Actuarial I (7 ECTS)

Course Code: 
Elective Courses

Damage models: Individual and group standard, damage or loss distributions and compensation distributions and their estimation. Application in non analog risk coverage, asymptotic estimations in the distributions right end, estimating upper limits of stop loss premiums, stop loss and inflation, positive experience clauses. Bankruptcy theory. The surplus procedure, the adjustment factor and its approaches, bankruptcy possibility, discrete surplus procedure, random variables relevant to the surplus procedure. Credibility theory, partial and full credibility, Buhlmann and Buhlmann – Straub models, other models, loss functions, Bayes credibility, time series methods, Kalman filters, application in persons group insurance. Pricing. Models of insurance against damage: evolution of one use payments or one insurance year use, Reserve for outstanding losses and allocated and non allocated settlement expenses, loss reserving methods, total and structural, triangular methods of compensation progress (chain ladder etc.), expected loss ratio, the Reid method, the Bornhuetter-Ferguson method, separate frequency and severity modeling, parametric methods (use of damage functions).

     Recommended Reading

  • Ζυμπίδης, Α. (2008)  Αναλογιστικά Μαθηματικά Γενικών ασφαλίσεων. Εκδόσεις ΟΠΑ.
  • Ζυμπίδης, Α. (2008)  Θεωρία Κινδύνων Εκδόσεις ΟΠΑ.
  • Robert L. Brown, Leon R. Gottlieb (2007) Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance,  ACTEX Publications.
  • Kaas, R., Goovaerts, M., Dhaene, J., Denuit, M. (2008) Modern Actuarial Risk Theory, SPRINGER , 2nd ed.

(old title: Actuarial Mathematics of Non-Life Insurance)