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Risk Theory

Enabling JavaScript in your browser will allow you to experience all the features of our site. Learn how to enable JavaScript on your browser. Modern Actuarial Risk Theory contains what every actuary needs to know about non-life insurance mathematics. It starts with the standard material like utility theory, individual and collective model and basic ruin theory.

OUR CORE PRINCIPLES

Other topics are risk measures and premium principles, bonus-malus systems, ordering of risks and credibility theory. As to the level of the mathematics, the book would fit in a bachelors or masters program in quantitative economics or mathematical statistics. This second and much expanded edition emphasizes the implementation of these techniques through the use of R.

This free but incredibly powerful software is rapidly developing into the de facto standard for statistical computation, not just in academic circles but also in practice. With R, one can do simulations, find maximum likelihood estimators, compute distributions by inverting transforms, and much more.

Bibliographic Information

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  1. Manual Modern Actuarial Risk Theory;
  2. Modern Actuarial Risk Theory: Using R / Edition 2.
  3. Harrisons Principles of Internal Medicine 16th Edition;

Add to Wishlist. A ruin theory approach is the right framework for addressing the problem of insurance company bankruptcy according to Ronnie Loeffen.

Modern Actuarial Risk Theory: Using R

His approach on the dynamics that lead insurance companies to ruin is original: he plans to extend the ruin model, traditionally limited to insurance risk processes only, to the financial side of companies. Shareholders, on the other hand, are more concerned with receiving as much dividend income as possible, and the issue of bankruptcy is less important to them. However, dividend payouts reduce the amount of capital of the company and thus increase the likelihood of bankruptcy. In his research, Loeffen looked at both points of view.