General Insurance Pricing - MACT9180

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Module delivery information

Location Term Level1 Credits (ECTS)2 Current Convenor3 2021 to 2022
Canterbury
Combined Autumn and Spring Terms 7 30 (15) Nicholas Wood checkmark-circle

Overview

The aim of this module is to develop the student's ability to apply, in simple situations, the mathematical and economic techniques and the principles of premium rating needed for the operation on sound financial lines of general insurers. Outline syllabus includes: insurance products; reinsurance products; the business environment; risk and uncertainty; data; actuarial investigations; aggregate claim distribution methods; introduction to rating methodologies and bases; rating using frequency-severity and burning cost approaches; rating using original loss curves; generalised linear modelling; use of multivariate analysis in pricing; credibility theory; rate monitoring; pricing of reinsurance; use of catastrophe models.
To follow professional curriculum of the Faculty and Institute of Actuaries examination SP8 – https://www.actuaries.org.uk/studying/plan-my-study-route/fellowshipassociateship/specialist-technical-subjects. This is a dynamic syllabus, changing regularly to reflect current practice.

Details

Contact hours

Standard Delivery - Total contact hours: 72
Tutorial Delivery - Total contact hours: 36

Teaching methods will differ according to the number of students registered on the module. The standard format, for more than 6 students registered.

Method of assessment

80% Examination, 20% Coursework

Indicative reading

The students will be provided with the study notes published by the Actuarial Education Company for Subject SP8 – General Insurance – Pricing. These are ordered from the Company by the Lecturer.

See the library reading list for this module (Canterbury)

Learning outcomes

The intended subject specific learning outcomes. On successfully completing the module students will be able to:

1 Demonstrate knowledge and understanding of complex techniques applicable to solve problems in General Insurance – Pricing in the context of current professional
actuarial practice.
2 Demonstrate knowledge and understanding of complex current issues in General Insurance – Pricing in the context of current professional actuarial practice.
3 Demonstrate a high level of understanding of the main body of knowledge for the module.
4 Demonstrate skill in calculation and manipulation of the material written within the module.
5 Apply a range of concepts and principles of General Insurance – Premium Rating in various contexts.
6 Demonstrate skill in solving problems in General Insurance – Premium Rating by various appropriate methods.
7 Demonstrate skills in the specific mathematical and statistical techniques used in the actuarial practice of General Insurance – Pricing and their application to
solving problems in that subject.
8 Demonstrate understanding of the current practical applications of the module material.

The intended generic learning outcomes. On successfully completing the module students will be able to:

1 Demonstrate ability for logical argument.
2 Demonstrate ability to work with relatively little guidance.
3 Demonstrate high-level problem-solving skills, relating to qualitative and quantitative information, demonstrating self-direction and originality of thought.
4 Demonstrate communications skills, covering both written and oral communication, with the ability to communicate clearly to both specialist and non-specialist audiences
using the appropriate information technology.
5 Demonstrate judgemental skills.
6 Demonstrate numeracy and computational skills.
7 Demonstrate time-management and organisational skills, as evidenced by the ability to plan and implement efficient and effective modes of working, and to act
autonomously.
8 Demonstrate study skills needed for continuing professional development.
9 Demonstrate decision-making skills in complex situations.

Notes

  1. Credit level 7. Undergraduate or postgraduate masters level module.
  2. ECTS credits are recognised throughout the EU and allow you to transfer credit easily from one university to another.
  3. The named convenor is the convenor for the current academic session.
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