Modelling and Basic Actuarial Calculation in Insurance
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Learn how to model and perform basic actuarial calculations in the insurance industry. Understand the key techniques used in actuarial science to assess risk, estimate premiums, and manage financial strategies in insurance.
At a Glance
In this guided project you will learn how to build a mathematical model of an insurance company using Risk Process and to do risk and revenue assessment.
In this guided project you will learn how to build a mathematical model of an insurance company using Risk Process and to do risk and revenue assessment that might be used by an actuaries in the insurance industry.
Learning Objectives
- Build the model of an Insurance Company with Risk Process.
- Understand Classical Risk Process
- Understand basic actuarial approximations and their limitations
- Use Actuarial approximations for Risk Assessment of the Classical Risk Process
- Calculate the Ruin Probability of the Classical Risk Process using Monte Carlo method and compare it to theoretical results
Note: in this project you will build a mathematical Risk Assessment model of an insurance company. This project is not intended to teach you the process of Ratemaking which is fundamental to the role of the actuaries.
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