| MATHEMATICS (TURKISH, PHD) | |||||
| PhD | TR-NQF-HE: Level 8 | QF-EHEA: Third Cycle | EQF-LLL: Level 8 | ||
| Course Code | Course Name | Semester | Theoretical | Practical | Credit | ECTS |
| MAT4067 | Statistical Models in Insurance | Fall | 3 | 0 | 3 | 6 |
| The course opens with the approval of the Department at the beginning of each semester |
| Language of instruction: | En |
| Type of course: | Departmental Elective |
| Course Level: | |
| Mode of Delivery: | Face to face |
| Course Coordinator : | Dr. Öğr. Üyesi TUĞCAN DEMİR |
| Course Lecturer(s): |
Prof. Dr. İRİNİ DİMİTRİYADİS |
| Course Objectives: | To introduce the student with lines in non life insurance, the analysis of data and modelling of loss distributions as well as the basics of the risk process in non-life insurance. |
|
The students who have succeeded in this course; Students will know about the basics of non-life insurance, will develop proficiency in analyzing and interpreting data and in the application of models used for insurance losses. They will also learn how these models are used in assessing insurance premiums and will be able to understand the effect of insurance decisions on the probability of ruin. |
| Review of probability and statistics. Introduction to non-life insurance. Basic probability distributions as they occur in insurance. The effect of inflation, deductibles and reinsurance on these distributions. The basic risk process and one-term probability of ruin and insurance decision that effect the probability of ruin. Types of reinsurance. |
| Week | Subject | Related Preparation | |
| 1) | Concepts in risk and insurance. Introduction to classes of insurance. | ||
| 2) | Property and casualty insurance, health insurance . Adverse selection, moral hazard and fraud in insurance. | ||
| 3) | Review of probability. Discrete and continuous random variables and their distributions. | ||
| 4) | Measures of location and dispersion. Expectation and moments. | ||
| 5) | Statistical distributions useful in general insurance. The normal distribution and the Central Limit Theorem. | ||
| 6) | The Poisson, Exponential, Pareto, Lognormal , and negative binomal distributions as they appear in actuarial studies. | ||
| 7) | Point estimation and method of moments. Mazimum likelihood and confidence intervals. Curve fitting. | ||
| 8) | Deductibles and excesses. Effect of inflation on deductibles. | ||
| 9) | The risk premium. Claim frequency and claim size and total claims ditributions. | ||
| 10) | The basic risk process. The Normal Approximation to the total claims distribution. | ||
| 11) | One term probability of ruin. Effect of premium loading, initial reserves and portfolio size on the probability of ruin. | ||
| 12) | Reinsurance and types of reinsurance. | ||
| 13) | Effect of reinsurance on the probability of ruin. | ||
| 14) | Application examples. Traffic, fire and health insurance applications. | ||
| Course Notes: | Ders notları dağıtılacaktır /Lecture notes shall be distributed. Temel kitap/ Basic course book: Hossack, I.B., Pollard, J.H., Zehnerwith, B., Introductory statistics with applications in general insurance. |
| References: | S.A Klugman, H.H.Panjer, G.E. Willmot , ‘Loss Models:from data to decisions’, John Wiley 1998 |
| Semester Requirements | Number of Activities | Level of Contribution |
| Attendance | % 0 | |
| Laboratory | % 0 | |
| Application | % 0 | |
| Field Work | % 0 | |
| Special Course Internship (Work Placement) | % 0 | |
| Quizzes | 2 | % 10 |
| Homework Assignments | % 0 | |
| Presentation | % 0 | |
| Project | % 0 | |
| Seminar | % 0 | |
| Midterms | 2 | % 50 |
| Preliminary Jury | % 0 | |
| Final | 1 | % 40 |
| Paper Submission | % 0 | |
| Jury | % 0 | |
| Bütünleme | % 0 | |
| Total | % 100 | |
| PERCENTAGE OF SEMESTER WORK | % 60 | |
| PERCENTAGE OF FINAL WORK | % 40 | |
| Total | % 100 | |
| Activities | Number of Activities | Duration (Hours) | Workload |
| Course Hours | 14 | 3 | 42 |
| Laboratory | 0 | 0 | 0 |
| Application | 0 | 0 | 0 |
| Special Course Internship (Work Placement) | 0 | 0 | 0 |
| Field Work | 0 | 0 | 0 |
| Study Hours Out of Class | 14 | 1 | 14 |
| Presentations / Seminar | 1 | 3 | 3 |
| Project | 1 | 10 | 10 |
| Homework Assignments | 3 | 4 | 12 |
| Quizzes | 0 | 0 | 0 |
| Preliminary Jury | 0 | ||
| Midterms | 2 | 5 | 10 |
| Paper Submission | 0 | ||
| Jury | 0 | ||
| Final | 1 | 9 | 9 |
| Total Workload | 100 | ||
| No Effect | 1 Lowest | 2 Low | 3 Average | 4 High | 5 Highest |
| Program Outcomes | Level of Contribution |