Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Ken Siu
Contact via email
E4A618
Please refer to the i-Learn announcement.
Angela Chow
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Credit points |
Credit points
3
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Prerequisites |
Prerequisites
ACST356 and STAT271
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
This unit examines the use of statistical models in general insurance. The models include those used in time series analysis, generalised linear statistical modelling and runoff triangle models. Time series models are considered for both single and multiple time series. These models are often used for forecasting and inferring the behaviour of times series. Generalised linear models are used in the pricing of insurance such as automobile or homeowner insurance. Runoff triangle models are used to predict outstanding insurance liabilities. The use of no claim discount systems as a method of experience rating is also described. A good knowledge of the material covered in STAT271 is essential. Students should understand regression analysis, and the nature and use of a statistical model. Students gaining a grade of credit or higher in both ACST356 and ACST357 are eligible for exemption from subject CT6 of the professional exams of the Institute of Actuaries of Australia.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
Name | Weighting | Hurdle | Due |
---|---|---|---|
Early Assessment Quiz | 5% | No | Week 3 |
Class Test | 35% | No | Week 9 |
Final Examination | 60% | No | In the university exam period |
Due: Week 3
Weighting: 5%
1. This will be an online quiz with five multiple choices questions.
2. It is envisaged that the online quiz will cover all materials in Weeks 1-2.
3. Please use the quiz as an indicator of whether you are progressing satisfactorily in the unit. If you are having difficulties, please see the Unit Convenor and consider withdrawing before the census date on Friday of week 4.
4. Late assessments, extensions, penalties, resubmissions
Due: Week 9
Weighting: 35%
1. Non-programmable calculators with no text-retrieval capacity are allowed.
2. No dictionaries permitted.
3. One A4 sheet of notes double-sized (typed or handwritten) permitted.
4. It is envisaged that the class test will cover all materials from Week 1 to Week 7.
5. The class test will be held in the lecture.
6. Class test under Midterm and Final examination conditions described in the general assessment information section.
Due: In the university exam period
Weighting: 60%
1. Non-programmable calculators with no text-retrieval capacity are allowed.
2. No dictionaries permitted.
3. One A4 sheet of notes double-sized (typed or handwritten) permitted.
4. It is envisaged that the final examination will cover all materials in the unit.
5. Class test under Midterm and Final examination conditions described in the general assessment information section.
Classes
The timetable for classes can be found on the University web site at: https://timetables.mq.edu.au/2017/
Required texts
A set of lecture notes and study pack including tutorial exercises and R examples are available for downloading from the ACST357/862 teaching website.
Optional ActEd material
The ActEd CT6 are not set as required or recommended reading for this unit, since the lecture notes are comprehensive and detailed.
Other useful references:
Some additional references will be listed in the lecture notes.
Unit Web Page
To access the website, go to http://ilearn.mq.edu.au and login using your usual login and password.
Unit Guides, Lectures, Tutorials and Assessments Materials (Whenever Applicable)
Week Number |
Week Beginning Monday |
Topic and Notes | Tutorial |
1 |
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Time Series: Introduction; Stationary Time Series; ACF and PACF | No tutorial |
2 |
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Time Series: Autoregressive (AR) Models; Moving Average (MA) Models; Autoregressive Integrated Moving Average (ARIMA) Models |
Tutorial Set 1 |
3 |
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1. Time Series Box Jenkin Algorithm I: Identification and Estimation 2. Online Quiz |
Tutorial Set 2 |
4 |
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Time Series: Box Jenkin Algorithm II: Diagnostic Checking and Prediction
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Tutorial Set 3
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5 |
GLMs: Review of Linear Regression; Introduction to GLMs |
Tutorial Set 4 | |
6 | GLMs: Exponential Family Linear Predictor; Link Function | Tutorial Set 5 | |
7 |
GLMs: Model Fitting, Selection and Analysis of Residuals
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Tutorial Set 6 | |
STUDY BREAK |
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No classes No classes |
STUDY BREAK |
8 |
Introduction to Claim Reserving
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Revision | |
9 |
1. Class Test 2. Introduction to Claim Reserving |
Tutorial Set 7 | |
10 |
Outstanding Claims (deterministic) |
Tutorial Set 8 | |
11 | Outstanding Claims (deterministic) | Tutorial Set 9 | |
12 | Outstanding Claims (stochastic) | Tutorial Set 10 | |
13 |
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1. Outstanding Claims (stochastic) 2. Revision |
Tutorial Set 11 |
Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:
Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html
Assessment Policy http://mq.edu.au/policy/docs/assessment/policy_2016.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Complaint Management Procedure for Students and Members of the Public http://www.mq.edu.au/policy/docs/complaint_management/procedure.html
Disruption to Studies Policy (in effect until Dec 4th, 2017): http://www.mq.edu.au/policy/docs/disruption_studies/policy.html
Special Consideration Policy (in effect from Dec 4th, 2017): https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policies/special-consideration
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.
Supplementary exams
Information regarding supplementary exams, including dates, is available at: http://www.businessandeconomics.mq.edu.au/current_students/undergraduate/how_do_i/disruption_to_studies
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
For all student enquiries, visit Student Connect at ask.mq.edu.au
For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/.
When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.
Our graduates will take with them the intellectual development, depth and breadth of knowledge, scholarly understanding, and specific subject content in their chosen fields to make them competent and confident in their subject or profession. They will be able to demonstrate, where relevant, professional technical competence and meet professional standards. They will be able to articulate the structure of knowledge of their discipline, be able to adapt discipline-specific knowledge to novel situations, and be able to contribute from their discipline to inter-disciplinary solutions to problems.
This graduate capability is supported by:
We want our graduates to be capable of reasoning, questioning and analysing, and to integrate and synthesise learning and knowledge from a range of sources and environments; to be able to critique constraints, assumptions and limitations; to be able to think independently and systemically in relation to scholarly activity, in the workplace, and in the world. We want them to have a level of scientific and information technology literacy.
This graduate capability is supported by:
Our graduates should be capable of researching; of analysing, and interpreting and assessing data and information in various forms; of drawing connections across fields of knowledge; and they should be able to relate their knowledge to complex situations at work or in the world, in order to diagnose and solve problems. We want them to have the confidence to take the initiative in doing so, within an awareness of their own limitations.
This graduate capability is supported by:
The student will learn some basic theories and methodologies in time series analysis, generalized linear models and run-off triangles which are expected to be useful for researching and practising general insurance pricing and reserving.
Date | Description |
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25/07/2017 | The class test has been changed from Week 8 to Week 9. |