This foundational course introduces the principles and practices of actuarial science, providing comprehensive coverage of the mathematical and statistical techniques used in insurance and financial risk management. Participants will learn about probability theory, financial mathematics, mortality analysis, and the application of actuarial principles in insurance pricing and reserving. The curriculum covers both life and non-life actuarial techniques, along with the professional standards and ethical considerations in actuarial practice. Through mathematical exercises and practical applications, learners will develop the fundamental skills needed to pursue actuarial qualifications and careers.
Actuarial Science Fundamentals
Banking, Insurance and Financial Services
October 25, 2025
Introduction
Objectives
Upon completion of this course, participants will be able to:
- Apply probability and statistics in actuarial contexts
- Calculate present values and accumulated values
- Analyze mortality and survival data
- Develop basic insurance premium calculations
- Understand reserving principles and techniques
- Apply actuarial mathematics to insurance products
- Navigate professional actuarial standards
- Use spreadsheet software for actuarial calculations
- Prepare for actuarial professional exams
Target Audience
- Aspiring Actuaries
- Actuarial Students
- Insurance Analysts
- Risk Management Professionals
- Mathematics and Statistics Graduates
- Insurance Product Developers
- Financial Analysts
Methodology
- Mathematical problem-solving exercises
- Spreadsheet modeling workshops
- Case studies on insurance pricing
- Reserving calculation exercises
- Exam preparation problems
- Professional ethics scenarios
Personal Impact
- Enhanced mathematical modeling skills
- Improved analytical capabilities
- Stronger insurance product knowledge
- Better exam preparation
- Enhanced professional development
Organizational Impact
- Improved pricing accuracy
- Enhanced reserving adequacy
- Better risk assessment
- Reduced financial volatility
- Increased regulatory compliance
Course Outline
Unit 1: Probability and Statistics
Mathematical Foundations- Probability theory applications
- Statistical distributions in insurance
- Regression analysis techniques
- Statistical inference methods
Unit 2: Financial Mathematics
Time Value of Money- Interest theory and calculations
- Annuities and perpetuities
- Loan amortization schedules
- Bond pricing and duration
Unit 3: Life Contingencies
Mortality Analysis- Life table construction
- Survival models and applications
- Multiple life functions
- Multiple decrement models
Unit 4: Insurance Products
Product Mathematics- Life insurance premium calculations
- Annuity pricing principles
- Health insurance mathematics
- Property insurance pricing
Unit 5: Reserving Techniques
Liability Estimation- Claims reserving methods
- Loss development techniques
- Premium deficiency reserves
- Statutory reserving requirements
Unit 6: Ratemaking
Premium Development- Loss cost projection
- Expense loading calculations
- Credibility theory applications
- Territorial and class rating
Unit 7: Professional Practice
Actuarial Standards- Professional code of conduct
- Actuarial standards of practice
- Communication of results
- Continuing education requirements
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