This course is designed to prepare candidates for the Advanced Short-Term Actuarial Mathematics (ASTAM) Exam, which focuses on advanced modelling techniques used in short-term insurance, including claims, pricing, reserving, and risk analysis.
Exam Month: April, October
Key Components:
- Loss & Aggregate Models:
- Severity distributions, aggregate claims models, and extreme value techniques
- Coverage modifications including deductibles, limits, coinsurance, and reinsurance
- Statistical Modelling & Credibility:
- Parameter estimation, model selection, Bayesian methods, and credibility theory
- Reserving & Pricing:
- Chain-Ladder, Bornhuetter-Ferguson, Bayesian reserving, loss trends, and rate-making techniques
The course builds the technical and practical actuarial skills required to analyse short-term insurance risks and prepare effectively for the ASTAM Exam. The exam is three hours long and consists of six questions, including one Excel-based question.