Registry

Module Specifications

Current Academic Year 2012 - 2013
Please note that this information is subject to change.

Module Title	Risk Theory
Module Code	MS449
School	School of Mathematics
Online Module Resources
Module Co-ordinator	Semester 1: Colm Fitzgerald Semester 2: Colm Fitzgerald Autumn: Colm Fitzgerald
Module Teacher	Colm Fitzgerald
NFQ level	8	Credit Rating	10
Pre-requisite	None
Co-requisite	None
Compatibles	None
Incompatibles	None

Description

The aim of the module is to provide grounding in mathematical and statistical techniques of relevance to financial work and of particular relevance to general insurance. A second aim is to provide students with the opportunity to be recommended for exemption from subject CT6 of the Institute of Actuaries' exams, in conjunction with module MS447.

Learning Outcomes

Workload	Full-time hours per semester
*Type*	*Hours*	*Description*
Lecture	48	No Description
Tutorial	12	No Description
Independent learning time	90	No Description
Total Workload: 150

All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml

Indicative Content and Learning Activities

Decision theory.
Explain the concepts of decision theory and explain them. [CT6-(i)].

Loss distributions.
Calculate probabilities and moments of loss distributions both with and without limits and risk sharing arrangements..

Risk models.
Contruct risk models involving frequency and severity distributions and calculate the moment generating function and the moments for the risk models both with and without simple reinsurance arrangements. [CT6-(iii)].

Ruin.
Explain the concept of ruin for a risk model. [CT6-(iv)].

Bayesian statistics.
Explain the fundamental concepts of Bayesian statistics and use these concepts to calculate Bayesian estimators. [CT6-(v)].

Rating.
Describe the fundamental concept of rating and apply them to simple experience rating systems. [CT6-(vi)].

Delay triangles.
Describe and apply techniques for analysing a delay triangle and projecting the ultimate position. [CT6-(vii)].

Generalised Linear Model.
Explain the concepts of a Generalised Linear Model and describe how the model may apply. [CT6-(viii)].

Assessment Breakdown
Continuous Assessment	0%	Examination Weight	100%

Course Work Breakdown
Type	Description	% of total	Assessment Date

Reassessment Requirement
Resit arrangements are explained by the following categories; 1 = A resit is available for all components of the module 2 = No resit is available for 100% continuous assessment module 3 = No resit is available for the continuous assessment component
This module is category 1

Indicative Reading List

Acted: 0, Acted Study Materials for CT6.,
Hossack IB; Pollard JH; Zehnwirth, B: 0, Introductory statistics with applications in general insurance,
Klugman, SA; Panjer HH; Willmott, GE.: 0, Loss models from data to decisions,
Daykin, CD;Pentikainen, T; Martti,P.: 0, Practical risk theory for actuaries,
Chapman & Hallstraub: 0, Non-life insurance mathematics,

Other Resources

None

Array

Programme or List of Programmes

ACM

BSc Actuarial Mathematics

BSc in Financial & Actuarial Mathematics

Timetable this semester: Timetable for MS449

Date of Last Revision

03-FEB-12

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