ACTUARIAL METHODS FOR INSURANCE
Learning objectives: The course aims to provide the methodologies for evaluating life and non-life insurance contracts; the models for computing the premiums and technical reserves according to Solvency II regulations.
Knowledge and understanding: The student should be able to identify the problem of understanding, measuring and controlling the risks in life and non-life insurance, the domain of quantitative techniques for the pricing of the contracts and the calculation of technical reserves. Furthermore, the student will acquire the relevant terminologies of the actuarial practice (Italian-English).
Ability to apply knowledge and understanding: Ability to use probabilistic and statistical techniques to insurance phenomena; ability to use the technical basis for managing typical insurance risks in the context of Solvency II regulations; tools for calculating the technical reserves of the insurance policies. Critical tools for setting up and judging management policies to control the company solvency; critical view for understanding the literature of the field.
Making judgments: The student should be able to apply the acquired knowledge also in an autonomous way, to solve other problems in the insurance sector.
Communication: the student must explain the topics discussed during the oral discussion clearly and exhaustively.
Lifelong learning skills: the student must develop a good learning ability managing to deepen their own using bibliographic knowledge relevant and relevant to the field under study.
Basic elements of mathematics, probability, and financial mathematics.
Part I: Actuarial technique of life insurance (24 hours):
• The branches of life insurance
• The probabilistic model for the human lifetime: the human lifetime, standard actuarial notations
• Traditional policies
• The mathematical reserve
• The intrinsic value
• The policies that can be revalued
Part II: Actuarial Technique of Non-Life Insurance (24 hours):
• The branches of non-life insurance
• Methodologies for the computation of the premium
• The technical reserves in no-life insurance
Elements of Actuarial technique of life insurance and Non-Life Insurance
Frontal lessons. Laboratory exercises in presence through software tools (Excel and R). The skills acquired will be constantly stimulated in their application through the analysis of case studies.
Pacati, C., Appunti delle lezioni di matematica attuariale delle assicurazioni sulla vita, 2013. Disponibile all'indirizzo: https://drive.google.com/file/d/1Bp9UuixR5_8E-XZmyY5i_zq1qAH_itFU/view.
Ceré M., Spelta D. Esercizi di matematica attuariale. Esculapio editore
Daboni L. (1993), Lezioni di tecnica attuariale delle assicurazioni contro i danni, LINT, Trieste, pagg. 189-
The evaluation of the learning consists of a written test aimed at evaluating the operational skills and an oral discussion aimed at verifying the degree of theoretical knowledge and the expository abilities of the student. The test will be carried out using Excel or R; the test lasts 90 minutes. The written test will consist of three exercises. The oral exam will consist of two questions.