Description
Book SynopsisIntangible, invisible and worth trillions, risk is everywhere.
Its quantification and management are key to the success and failure of individuals, businesses and governments. Whether you’re an interested observer or pursuing a career in risk, this book delves into the complex and multi-faceted work that actuaries undertake to quantify, manage and commodify risk—supporting our society and servicing a range of multi-billion-dollar industries.
Starting at the most basic level, this book introduces key concepts in actuarial science, insurance and pensions. Through case studies, explanations and mathematical examples, it fosters an understanding of current industry practice. This book celebrates the long history of actuarial science and poses the problems facing actuaries in the future, exploring complex global risks including climate change, aging populations, healthcare models and pandemic epidemiology from an actuarial perspective. It gives practical advice for new and potential actuaries on how to identify an area of work to go into, how best to navigate (and pass!) actuarial exams and how to develop your skills post-qualification.
A Risky Business illuminates how actuaries are central to society as we know it, revealing what they do and how they do it. It is the essential primer on actuarial science.
Table of ContentsChapter 1. Introduction.- Chapter 2. A Short History of Actuarial Work.- Chapter 3. Products and Perils.- Chapter 4. Data.- Chapter 5. Annuities.- Chapter 6. Life Dependent Products: Your Money or Your Life.- Chapter 7. Pensions: Who pays?.- Chapter 8. Pricing: The Science of Estimating the Risk Cost.- Chapter 9. Pricing: The Art of Estimating Everything Else.- Chapter 10. Reserving: First Principles.- Chapter 11. Reserving: Methods.- Chapter 12. In Case of Emergency: Capital requirements.- Chapter 13. Reinsurance.- Chapter 14. Catastrophes and Climate Change.- Chapter 15. Climate Change and Biodiversity Loss.- Chapter 16. Latent Claims: A Problem for Another day.- Chapter 17. Modelling Coronavirus-19.- Chapter 18. Careers in Actuarial Science.- Chapter 19. Looking Forward: the future of actuarial work
