M., HARDY R., & Waters, H., R. (2013). Actual mathematics for life contingent risks (international series on actuarial science).

Mishra, K. C., & Kumar, C. S. (2009). Elements of actuarial science (1st ed.). Cengage learning India

Promislow , S., D. (2015). Fundamentals of Actuarial mathematics (3rd ed.). John Wiley & sons.

Sandstrom, A (2010). Handbook of solvency for actuaries and risk managers: theory practice:Crc press

Atkinson, M. E., & Dickson, D.C.N. (2011). An introduction to Actuarial Studies, (2nd ed.). Cheltham, UK: Edward Elgar Publishing Limited.

Booth, P. (2005). Modern Actuarial Theory and practice. Florida: Chapman & Hall/CRC.

Bowers, N.L. (1986). Actuarial Mathematics. IIInos: society of Actuaries.

Dickson, D. (2005). Insurance Risk and ruin. Cambridge: Cambridge university press.

Gilchrist, W. (1984). statistical modeng John Wiley & sons.

Harper,F. (1970). Fundamental Mathematics of life insurance. life office management Association

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