Nonlife Actuarial Models
Theory, Methods and Evaluation
2nd Edition
$89.99 ( ) USD
Part of International Series on Actuarial Science
- Author: Yiu-Kuen Tse, Singapore Management University
- Date Published: May 2023
- availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
- format: Adobe eBook Reader
- isbn: 9781009315081
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Actuaries must pass exams, but more than that: they must put knowledge into practice. This coherent book supports the Society of Actuaries' short-term actuarial mathematics syllabus while emphasizing the concepts and practical application of nonlife actuarial models. A class-tested textbook for undergraduate courses in actuarial science, it is also ideal for those approaching their professional exams. Key topics covered include loss modelling, risk and ruin theory, credibility theory and applications, and empirical implementation of loss models. Revised and updated to reflect curriculum changes, this second edition includes two brand new chapters on loss reserving and ratemaking. R replaces Excel as the computation tool used throughout – the featured R code is available on the book's webpage, as are lecture slides. Numerous examples and exercises are provided, with many questions adapted from past Society of Actuaries exams.
Read more- Supports students sitting exams with the Society of Actuaries (Short Term Actuarial Mathematics – STAM, FAM and ASTAM), the Casualty Actuarial Society (MAS-I and MAS-II) and the Institute and Faculty of Actuaries (for some topics in CS1, CS2 and SP7)
- Assumes only an introductory undergraduate level understanding of statistical inference and probability
- Contains numerous illustrative examples to enhance understanding and facilitate self-study
- Features over 300 exercises, including some adapted from past exam questions
- Teaching slides and all the R code examples are available online, as are the Excel computation notes featured in the first edition. A solutions manual is available to instructors on request
Reviews & endorsements
‘This book covers the body of knowledge required by the Society of Actuaries (SOA) for its Fundamentals of Actuarial Mathematics Exam (Sections for short-term coverages) starting from 2023. I believe that it is an ideal textbook for a semester course on the introduction of short-term actuarial mathematics. It is also useful for self-study candidates preparing for the actuarial professional exams.’ Wai-Sum Chan, Ph.D., FSA, HonFIA, CERA Dean, School of Decision Sciences, The Hang Seng University of Hong Kong
See more reviews‘I taught a statistical modeling course with applications in Actuarial Science. I use this book because it strikes a fine balance for readers who are preparing for Exam C of the Society of Actuaries and for readers who want to pick up skills in statistical modeling. Professor Tse is commended for expertly packing and streamlining a lot of materials (theory, methods, and empirical implementation) of nonlife actuarial models into this book. A welcome change of the second edition is the adoption of R as the computation tool.’ Kwok Pui Choi, National University of Singapore
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×Product details
- Edition: 2nd Edition
- Date Published: May 2023
- format: Adobe eBook Reader
- isbn: 9781009315081
- availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
Table of Contents
Preface
Notation and convention
Part I. Loss Models:
1. Claim-frequency distribution
2. Claim-severity distribution
3. Aggregate-loss models
Part II. Risk and Ruin:
4. Risk measures
5. Ruin theory
Part III. Credibility:
6. Classical credibility
7. Bühlmann credibility
8. Bayesian approach
9. Empirical implementation of credibility
Part IV. Model Construction and Evaluation:
10. Model estimation and types of data
11. Nonparametric model estimation
12. Parametric model estimation
13. Model evaluation and selection
14. Basic Monte Carlo methods
15. Applications of Monte Carlo methods
Part V. Loss reserving and ratemaking:
16. Loss reserving
17. Ratemaking
Appendix: review of statistics
Answers to Exercises
References
Index.
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