Workload: 30 hours per week
Faculty: Florian Leger, John Woodal, International Labour Organization
Assessment: Presentations, assignments, written exam

Content and objectives
Actuaries are required to deal with complex demographic, economic, financial, institutional and legal aspects that all interact with each other. Within this framework, projections into the future are delicate balances in demographic, economic, financial and actuarial fields. This exercise requires the handling of reliable statistical data, the formulation of prudent and safe, though realistic, actuarial assumptions and the design of sophisticated models to ensure consistency between the objectives and the means of the social protection scheme. Introducing basic actuarial methods to evaluate and formulate financial policies in social securities are issues that often retain their complexities at the national level. This course teaches basic actuarial methods to conduct actuarial valuations of a social protection system while always linking the theory to the application.


Literature

• Plamondon, P; Drouin, A; Binet, G; Cichon, M; McGillivray, W; Bédard, M; Montas, H. P. 2000. Actuarial Practice in Social Security, Quantitative Methods in Social Protection Series (Geneva, ILO/ISSA).
• Bowers et al., “Actuarial mathematics”, 2nd ed. (1997), Society of Actuaries
• Gerber, H. U., “Life insurance mathematics”, 3rd ed. (1997), Springer.
• Chadburn et al., “Modern actuarial theory and practice” (1996), Chapman and Hall.
• Jordan, C. W., “Life contingencies” (1952), Society of Actuaries
• Neill, A., “Life contingencies” (1977), London, Heinemann