Management

Introduction to Insurance Mathematics

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Actuarial Science is a discipline with a fascinating blend of traditional approaches, developed over many decades of experience, and modern techniques which are available thanks to the fast development of statistical, computational, and mathematical tools, new insights into dependence modeling, analysis of big data, financial engineering, risk management, and insurance economics. At the same time the insurance market is competitive and dynamic, and popular products are ever-more complex mingling the actuarial and financial world to an extraordinary extent.
Whereas the life and non-life insurance markets are driven by somewhat different factors, each is equally challenging. Some life insurance products have an extremely long duration, during which the economic environment can change dramatically, and the underlying actuarial risks are typically themselves subject to changes and developments. At the same time, despite a plethora of available data, the amount of immediately relevant data to better understand a particular type of risk is often limited and it is an art of its own to distinguish the relevant ones from the others.
This makes clear that the modern actuary needs a solid education in all these fields. In particular, it is not only the learning of facts and available formulas and procedures that need to be part of such an education, critical reflection about the potential and limits of methods is also of ample importance in an ever-changing actuarial environment, in which appropriate and robust decisions need to be taken, sometimes over long time horizons.
In Europe there is a good tradition for this type of approach, and the present textbook in its second edition is a nice example of it. The authors have managed to compile the standard introductory actuarial education material in a very accessible and intuitive way, where the understanding of principles is in focus. For the next step of technicalities, the reader is in each chapter targeted towards the respective relevant literature. The book gives a well-structured overview of some of the most important actuarial topics, deals with both traditional and recent challenges, in particular for life insurance, and discusses related practical issues. The material is also in line with the new education syllabus of the Actuarial Association of Europe.

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Detail Information

Series Title

Introduction to Insurance Mathematics

Call Number

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Publisher

New York : Springer Cham Heidelberg., 2015

Collation

1-521

Language

English

ISBN/ISSN

978-3-319-21377-4

Classification

NONE

Content Type

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Media Type

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Carrier Type

-

Edition

1st Edtion

Subject(s)

Information Technology

Specific Detail Info

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Statement of Responsibility

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