ETC3420 / ETC5342 Applied Insurance Methods (2025)
Difficulty:
Year Completed: Semester 2, 2023
Prerequisite: ETC2420 or ETC2520
(or MTH2222)
Exemptions:
CS2 Risk Modelling and Survival Analysis
ETC3420 (20%), ETC3430 (60%), ETC3550 (20%)
CM2 Financial Engineering and Loss Reserving
ETC3420 (20%), ETC3460 (25%), ETC3520 (55%)
Weighted average of 70% required. Minimum of 60% required for each unit.
Mean Setu Score: 70.63%
Clarity of Learning Outcomes: 80.95%
Clarity of Assessments: 61.90%
Feedback: 66.67%
Resources: 71.43%
Engagement: 80.95%
Satisfaction: 61.90%
Subject Content:
Lecture(s) and Tutorial(s):
Textbook(s):
Assessments:
This unit covered risk distributions, individual risk models, collective risk models, ruin theory, premium principles, claims reserving, extreme value theory and copulas.
1 x 2 hour lecture
1 x 1 hour workshop, immediately after lecture
1 x 1 hour tutorial
Only Additional Readings, which proved useful for assignments.
CM2 Core Reading for Institute of Actuaries UK and CS2 Core
Reading for Institute of Actuaries UK - Both are very much relevant
for the unit, with useful notes and questions that serve as an
extension to the tutorial questions.
Tutorial Presentations - 5%
Weekly Quizzes - 15%
Individual Assignment - 5% pre-submission, 15% full submission
Final Exam 60%
Comments
The unit was generally well-structured and highly relevant to actuarial studies, offering valuable insight into pricing and risk assessment practices within the field. The lecturer and tutors demonstrated a strong depth of knowledge and expertise in the subject matter. Additionally, the assessments were closely aligned with the course content, and the lectures and workshops provided clear guidance on the types of questions that could be expected in the examination.
The lectures were highly effective in supporting the learning of the course content. A wide range of examples was covered, with detailed step-by-step explanations provided to demonstrate how to approach and solve the given questions. The availability of recorded lectures also facilitated further review and consolidation of the material.
Each tutorial session consisted of two 15-minute student presentations, followed by a 20-minute quiz. Students scheduled to present were required to prepare in advance. While reviewing the lecture material beforehand was beneficial, it was not essential, as the presentations typically covered the key lecture concepts. No additional material beyond the lecture content was introduced in the tutorial questions.
The tutorial presentations were marked leniently, however, they were beneficial as they involved summarising lecture content and completing a related question, providing a comprehensive review of the material each week.
The weekly Moodle quizzes, conducted during class time, allowed for tutor guidance and encouraged collaborative work among students.
The assignment pre-submission was also marked leniently, with full marks awarded for genuine effort, and the final assessment of the assignment was similarly generous.
Additionally, past examinations were provided as practice materials, and the structure of the exam was consistent with previous years, offering a clear indication of expectations.
The examination assessed content from all weeks of the unit and was conducted as a closed-book exam, with the allowance of a calculator and one A4 cheat sheet. The format and style of questions closely resembled those from previous years, as well as those covered in lectures and tutorials throughout the semester. Despite this familiarity, the exam was highly challenging. It is therefore recommended that students engage with additional readings and thoroughly review tutorial questions to develop a strong understanding of the material.
Initiate assignments early as the emphasis is on understanding it rather than fulfilling a strict marking criteria.
Try to understand the unit content well in order to utilize the single-page notes allowance in exams.
It is important to consistently keep up with the course content throughout the semester, as concepts build progressively from week to week. Falling behind can make it significantly more difficult to catch up and to fully understand subsequent material.
General Overview:
Lectures:
Tutorials:
Assessments/Other Assessments
Exam
Concluding Remarks
