Applied Statistics

Module code: MA7416

In Applied statistics you will build on the material covered in introductory probability and statistics modules to learn about the properties of some probability distributions and statistical techniques useful for modelling insurance claims. You will also learn how the number of claims and the size of those claims can be modelled separately and combined to develop the overall loss distribution.

Insurance companies are particularly interested in the probability of an extreme loss so we will spend time understanding how these can be modelled and how claims can be linked with anticipated income to model the probability of an insurance company becoming insolvent

Learning

  • 33 hours of lectures
  • 10 hours of seminars
  • 107 hours of guided independent study

Assessment

  • Exam, 2 hours (70%)
  • Project (30%)

Pre-requisites

  • MA7403
  • MA7406