MMA713 Actuarial Mathematics
Actuarial mathematics constitutes the mathematical foundation of the insurance business. The stochastic nature of accidents and the length of people s lives make uncertainty an integral part of this business. The course Actuarial Mathematics provides students with essential knowledge and tools required to explore the consequences of uncertainty as well as to solve other mathematical and statistical problems arising in the insurance business. It provides basics in the mathematical techniques which can be used to model and value cash flows dependent on death, survival, or other uncertainties depending on risks. The concepts of risk theory and risk processes are introduced. Various forms of life insurance and their mechanisms are considered. Insurance models, reinsurance contracts, different types of distributions and simulation methods for both claim sizes and claim numbers will be analysed in the framework of non-life insurance.