Module Directory


Module Description

Module Name
Module Code
Lecture Hrs
Practical Hrs
Advanced Statistical Methods

Decision Theory: Theory of games, decision function and risk function, Decision Criterion (nonprobabilistic and Bayes criterion). Moments and mgfs (where applicable) of loss distributions including gamma, exponential, Pareto, generalized Pareto, normal, lognormal, Weibull and Burr distributions. Compound probability distributions and the derivation of the mgf of the sum of N independent random variables; in particular when N has a binomial, Poisson, geometric or negative binomial distribution. Application for both the insurer and the reinsurer after the operation of simple forms of proportional and excess of loss reinsurance. Mgf and moments of aggregate claims. The concept of ruin theory and Lundberg’s inequality. Monte Carlo simulation using a series of pseudo-random numbers.
Faculty Department
FACULTY OF SOCIAL SCIENCES AND HUMANITIES Department of Economics and Statistics
Contact Details
Administrative assistant: DILMAHOMED BOCUS Bibi Swaleha
Telephone: 4037400


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