This LMA masterclass will provide an introduction to basic statistical concepts and their application to insurance pricing, reserving and capital modelling.

The presentation will address common misconceptions about terminology widely used in insurance such as ‘the 1-in-200 event.

After attending this masterclass, attendees will have a better understanding of how statistics are used within an insurance framework.

The following concepts will be explored:

• randomness and probabilities within the insurance framework
• the cornerstone of insurance rating
• probability models
• from loss cost to premium
• risk and the concept of volatility
• premium vs capital requirements
• percentiles and Value-at-Risk (VaR)
• understanding the so called 1-in-x year event within the context of risk and capital requirements.

Speaker:
Ana Mata
Underwriting & Actuarial Consultant, Trainer & Researcher, MatBlas Limited