actuarial science

Definitions

1. 1

   The discipline within applied mathematics dealing with risk assessment and the modelling…

   The discipline within applied mathematics dealing with risk assessment and the modelling of uncertainty; the rigorous application of mathematical and statistical methods to assess risk, in industries including insurance and finance.

   • In actuarial science alone the theory^([of generalized linear models]) has been used to model problems dealing with premium rating, mortality, multiple state models and claims reserving.
   • The use of Bayesian concepts and techniques in actuarial science dates back to Whitney (1918) who laid the foundations for what is now called empirical Bayes credibility.
   • This book aims to provide a broad introduction to computational aspects of actuarial science in the R environment. We assume that the reader is either learning or is familiar with actuarial science.

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