insurance financial and actuarial analysis

Faculty of Business Administration

Bachelor of Business Administration in

http://ifaa.baf.cuhk.edu.hk

Insurance,Financial and Actuarial Analysis工商管理學士

保險財務與精算學課程

Bachelor of Business Administration in Insurance, Financial and Actuarial Analysis�

IntroductionThe BBA Programme in Insurance, Financial and Actuarial Analysis (IFAA), which is run by the Department of Finance of the Faculty of Business Administration, was started in September 2002. The programme provides an in-depth education in insurance, finance, and actuarial science to individuals who wish to build careers as actuaries, financial analysts, risk managers, and other financial service providers. Since its inception, IFAA has attracted among the most outstanding and academically accomplished students in Hong Kong.

Initial courses in the IFAA programme focus on fundamental business and economics issues and provide students with the necessary grounding for the more specialized courses that follow. Subsequent courses in risk management, insurance, and finance further enhance the knowledge necessary for those who wish to become insurance professionals and financial analysts. In addition to the comprehensive training that they receive in the actuarial courses, students are also prepared for the actuarial exams that are offered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). In sum, students who complete the IFAA programme will be in a strong position to begin exciting and rewarding careers in the insurance industry and related fields.

Learning OutcomesThe learning outcomes of the IFAA programme are as follows.

1 To understand the social, ethical and legal responsibilities of insurance companies.

2 To learn effective written and oral communication skills in a business context.

3 To learn the essential business skills and functions.

4 To understand the purpose and design of different insurance products, and how these products are distributed.

5 To gain basic knowledge in finance and its applications in insurance.

6 To acquire actuarial knowledge for the pricing and financial management of insurance products.

7 To learn the basic quantitative skills that are essential in actuarial analysis.

8 To learn how to manage an insurance company in a local, global and multi-cultural environment.

Bachelor of Business Administration in Insurance, Financial and Actuarial Analysis �

CareerActuaries serve the broader financial community by bringing their expertise in mathematics, statistics, and financial theory to the quantification and evaluation of risks that are related to uncertain future events. This expertise is particularly valuable in relation to insurance and pension programmes. Actuaries may work for insurance companies, consulting firms, government bodies/agencies or in the employee benefits departments of large corporations, banks, and investment firms. In fact, any business that has substantial financial risk to manage will benefit from the services of an actuary.

The first step toward a career as an actuary is to study in an actuarial (or actuarial-based) programme such as the Chinese University’s IFAA programme, which offers students the opportunity to pass two or more of the actuarial exams that are held by the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). Most employers in Hong Kong require university graduates to pass one or two of these exams. Students who have passed three or more are very marketable upon graduation. Employers generally prefer their junior actuaries to gain knowledge and experience while working and are, therefore, likely to be supportive of exam-related study.

Students who wish to be Insurance Professionals

IFAA graduates are equipped with the necessary training to pursue a variety of professional insurance careers; this can include work as underwriters, insurance adjusters/examiners, or risk managers.

Underwriters evaluate insurance applications to determine the risks entailed in issuing a policy. They scrutinize applications and decide whether to accept them and, if so, determine the terms that would be acceptable and set a premium to accurately capture the risks therein. Insurance adjusters or examiners determine whether particular claims are covered by a customer’s policy, confirm payments and, in certain circumstances, investigate the background issues surrounding a claim. Risk managers assess risks, such as the physical, liability, and financial losses that are faced by both insurance and non-insurance companies. In so doing, they are able to advise top management on risk-financing measures (including insurance purchases). Both buyers and sellers gain from the services of risk managers.

Students who wish to be Financial Analysts

Holders of the Chartered Financial Analyst (CFA) qualification are likely to have an advantage in a number of finance-related areas. Securities analysts, treasury (or money-market) managers, corporate investment advisors (who focus principally on securities and investment issues), and other investment advisors are likely to reap significant benefits from a CFA qualification in relation to their subsequent career development. The CFA qualification is awarded by the CFA Institute (originally AIMR), which administers examinations and sets standards in experience, education, and ethics. Graduates of the IFAA programme will be well-positioned to pursue careers as financial analysts in investment firms.

You can find out more about the CFA qualification from the CFA Institute Web site: www.cfainstitute.org.

Students who wish to be Actuaries


57.6%13.7%

2.2%

12.2%

3.6%

7.9%

1.4%

1.4%

As of August 2009, most of the IFAA students graduating in 2008 and 2009 had secured jobs upon graduation. Most of them are now working in insurance firms, such as AIA, AXA, BOC Life, HSBC Insurance, ING, Manulife, New York Life, and Prudential. A few graduates have also decided to pursue careers in other areas, such as investment banking. The salary for a fresh IFAA graduate clearly depends upon the position attained, the individual qualities of the applicant, and the overall state of the market. However, we believe that the IFAA programme offers good opportunities for advancement in a number of key fields in the financial-services industry.

Student CareerPlacement

Distribution of Employed Graduates (2005-2009) of IFAA Programme

Actuarial

Insurance Management / Regulatory

Investment / Commercial Banking

Business Consultancy

Accounting / Auditing

Education

Further Study

Others


▪ Pinky Chau , 2009 Graduate

“Everything seems to be just minutes ago.

It was one of the afternoons during the post-exam period. A group of students sat quietly in an air conditioned room, waiting for the briefing session to be conducted by professors. It might seem like any other normal day for others, but for us, the incoming IFAA students, it marked the commencement of our odyssey through student life, IFAA, CUHK and entry into the actuarial industry. The next three years, participating in student exchanges, internships, actuarial exams and student organizations provided an eye-opening experience. The tough challenges provided me with invaluable opportunities to explore my potentials to the full. Harsh though it was, I was never alone for I had you, my beloved IFAA-mates, to rely on and seek help from whenever I was in need. Now, with eyes closed, hearts open; we flash back through memories - all the laughter and tears that brought unity and inspiration. Special thanks go to our professors and the lovely ladies who run the programme for their help, without which I couldn’t have survived!”

Some of the opinions rendered by recent IFAA graduates are offered here.

▪ William Yeung , 2005 Graduate

“I am working in AIA, a major insurer in Asia Pacific. During the three years here, I have chance to engage in various actuarial functions like product development, liability valuation, planning and budgeting, etc.

Like any occupation, you may have tedious tasks to do when you start. Yet, I always remind myself of the value of insurance. The value is simple - it is a promise of financial security and the peace of mind that it brings (with a cost). As a junior actuary, you will do financial projections and risk assessments before product launch. This is to evaluate if you are, financially, capable of making the promise. Similarly, when you do liability valuation to comply with regulations, you are demonstrating, financially, that you are keeping your promise. Along with the promises, you will be performing different actuarial functions and taking the actuarial exams simultaneously. This is challenging, but certainly meaningful.”

▪ Sheryl Wong , 2008 Graduate

“Hi all! My name is Sheryl and I graduated from IFAA in the class of 2008. The reason I chose this CUHK Actuarial Science program rather than other schools’ was mainly because this program is offered under the Business Faculty. The benefit of this is, on one hand, you can acquire a strong quantitative foundation, on the other, you will be given many invaluable opportunities to get yourself closer to the commercial markets. The curriculum of IFAA supports its students to pursue the career of actuary; most of my fellow classmates completed 3 to 4 professional exams before graduation. At the same time, the business school provides other out-of-classroom training such as overseas study tours, case competitions, business seminars etc. to broaden our business horizon. The faculty and IFAA professors have good connections with the industry and they enabled me to spend internships with AXA, HSBC, Merrill Lynch and ABN AMRO. I am currently an equity derivatives structurer at RBS (ABN AMRO).”


Recommended Elective Courses

For Future Actuaries CSC 1580 Visual Programming

FIN 3080 Investment Analysis and Portfolio Management

FIN 3250 Derivatives for Actuaries I

FIN 4220 Construction and Evaluation of Actuarial Models I

FIN 4230 Reinsurance and Alternative Risk Transfer

FIN 4250 Applications of Risk Models

FIN 4260 Construction and Evaluation of Actuarial Models II

FIN 4280 Derivatives for Actuaries II

STA 3007 Applied Probability

STA 3008 Applied Regression Analysis

STA 4005 Time Series

For Future Insurance ManagersACY 3050 Business Law

ACY 3161 Taxation

FIN 3010 Financial Markets

FIN 3030 Management of Financial Institutions

FIN 3080 Investment Analysis and Portfolio Management

FIN 3088 Corporate Finance: Theory and Practice

FIN 4120 Fixed Income Securities Analysis

FIN 4230 Reinsurance and Alternative Risk Transfer

FIN 4240 Employee Benefits, Retirement and Estate Planning

MGT 2510 Introduction to International Business

MGT 4010 Business Policy and Strategy

Study Scheme of the IFAA ProgrammeRequired Courses

ACY 1111 Introductory Financial Accounting

ACY 1112 Management Accounting for Decision Making

DSE 1030 Economics for Business Studies I

DSE 1040 Economics for Business Studies II

DSE 2050 Information Systems and E-Commerce

FIN 2010 Financial Management

FIN 2210 Interest Theory and Finance

FIN 2220 Foundations of Actuarial Analysis

Other Elective CoursesFIN 3260 Internship Experience

FIN 3270 Actuarial Internship

FIN 4030 Selected Topics in Finance

FIN 4130 Empirical Finance

FIN 4140 Computational Finance

FIN 4150 Quantitative Methods for Financial Derivatives

FIN 4160 Intermediate Financial Theory

FIN 4270 Research Project in Insurance, Financial and Actuarial Analysis

MAT 2010 Advanced Calculus I

MAT 2080 Essential Mathematical Methods I

MAT 2310 Linear Algebra and Applications

RMS 4001 Simulation Methods for Risk Management Science and Finance

STA 4008 Survival Modeling

FIN 3210 Risk Management and Insurance

FIN 3220 Actuarial Models I

FIN 3230 Life and Health Insurance

FIN 3240 Corporate Property & Liability Insurance

FIN 4210 Actuarial Models II

MGT 1020 Principles of Management

MKT 2010 Marketing Management

STA 2006 Basic Concepts in Statistics and Probability II


Internship Programme

To become an actuary, students should pass the actuarial examinations that are held by the Society of Actuaries (SOA). These exams are divided into two parts: public examinations and Validation by Educational Experience (VEE). The courses below are relevant to the SOA professional examinations, which are held at least twice a year. Graduates of the IFAA programme will normally pass three or four examinations in SOA preliminary education components. From 2005 onwards, knowledge of Economics, Corporate Finance, and Applied Statistics is no longer tested by formal exams, but students will receive VEE validations for these subjects as long as they obtain a B- or above in qualified university courses.

Actuarial-based programmes such as IFAA require these courses, so a student who has completed such a programme will have fulfilled the requirements of SOA in these areas. Our graduates, therefore, have an advantage over graduates of other programmes.

SOA Examinations

Exam Relevant IFAA Courses

Exam P FIN 2220

Exam FM FIN 2210, FIN 3250

Exam MFE FIN3250, FIN4280

Exam MLC FIN 3220, FIN 4210, FIN 4250

Exam C FIN 4220, FIN 4250, FIN 4260

You will find more details about the actuarial profession on the SOA Web site

at www.soa.org or on the CAS Web site at www.casact.org.

Internally Validated Area Courses offered for Validation

Economics DSE 1030, DSE 1040

Corporate Finance FIN 2010

Applied Statistics STA 3008, STA 4005

IFAA offers two internship programmes to our students, the “Actuarial Training Programme” and the summer internship programme. IFAA is a pioneer of the “Actuarial Training Programme,” in which participants work in the actuarial departments of insurance and related companies (such as actuarial consulting firms and reinsurers) for at least six months. Since the establishment of IFAA, we have had a good relationship with well-known insurance companies. They offer a large number of internships to IFAA students every year and provide actuarial training to students through their normal activities. Students use these golden opportunities to get involved in the real business world, to gain practical work experience, and to enhance their interpersonal and communication skills. In 2008-2009, 50 of our students worked as trainees in AIA, AXA, HSBC Insurance, ING, Manulife and New York Life Insurance.

In addition to the “Actuarial Training Programme”, we also offer our students summer internship programmes, as organized by the Faculty of Business Administration (BAF). Jobs relate to various fields, such as investment banking, insurance management, marketing, and accounting. In addition to the BAF’s summer internship programme, quite a few internship places are offered exclusively to IFAA students. Many IFAA students were offered insurance-related jobs in the summer of 2009. Work in a variety of departments, such as the actuarial, accounts, financial and underwriting departments, afforded them the opportunity to experience different aspects of an insurance company’s operations. This has helped enrich their learning experience and serves as a useful launch-pad for their future career development. In the summer of 2009, some of IFAA students received internship offers from insurance companies and reinsurance companies, including multinational companies such as AIA, AIG, HSBC Insurance, Manulife and Prudential.


“The three-month internship at Prudential Corporation Asia (PCA) and eight-month internship at AXA Regional Actuarial Services served as valuable opportunities to practise what I have learnt in lessons.

From the Economic Scenario Generator Calibration and Equity Market Research conducted in PCA as well as the Valuation work and Projects done in AXA, my view of financial market and actuarial concepts was greatly broadened. The Excel, Bloomberg and modeling skills gained from different tasks also enhanced my analytical skills and logical thinking.

Though sometimes I needed to work overtime and faced some challenging problems, it was enjoyable and rewarding to work with a team of actuarial professionals. I was delighted to meet different people in PCA and AXA that helped me develop my interpersonal and communication skills.

I want to thank IFAA and my internship colleagues for giving me such fruitful and memorable experiences. It has confirmed my determination to build a long-term career as an actuary.”

Candy Chan, Actuarial Department, Prudential Corporation Asia and IFRS Team, Regional Actuarial Services of AXA China Region Insurance Company Limited

Mandy Chan, Marketing Actuarial, Manulife Financial

“In the Marketing Actuarial Department of Manulife Financial, I experienced the life of a full-time actuary for five months. My job duties included preparing quotations and running user acceptance tests. The programming skills, and the financial and insurance knowledge learnt in the IFAA programme helped equip me for the job. I was exposed to a large variety of insurance products with ever changing features. I improved my programming skill and learnt new actuarial concepts. New problems arose everyday. Confronted by challenging problems I investigated them on my own, discussed them with colleagues, and obtained guidance from supervisors, changing hectic tasks into useful learning experiences. I took the initiative to learn and ask, and came to understand that communication skills are crucial. One must know the actuarial concepts, as well as how to explain them to others. You can cooperate with colleagues from different departments to greatly enhance the efficiency and accuracy of team work. Thank you Manulife for giving me this memorable experience!”

Lucy Cheung, Group and Credit Life Insurance Department, AIA (Home Office)

“After studying in IFAA for 2 years, it was time to put my knowledge to practical use. I worked as an actuarial intern under the Group and Credit Life Insurance Department of AIA (Home Office). The actuarial team is not a very large one, but the bonds between team members are very strong. I was assigned a wide range of tasks, which included, but were not limited to, doing research for new products, reviewing pricing models by carrying out different kinds of actuarial studies and preparing monthly / quarterly valuation statements.

I am truly thankful for this invaluable half-year internship opportunity as it gave me a taste of the real actuarial world, and an understanding that language skills do come in handy at work from preparing reports for documentations to communicating with colleagues from local offices in Mainland China. I definitely gained a clearer picture of my future career path from this experience.”


“In the past two years, I joined two internship programs in HSBC (Asia) Insurance Limited and AIA. Both were eye-opening and definitely colored my university life in several aspects, though duties of the two jobs are totally different.

As a summer intern in HSBC, I dealt with some management projects as well as excel work, while during my half-year actuarial intern in AIA, my duties included actuarial work such as data analysis and preparation of monthly valuation reports. Although duties of both jobs are far from similiar, I got a vital message out of these two internships: the knowledge and attitudes I got in my university study equipped me not only for actuarial work but also for other business management duties. The all-round nature of courses provided by IFAA really helped. On the other hand, the tremendous learning opportunities and abundant resources in the workplace offered me great chance to get a thorough understanding of actuaries. As a result, I gained a deeper insight into my career path helping me make prudent decisions for my career.”

Exchange Programme

Mikey Ho, HSBC (Asia) Insurance Ltd – MPF Administration Department and AIA – Corporate Actuarial Department (Home Office)

The exchange programme is one of the most popular programmes available to BA students. It aims to provide students with international insights developed via connections with well-known overseas universities. Through such exchange, students learn about different cultures, the communication skills necessary for the global market and, importantly, a variety of unique business practices.

As undergraduates of the Faculty of Business Administration (BAF), IFAA students enjoy many opportunities for exchange. For 2009-2010, more than 500 exchange places will be offered by the BA Faculty, the University, and its four colleges. Students can go on exchange for one term or, in some cases, for one year. They can enrol in courses at their host universities and transfer the credits gained to CUHK. Students usually do not need to extend their exchange study period beyond one term. The University and the BA Faculty provide scholarships to help students with their financial needs during the exchange period.

IFAA students have shown great enthusiasm for the international exposure offered during the summer breaks. In the past, students have been sent on summer exchange to a number of renowned universities including Harvard, the University of California at Berkeley, the University of Toronto, and Queen’s University. In 2008, around 60% of the students in the IFAA programme received offers to study abroad at universities such as the University of Toronto, the University of Alberta, the University of Copenhagen, the University of Waterloo, the University of California and Tilburg University.

Bachelor of Business Administration in Insurance, Financial and Actuarial Analysis10

Frequently Asked Questions1 What is the difference between the IFAA programme, the

Quantitative Finance programme (QFN), and the Risk Management Science programme (RMS) at CUHK?

There are two major differences. First, IFAA and QFN both belong to the BA Faculty (BAF), whereas RMS operates under the Faculty of Science. The extra-curricular activities that are organized by the BAF, such as the mentorship, internship, and exchange programmes, therefore apply to students enrolled in both the IFAA and the QFN programmes. Second, the focus of the three programmes is different. The IFAA programme aims to provide in-depth knowledge to persons who wish to pursue careers in the insurance and actuarial professions, whereas the QFN programme aims to provide in-depth knowledge to those who seek careers in investment and finance. The RMS programme focuses more on a statistical and mathematical analysis of various risks, whereas the IFAA programme concentrates on the practical and financial analysis of risk as faced by insurance companies.

2 What are the advantages of the IFAA programme over other similar programmes offered in Hong Kong?

The IFAA programme provides comprehensive training in the four interrelated components of the insurance industry (business, insurance, actuarial science, and finance), while allowing students to tailor their studies to suit their career goals. Moreover, the BAF of CUHK provides its students with various activities to prepare them for the ever-changing business world.

3. Does the IFAA programme provide courses and training to cope with the broad needs of the insurance industry or the financial services industry?

The programme has been designed with four key learning areas in mind.

i. Basic business knowledge – accounting, economics, marketing, and management

ii. Knowledge of the purposes, designs, and applications of various insurance products – life and health insurance, property and liability insurance, pensions, and reinsurance

iii. Knowledge of mathematical, statistical, and actuarial techniques – calculus, linear algebra, statistics, interest theory, actuarial modelling, risk theory, and survival study

iv. Knowledge of f inancial and investment tools – corporate finance, investment tools, and analysis

4 The IFAA programme is in the Faculty of Business Administration, but shouldn’t actuarial training be offered by the Faculty of Science?

One can see that the actuarial profession has moved somewhat in the past decade or so from a very quantitative discipline towards a more business-orientated approach. This is reflected in recent changes (in 2005) in the examination system offered by the Society of Actuaries and Casualty Actuarial Society. The IFAA programme not only provides students with basic quantitative actuarial training, but also gives them the business exposure that is essential for actuaries to advance to senior management positions.

5 What does an actuary do?

Typical actuarial projects include the following.

i. The development and implementation of financial and risk management programmes formulated to ensure that an insurance company is able to meet obligations to policyholders

ii. The design and pricing of financial/risk products

iii. The signing and certification of the Actuary’s Report on the financial status of an insurance company (which means that the appointed actuary must act independently and prudently in the sole interest of policyholders)

iv. Estimation of premium reserves, company pension liabilities, and fair premiums for new insurance products

iv. Participation in corporate financial planning and restructur ing act iv i t ies, such as mergers and acquisitions

Bachelor of Business Administration in Insurance, Financial and Actuarial Analysis 11

Other InformationOutstanding Business Students Academy (OBSA)In the current dynamic environment, the qualifications and attributes required of business graduates are constantly on the rise. Employers look for graduates not only with academic excellence but also a range of soft and business related skills, including but not limited to global business sense, strong interpersonal skills, presentation skills, language skills, analytical skills, teamwork spirit and professional image.

The Outstanding Business Students Academy (OBSA) was established to meet this market demand, equipping outstanding students with the tools to become versatile future business leaders.

Introduction to SIFAThe Society of Insurance, Financial, and Actuarial Analysis (SIFA) was established in March 2003 and is the official organization that represents all students in the IFAA programme. It aims to unite IFAA students and promote their welfare. It helps to build up the professional image of our students and to foster stronger relations among them. SIFA is also keen to increase publicity of the IFAA programme both internally and externally. In order to develop well-rounded graduates, various activities including departmental gatherings, graduation dinners, career talks, sports competitions, firm visits, and study tours are organized, all with the aim of inculcating students with a broader array of business and communication skills. Another function of SIFA is to act as a bridge between the department and students, so that opinions and comments can flow freely between them.

Financial LaboratoryThe Faculty of Business Administration has a financial laboratory that is equipped with more than 30 computers for finance students. Reuters and Bloomberg provide the financial laboratory with comprehensive and up to the minute financial information from around the world.

Mentorship ProgrammeStudents in the Faculty of Business Administration have the opportunity to learn about the business world before graduation by working with mentors. Mentors share their educational and work experience with assigned students and give advice about how students may extend their skill-set through classroom and extracurricular activities.

Contact informationDepartment of Finance, The Chinese University of Hong Kong, Shatin, New Territories

E-mail: [email protected]: 2609 7849/2696 1853/2609 7805Fax: 2603 6586 Website: http://ifaa.baf.cuhk.edu.hk

Advisory CommitteeAn Advisory Committee for the IFAA was first established in August 2003. It was formulated to help guide the IFAA programme’s directors and students. Prominent leaders in the insurance industry serve as members. The Advisory Committee helps ensure that the IFAA programme provides students with good all-round education and training and equips them to meet the day-to-day challenges facing the insurance industry. The membership of the Advisory Committee (as of August 2009) is as follows.

Mr. Nigel KeVice President & Deputy CFO, AsiaFinancial Management, AsiaManulife Financial

Mr. Lawrence Lai

Mr. Peter LauGeneral Manager and Chief Insurance Risk OfficerActuarialING Life Insurance Co., (Bermuda) Ltd.

Mr. Kevin LeeSenior Head of Life OperationsZurich Life Insurance Company Ltd.

Mr. Tak LeeGeneral Manager, Life ReinsuranceMunich Re Hong Kong Branch

Mr. Thomas LeeVice President and Assistant General ManagerAmerican International Assurance Company (Bermuda) Limited

Mr. Raymond LiHead of Insurance, Asia PacificGlobal BankingHSBC

Mr. Peter LukChief Executive OfficerPlan B Consulting Limited

Cert no. SGS-COC-004298

Membership

ChairmanMr. Stuart Leckie, OBE, JPChairmanStirling Finance Ltd.

MembersMr. Roddy AndersonVice Chairman Dah Sing Life Assurance Company Limited

Mr. Tony ChengChief Executive Officer, Hong Kong and Southeast AsiaExecutive Advisor, China, India & TaiwanRGA Reinsurance CompanyHong Kong & Southeast Asia

Ms. Estella Chiu Regional Chief Actuary and Head of Investment & Insurance Risks HSBC Insurance (Asia-Pacific) Holdings Ltd.

Ms. May ChunSenior Vice President and Chief ActuaryNew York Life International LLC

Dr. Wolfgang DrosteChief Executive – Life/Health Asia PacificGen Re Life Health

Mr. J Peter DuranDirectorDeloitte Actuarial and Insurance Solutions (Hong Kong) Limited

Mr. Foong Sai-CheongVice President & Chief Financial ActuaryGroup Corporate Actuarial American International Assurance Company, Limited

Dr. Sim-Kheng NgRegional General Manager – Finance, Risk & ComplianceCommonwealth Bank Group – IFS North Asia

Mr Alan TanRegional Director, ActuarialPrudential Corporation Asia

Mr. Billy WongVice President Institutional Business DevelopmentPensions & Group BusinessSun Life Hong Kong Limited

Mr. Jonathan ZhaoPartner, Actuarial Services Practice LeaderFast East AreaErnst & Young

ex officio MemberProf. Joseph FanChairmanDepartment of FinanceThe Chinese University of Hong Kong

SecretaryProf. Chan Wai SumProfessorDepartment of FinanceThe Chinese University of Hong Kong

Bachelor of Business Administration in Insurance, Financial and Actuarial Analysis1�

insurance financial and actuarial analysis

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