Year of Study:	3 - 4
Credit Units:	3
Duration:	45hours
Prerequisites:	AMS3300 Statistical Inference or with the Instructor’s permission and upon endorsement of the relevant Chairperson or Programme Director

This module aims to enable students to understand and have a concise account on the
theories and applications of survival analysis and actuarial loss models. Topics selected
include loss distributions subject to censoring/truncation, failure rates and hazard functions,
parametric and nonparametric survival/loss models, statistical inference based on censored,
truncated and/or grouped data, some useful estimators and simulation using the inversion
method. Students are required to solve practical problems by applying the acquired
techniques and skills.

Upon completion of this module, students should be able to:

1. understand the concepts and terminologies of survival analysis and loss models;


2. integrate the knowledge and techniques in statistical inference, probability models, loss distributions and risk theory to analyse survival and claim data;


3. apply advanced techniques in estimation, appreciation and selection of actuarial loss models; and


4. apply the acquired knowledge and simulation techniques to analyse statistical data arising from environmental and life sciences, insurance and financial sectors.