This module covers aspects of Statistics which are particularly relevant to insurance. Some topics (such as risk theory and credibility theory) have been developed specifically for actuarial use. Other areas (such as Bayesian Statistics) have been developed in other contexts but now find applications in actuarial fields. Indicative topics covered by the module include Bayesian Statistics; Loss Distributions; Reinsurance and Ruin; Credibility Theory; Risk Models; Ruin Theory; Generalised Linear Models; Extreme Value Theory. This module will cover a number of syllabus items set out in Subjects CS1 and CS2 – Actuarial Statistics published by the Institute and Faculty of Actuaries.
Total contact hours: 36
Private study hours:114
Total study hours: 150
Assessment 1 (5-7 hrs) 10%
Assessment 2 (5-7 hrs) 10%
Assessment 3 (5-7 hrs) 10%
Examination (3hours) 70%
Reassessment methods
Like-for-like
Boland, P.J. Statistical and Probabilistic Methods in Actuarial Science, Chapman & Hall, 2007.
Study notes published by the Actuarial Education Company for Subjects CS1 and CS2.
See the library reading list for this module (Canterbury)
On successfully completing the module students will be able to:
1. explain basic concepts and models of Bayesian statistics and apply them to credibility theory;
2. construct risk models appropriate to short term insurance contracts and make the related statistical inference;
3. describe and apply the fundamental concepts of loss distributions;
4. describe and apply the basic methodology of generalised linear models;
5. explain basic concepts and models of extreme value theory and apply them in insurance.
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