Course Information


Course Information
Course Title Code Semester L+U Hour Credits ECTS
THE MATHEMATICS OF NON-LIFE INSURANCE UAKT303 5. Semester 2 + 2 3.0 5.0

Prerequisites None

Language of Instruction Turkish
Course Level Bachelor's Degree
Course Type Compulsory
Mode of delivery Oral presentation
Course Coordinator
Instructors Fatih TANK
Assistants
Goals Aim of this course is to teach experience pricing by introducing suitable statistical distributions for each data type being used by non-life insurance branch.
Course Content Introduces the distributions of claim severity and claim frequency, utility functions, risk premium and adjusted risk premium, no-claims discount, Bonus-Malus Systems.
Learning Outcomes 1) Understand insurance process and recognize the branches of non-life insurance.
2) Learn the theory of utility functions and calculate the risk premiums by using these function
3) Learn the statistical distributions that are used in claim counts and claim size, estimate the parameters of these distributions and test for goodness of fit.
4) Calculate gross premium by using premium principles.

Weekly Topics (Content)
Week Topics Teaching and Learning Methods and Techniques Study Materials
1. Week The distributions and properties of claim frequency Lecture; Question Answer; Problem Solving
Opinion Pool
 Homework Presentation (Including Preparation Time)
2. Week The distributions and properties of claim severity Lecture; Question Answer; Problem Solving
Opinion Pool
 Homework Presentation (Including Preparation Time)
3. Week The types of insurance data, point and confidence interval estimates, insurance process Lecture; Question Answer; Problem Solving
Brainstorming
 Homework
4. Week Risk factors, risk premium, the ratio of loss frequency, loss amount Lecture; Question Answer; Problem Solving
Opinion Pool
 Homework
5. Week Parametric and non-parametric estimation methods Lecture; Question Answer; Problem Solving
Brainstorming
 Homework
6. Week Application Lecture; Question Answer; Problem Solving
Brainstorming
 Homework
7. Week Utility functions, expected utility criterion, Jensen inequality Lecture; Question Answer; Problem Solving
Brainstorming
 Homework
8. Week Midterm exam Question Answer
Brainstorming
 Report (Including Preparation and presentation Time)
9. Week Types of the utility functions I Lecture; Question Answer; Problem Solving
Brainstorming
 Homework
10. Week Types of the utility functions II Lecture; Question Answer; Problem Solving
Brainstorming
 Homework
11. Week Properties of premium principles and applications Lecture; Question Answer; Problem Solving
Brainstorming
 Homework
12. Week No-claims discount Lecture; Question Answer; Problem Solving

Project Based Learning 		Homework
13. Week Bonus Malus Systems Lecture; Question Answer; Problem Solving
Brainstorming
 Homework
14. Week Application Lecture; Question Answer; Problem Solving
Brainstorming
 Homework
15. Week Preparation for final exam Lecture; Question Answer; Problem Solving
Brainstorming
 Homework
16. Week Final exam Question Answer
Brainstorming
 Homework

Sources Used in This Course
Recommended Sources
Brown, L.B., Gottlieb, L.R., Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance, Actex Publications, Connecticut, 1993.
Dickson, C.M., 2004, Insurance Risk and Ruin, Cambridge University Press, Cambridge, 2004.
Hossack I.B., Pollard J.H., Zehnwirth B., Introductory Statistics with Applications in General Insurance, Cambridge, 1983
Straub, Erwin, Non-Life Insurance Mathematics, Association of Swiss Acturies, Zurih,1988.
Tse Yiu-Kuen, Nonlife Actuarial Models: Theory, Methods and Evaluation, Cambridge University Press, Cambridge, 2009.

Relations with Education Attainment Program Course Competencies
Program RequirementsContribution LevelDK1DK2DK3DK4
PY150000
PY250000
PY350000
PY450000
PY550000

*DK = Course's Contrubution.
0 1 2 3 4 5
Level of contribution None Very Low Low Fair High Very High
.

ECTS credits and course workload
Event Quantity Duration (Hour) Total Workload (Hour)
Course Duration (Total weeks*Hours per week) 14 4
Work Hour outside Classroom (Preparation, strengthening) 14 3
Homework 3 3
Midterm Exam 1 2
Time to prepare for Midterm Exam 1 18
Final Exam 1 2
Time to prepare for Final Exam 1 24
Total Workload
Total Workload / 30 (s)
ECTS Credit of the Course
Quick Access Hızlı Erişim Genişlet
Course Information
  • Course Information
  • Weekly Topics (Content)
  • Sources Used in This Course
  • Relations with Education Attainment Program Course Competencies
  • ECTS credits and course workload