Insurance Mathematics Track: Actuarial Mathematics I

Non-life, life insurances and reinsurance mathematics

What you'll learn

You will learn the most common mathematical techniques to be used in actuarial calculations.

You will get to know the different reinsurance products and the mathematical methods to be applied to be calculating their losses.

You will be involved into the practical numerical examples that are explained with clearly written solutions and justifications.

You will be exposed to the different types of insurance products that form the products set of the main insurance industry players.

Requirements

Basic statistical knowledge

Basic Calculus knowledge

Deep interest in insurance business

Description

This course is the first course of the Insurance mathematics track. The course "Actuarial Mathematics I" introduces the main mathematical and actuarial concepts used in non-life, life and reinsurance business. This course is designed for the beginners with some background in statistics, calculus and aimed to provide the main hot topics used in theory and practice. It is also designed to lead those who would like to shift from a different discipline to an actuarial one, as it prefers to take a "step by step" approach advancing by time as the courses are completed subsequently.The course takes a step-by-step approach and treats every actuarial related business lines to be able to give a flexibility to pursue a career in life, non-life and reinsurance business.This course is mainly split into 2 pillars: a) non-life and life insurance mathematics and b) reinsurance mathematics I. Students after completing the course will be familiar with the statistical notation and way of writing of the mathematical concepts in actuarial statistics. The sole goal is to provide the necessary tools in actuarial statistics to further continue in the actuarial journey.After having completed the course, you will be ready to jump onto more advanced actuarial concepts as it will be followed in the course "Actuarial Mathematics II". That will come later after the successful completion of the course with a more advanced topics in actuarial science.Let’s get started!

Overview

Section 1: Introduction to Insurance mathematics

Lecture 1 Introduction

Lecture 2 Non-life and life insurance mathematics variables

Section 2: Non-life and life insurance mathematics

Lecture 3 Common mathematical knowledge in non-life and life insurance mathematics

Lecture 4 Fundamentals of mathematics in life insurance business

Lecture 5 Important conditions

Lecture 6 The force of mortality

Lecture 7 Non-life insurance mathematics initials (mean and variance in statistical terms)

Lecture 8 Covariance and correlation notations

Lecture 9 Follow-up of covariance and correlation

Lecture 10 Law of total variance - Numerical example 1 and 2

Section 3: Reinsurance Mathematics

Lecture 11 Introduction to Reinsurance I

Lecture 12 Types of reinsurance

Lecture 13 Quota-share reinsurance coverage

Lecture 14 Advantages and Disadvantages of quota-share contracts

Lecture 15 Surplus reinsurance

Lecture 16 Example: Surplus reinsurance contract

Lecture 17 Stop-loss contracts

Section 4: Conclusion: End of the Actuarial mathematics I

Lecture 18 Conclusion

Those who want to build an actuarial career,Those who are afraid to approach to a mathematically hard-looking formulas,Those who are determined to enjoy the actuarial science and financial valuation principles