Actuarial Statistics I (STAT40160)

Credits 
7.5 
Subject 
Statistics & Actuarial Science 
Level 
4 
School 
Mathematics and Statistics 
Semester 
Autumn 
Module Coordinator 
Dr Adrian O'Hagan 
Game and Decision Theory.Basic elements of zerosum two person gamesBayes and minimax criteria for decision makingLoss Distributions.Classic distributions used for modelling in insurance and financeImpact of Reinsurance on LossSimulating Loss distributionsClaims Reserving and Runoff Triangles.Bornhuetter Ferguson methodRisk Theory.Collective and Individual Risk models for aggregate losses.
To be able to formulate basic decision making problems in a structured manner and understand the use of basic criteria. To be able to select appropriate probability distributions for use in modelling losses in insurance and banking. To know how to predict and determine reserves for claims and losses taking into account trends and inflation. To be able to use software to estimate outstanding claims. To be able to select a reasonable model for short term aggregate losses in a portfolio of policies or loans.
 Hrs/Semester 
Lectures  24 
Tutorial  10 
Computer Aided Lab  2 
Autonomous Student Learning  114 
Total Workload  150 
 % of Final Grade  Timing 
Continuous Assessment: regular  20  Varies over the Trimester 
Examination: Final 2 hour exam  80  2 hour End of Trimester Exam 
Compensation 
This module is not passable by compensation 
Resit Opportunities 
Insemester assessment 
Remediation 
If you fail this module you may repeat, resit or substitute where permissible 
Module Requisites and Incompatibles 
PreRequisite : 
Required : 
CoRequisite : 
Incompatibles : 
Additional Information : 
Equivalent Modules 

Prior Learning 
Requirements: 
A good basic knowledge of probability and statistics theory is a requirement to take this course. 
Excluded: 

Recommended: 
Students should have a knowledge of statistical inference at a level equivalent to that which would be achieved upon completion of STAT20100, STAT20110, STAT30240.

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