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Insurance Risk Models (ACTL90004)
Graduate courseworkPoints: 12.5Online
Please refer to the return to campus page for more information on these delivery modes and students who can enrol in each mode based on their location.
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 1
Overview
Availability | Semester 1 - Online |
---|---|
Fees | Look up fees |
Topics considered in this subject include premium principles, including variance principle, Esscher principle, risk adjusted principle; applications of utility theory, premium calculation and optimal reinsurance retention levels; reinsurance problems; stochastic ordering; comparisons of random losses in terms of risk measures; ruin theory, explicit solutions for the probability of ultimate ruin, the effect of reinsurance on ruin probabilities.
Intended learning outcomes
On successful completion of this subject a student should be able to:
- Apply relevant pre-requisite knowledge of mathematics, probability theory and statistics in the solution of a range of practical problems
- Demonstrate a deep understanding of utility theory and apply them to insurance problems
- Describe modern premium calculation principles and show whether a premium calculation principle satisfies certain properties
- Design the optimal reinsurance for the insurer and the reinsurer under different optimality criterion
- Describe the effect of reinsurance arrangements on ruin probabilities
- Derive explicit solutions for the ruin probability in the classical risk model
- Compare the tail variability of random losses using commonly used risk measures
- Analyse and assess risks using stochastic orderings
Generic skills
High level of development:
- Written communication;
- Problem solving;
- Statistical reasoning;
- Application of theory to practice;
- Interpretation and analysis.
Last updated: 31 January 2024
Eligibility and requirements
Prerequisites
Admission into the MC-COMACTS Master of Commerce (Actuarial Science)
OR
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ACTL30007 | Actuarial Modelling III | Semester 1 (Online) |
12.5 |
OR
Equivalent
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: 31 January 2024
Assessment
Description | Timing | Percentage |
---|---|---|
Individual assignment
| Week 12 | 20% |
Mid-semester test
| Week 7 | 10% |
End-of-semester exam
| During the examination period | 70% |
Last updated: 31 January 2024
Dates & times
- Semester 1 - Online
Principal coordinator Enrique Calderin Mode of delivery Online Contact hours A 2 hour seminar and a 1 hour workshop per week Total time commitment 170 hours Teaching period 1 March 2021 to 30 May 2021 Last self-enrol date 12 March 2021 Census date 31 March 2021 Last date to withdraw without fail 7 May 2021 Assessment period ends 25 June 2021 Semester 1 contact information
Time commitment details
Estimated total time commitment of 170 hours per semester
Last updated: 31 January 2024
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 Master of Commerce (Actuarial Science) Course Graduate Diploma in Actuarial Science Course Master of 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.
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.
Last updated: 31 January 2024