STAT40020 Actuarial Statistics I

Academic Year 2024/2025

Loss Distributions. Classic distributions used for modelling in insurance and finance. Impact of Reinsurance on Loss. Simulating Loss distributions. Risk Theory. Collective and Individual Risk models for aggregate losses. Panjers model. Copulas. Extreme Value Theory. PCA.

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Curricular information is subject to change

Learning Outcomes:

To be able to select appropriate probability distributions for use in modelling losses in insurance and banking.Know how to predict and determine reserves for claims and losses taking into account trends and inflation. To be able to select a reasonable model for short term aggregate losses in a portfolio of policies or loans.

Indicative Module Content:

Loss distributions. Risk models. Copulas. Principal Components. Extreme Value Theory.

Student Effort Hours: 
Student Effort Type Hours




Computer Aided Lab


Autonomous Student Learning




Approaches to Teaching and Learning:
active/task-based learning; lectures; reflective learning; lab/studio work; enquiry & problem-based learning; 
Requirements, Exclusions and Recommendations
Learning Requirements:

A good basic knowledge of probability and statistics theory is a requirement to take this course.

Learning Recommendations:

Students should have a knowledge of statistical inference at a level equivalent to that which would be achieved upon completion of STAT20100, STAT20110, STAT30240.

Module Requisites and Incompatibles
Not applicable to this module.
Assessment Strategy  
Description Timing Open Book Exam Component Scale Must Pass Component % of Final Grade
Assignment(Including Essay): 3 assignments equally weighted with theory and R questions. n/a Graded No


Exam (In-person): Final exam n/a Other No


Carry forward of passed components
Resit In Terminal Exam
Spring Yes - 2 Hour
Please see Student Jargon Buster for more information about remediation types and timing. 
Feedback Strategy/Strategies

• Feedback individually to students, post-assessment
• Group/class feedback, post-assessment

How will my Feedback be Delivered?

3 assignments each worth 6.67% of final grade, marked with feedback and returned to students, plus group feedback in tutorial sessions.

Name Role
Mr James Hannon Tutor