ACTUARIAL METHODS FOR INSURANCE
The aim of the course is to introduce the fundamental concepts of life and non-life actuarial techniques and to train experts in the use of actuarial models related to pricing, reserving and quantification of technical risks according to the Italian GAAP and Solvency II
Descriptive and inferential statistics, probability theory, financial mathematics and actuarial mathematics.
1ST part: Actuarial technique of life insurance
– the basic contracts
– the determination of premium
– mathematical reserves and technical reserves
– flexibility of payments
– determination of expected profit
2ND part: Actuarial technique of non-life insurance
– principles for calculating the premium for non-life insurance
– rate making
– technical reserves
– technical reserves according to Solvency II
– quantification of Non-Life Underwriting Risk
31TH part: Actuarial technique of pension insurance:
– individual and collective pension
– contributions and benefits
– principles of calculation of contributions
Frontal lectures; Practical exercises and case discussion, to put into practice all the concepts studied during the theoretical lessons.
- Pitacco E. – Matematica e Tecnica Attuariale delle Assicurazioni sulla Durata di Vita. Ed. Lint, Trieste
- Daboni L. - Lezioni di tecnica attuariale delle assicurazioni contro i danni. Ed. Lint, Trieste
- Regolamento Delegato (Ue) 2015/35 della Commissione del 10 ottobre 2014
Written and Oral examination. The written test lasts 45 minutes and consists of two/three questions with an open answer and exercises.
Expected learning outcomes:
Knowledge and ability to understand: the student must demonstrate a good knowledge of actuarial principles and methodologies in order to understand and deal with the issues related to pricing and reserving for insurance companies and pension funds.
Ability to apply knowledge and understanding: the student must demonstrate the ability to apply the acquired knowledge to the main problems related to life and non-life contracts. For this reason, the teacher will illustrate several practical problems found in the actuarial practice during the lessons to the students attending, or in the reception of students for those not attending.
Autonomy of judgment: the student must demonstrate the ability to deepen even independently the knowledge acquired by being able to apply them to several areas, such as, for example, issues related to the risk management of insurance companies or pension funds.
Communication skills: the student must be able to respond in a clear, cogent and exhaustive manner both to the questions of the written test and to those of the oral exam.
Learning ability: the student must demonstrate good learning skills by being able to deepen their knowledge on relevant bibliographic references relevant to the field under study. It must be able to analyze and evaluate the different methods used in the actuarial practice related to the pricing or reserving process, both in accordance with the local accounting and solvency II principles.