Risk Modelling in General Insurance

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The aim of this book

Knowledge of risk models and the assessment of risk will be of great importance to actuaries as they apply their skills and expertise today and in the future. The title of this book “Risk Modelling in General Insurance: From Principles to Practice” reflects our intention to present a wide range of statistical and probabilistic topics relevant to actuarial methodology in general insurance. Our aim is to achieve this in a focused and coherent manner, which will appeal to actuarial students and others interested in the topics we cover.

We believe that the material is suitable for advanced undergraduates and students taking master’s degree courses in actuarial science, and also those taking mathematics and statistics courses with some insurance mathematics content. In addition, students with a strong quantitative/mathematical background taking economics and business courses should also find much of interest in the book. Prerequisites for readers to benefit fully from the book include first undergraduate-level courses in calculus, probability and statistics. We do not assume measure theory.

Our aim is that readers who master the content will extend their knowledge effectively and will build a firm foundation in the statistical and actuarial concepts and their applications covered. We hope that the approach and content will engage readers and encourage them to develop and extend their critical and comparative skills. In particular, our aim has been to provide opportunities for readers to improve their higher-order skills of analysis and synthesis of ideas across topics.

A key feature of our approach is the inclusion of a large number of worked examples and extensive sets of exercises, which we think readers will find stimulating. In addition, we include three case studies, each of which brings together a number of concepts and applications from different parts of the book.

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