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Insurance Risk Models (ACTL90004)
Graduate courseworkPoints: 12.5On Campus (Parkville)
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 1
Email: xueyuanw@unimelb.edu.au
Overview
Availability | Semester 1 |
---|---|
Fees | Look up fees |
Topics include collective risk model, calculation of moments and mgf of aggregate claims, recursion formulae, effect of reinsurance; individual risk model, De Pril's recursion formula; fundamentals of decision theory; credibility theory; exact credibility and the Buhlmann-Straub model; basics of ruin theory.
Intended learning outcomes
On successful completion of this subject a student should be able to:
- Explain the fundamental concepts of Bayesian statistics and apply these concepts to derive Bayesian estimators;
- Describe and apply the fundamental concepts of credibility theory;
- Derive and calculate probabilities for, and moments of, loss distributions both with and without simple reinsurance arrangements;
- Construct risk models appropriate for short term insurance contracts and derive both moments and moment generating functions for aggregate claim amounts under these models;
- Derive recursion formulae to calculate aggregate claims distributions for short term insurance contracts;
- Describe and apply approximate methods of calculating an aggregate claims distribution;
- Explain the concept of ruin for a risk model.
Generic skills
High level of development:
- Written communication;
- Problem solving;
- Statistical reasoning;
- Application of theory to practice;
- Interpretation and analysis.
Last updated: 3 November 2022
Eligibility and requirements
Prerequisites
MAST20004 Probability or equivalent.
Code | Name | Teaching period | Credit Points |
---|---|---|---|
MAST20004 | Probability | Semester 1 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
None
Recommended background knowledge
Students should be competent in the use of Excel.
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 3 November 2022
Assessment
Additional details
- An individual 1500 word assignment, due in week 12 (10%)
- One hour mid-semester test, week 7 (20%)
- Two hour end of semester exam (70%)
Note: To pass this subject students must pass the end of semester examination.
Last updated: 3 November 2022
Dates & times
- Semester 1
Principal coordinator Xueyuan Wu Mode of delivery On Campus (Parkville) Contact hours A 2 hour seminar and a 1 hour workshop per week Total time commitment 170 hours Teaching period 26 February 2018 to 27 May 2018 Last self-enrol date 9 March 2018 Census date 31 March 2018 Last date to withdraw without fail 4 May 2018 Assessment period ends 22 June 2018 Semester 1 contact information
Email: xueyuanw@unimelb.edu.au
Time commitment details
Estimated total time commitment of 170 hours per semester
Last updated: 3 November 2022
Further information
- Texts
Prescribed texts
You will be advised of prescribed texts by your lecturer.
- Related Handbook entries
This subject contributes to the following:
Type Name Course Graduate Diploma in Actuarial Science Course Master of Actuarial Science Course Master of Commerce (Actuarial Science) - Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
Last updated: 3 November 2022