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Actuarial Statistics
This paper aims at teaching the students to deal with asses risk in insurance and finance using statistical methods.
Students will able to
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Course |
Learning outcomes (at course level |
Learning and teaching strategies |
Assessment Strategies
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Paper Code |
Paper Title |
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STT-324(B) |
Actuarial Statistics |
CO 69: Assess the suitability of actuarial, financial and economic models in solving actuarial problems.
CO 70: Analyze actuarial data using advanced statistical techniques.
CO 71: Calculate quantities such as premiums, reserves and superannuation contribution rates using actuarial techniques.
CO 72: Increase management skills for dealing with organizations, teams and policy issues;
CO 73: Expand their applied knowledge in various specialized areas of actuarial studies and statistics. |
Approach in teaching: Interactive Lectures, Group Discussion, Classroom Assignment Problem Solving Sessions
Learning activities for the students: Assignments Seminar Presentation Subject based Activities |
Classroom Quiz Assignments Class Test Individual Presentation |
Concept, scope, Introduction to insurance business, concept of risk, role of statistics in insurance. Risk models for short term: expected value principle, notation of utility risk model for short term.
Future life time distribution and life table, future life time random variable, curate future life time, complete life table, assumption of fraction ages, force of mortality.
Actuarial present value benefit in life insurance product, compound interest, discount factor, benefit payable at the moment of death, relation between A and pure endowment. Sickness benefit, disability benefit, widows pension, benefit dependent on marriage.
Introduction, life annuity: single payment, continuous life annuity, discrete life annuity, life annuity with monthly payments, commutation function, varying annuity recursion, complete annuity: immediate and apportionable annuities- due.
Multiple decrement tables, force of decrement, construction of decrement table. Premium: continuous and discrete premium, true monthly payment premium, apportionable premium, commutation functions, accumulation type benefits.
- Dickson, C.M.D. (2005): Insurance Risk and Ruin(International Series On Acturial Science), Cambridge University Press
- Bowers, N.L., Gerber, H.U., Hickman, J.C., Jones, D.A., Nesbitt, C.J.(1997): Actuarial Mathematics, Society of Actuaries, Itasca, Illinois, U.S.A.
- Atkinson, M.E. & Dickson, D.C.M. (2011). An Introduction to Actuarial Studies, Elgar Publ, second edition.
- Daykin, C.D, Pentikainen, T & Pesonen, M. (1994). Practical Risk Theory for Actuaries, Chapman & Hall.
