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Basic Insurance Mathematics

In this course we consider insurance related questions in terms of mathematics, and use insurance mathematical methods to solve both basic and (through case studies) more in-depth problems.

The course covers:

General principles for valuation of stochastic cash flows, interest rates, discounting and present value calculations.

Introduction to basic insurance concepts: Modelling of claims costs, reserving and premium principles, together with how these concepts differs between non-life and life insurance applications.

Solvency, risk aggregation and risk reducing techniques: Diversification, modelling of dependencies, risk measures and Solvency II (including financial/investment risks), reinsurance and other risk reducing techniques (including financial/investment risks)