Risk modelling in general insurance. From principles to practice
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Knowledge of risk models and the assessment of risk is a fundamental part of the training of actuaries and all who are involved in financial, pensions and insurance mathematics.
This book provides students and others with a firm foundation in a wide range of statistical and probabilistic methods for the modelling of risk, including short-term risk modelling, model-based pricing, risk-sharing, ruin theory and credibility.
It covers much of the international syllabuses for professional actuarial examinations in risk models, but goes into further depth, with worked examples, exercises. A key feature is the inclusion of three detailed case studies that bring together a number of concepts and applications from different parts of the book and illustrate how they are used in practice.
Computation plays an integral part: the authors use the statistical package R to demonstrate how simple code and functions can be used profitably in an actuarial context.