Actuarial Statistics: An Introduction Using R, 2nd Edition

Actuarial science is an interdisciplinary science comprising four subjects—mathematics, statistics, economics and finance. Statistics plays a key role in laying the foundation of actuarial calculations taking into account the uncertainty in the mortality pattern of society and under varying economic conditions.In the first edition of the book, we introduced some basic concepts related to computation of premiums and reserves for some standard life insurance products adopting a rigorous mathematical approach underlying the theoretical concepts. These were supported by numerical computations with R software. In this revised second edition of the book, the theoretical development has not been changed much. However, the role of R software has been extended. In each chapter, computational exercises based on R software are included to provide a hands-on experience to students. Another novel feature of this edition is the inclusion of over 160 multiple choice questions for which answers are provided.The main aim of this textbook is to provide a thorough treatment of basic techniques, theoretically and computationally using R, so that it will be suitable for self-study, particularly in the present era of online education.