• Class Number 7462
  • Term Code 3260
  • Class Info
  • Unit Value 6 units
  • Mode of Delivery In Person
    • Dr Gaurav Khemka
    • Dr Gaurav Khemka
  • Class Dates
  • Class Start Date 25/07/2022
  • Class End Date 28/10/2022
  • Census Date 31/08/2022
  • Last Date to Enrol 01/08/2022
SELT Survey Results

This course continues coverage of techniques for risk modelling beyond those introduced in Risk Modelling 1, with an emphasis on application to insurance portfolios.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

  1. Describe and calculate measures of investment risk, and how insurance companies reduce risk.
  2. Describe the properties of compound loss distributions and derive moments of compound distributions, both with and without risk sharing arrangements.
  3. Describe and utilise compound Poisson processes to calculate the probability of ruin for insurance portfolios.
  4. Describe and utilise run-off triangle methods for valuing insurance liabilities.

Research-Led Teaching

Gaurav has many years of professional practice and active research. He also has the relevant background in the field of valuation and risk management. The course will address current issues of interest and current approaches to actuarial practice in valuation and risk management.

Examination Material or equipment

Please see the Wattle course site for information on examination material. For mid-term exam, this will be released by the end of week 5; and for the final exam, this will be released

no later than week 10.

Required Resources

Comprehensive lecture notes and lecture slides will be made available on Wattle.

In many weeks of this course, we will be using Excel spreadsheets and R-software in class to demonstrate various aspects of the course, so please ensure you have access to the softwares on your device. Access to Excel is free for ANU students though the ANU IT database. R can be downloaded for free at https://cran.r-project.org/

There are no prescribed texts besides the lecture notes, however, there are optional texts available. Details of these will be provided in Wattle.

Staff Feedback

Students will be given feedback before the end of week 6 in the following forms in this course: 

• in tutorials through interactions with tutors and discussions with other students; 

• through assessments where tutors will provide specific feedback; 

• through consulting teaching staff during their consultation time. 

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Other Information

Support for Students

The University offers a number of support services for students. Information on these is available online from http://students.anu.edu.au/studentlife/

Communication via Email

If I, or anyone in the School, College or University administration, need to contact you, we will do so via your official ANU student email address, which you need to check regularly. If

you have any questions for the teaching and course convenor make sure you email them using your ANU email address. Emails from personal email accounts will not be answered.


Students are expected to check the Wattle site for announcements about this course, e.g. changes to timetables or notifications of cancellations.

Assessment Requirements

As a further academic integrity control, students may be selected for a 15 minute individual oral examination of their written assessment submissions.

Any student identified, either during the current semester or in retrospect, as having used ghost writing services will be investigated under the University’s Academic Misconduct Rule.


Your final mark for the course will be based on the raw marks allocated for each of your assessment items. However, your final mark may not be the same number as produced by

that formula, as marks may be scaled. Any scaling applied will preserve the rank order of raw marks (i.e. if your raw mark exceeds that of another student, then your scaled mark

will exceed the scaled mark of that student), and may be either up or down.

Referencing Requirements

In assignments and exams, students must appropriately reference any results, words or ideas that they take from another source which is not their own. A guide can be found

at https://academicskills.anu.edu.au/resources/handouts/referencing-basics .


STAT6058 shares the same lecture content and assignments with STAT3058, however these cohorts may have separate tutorials and different assessments. The different cohorts of students will also be treated separately in grading and any scaling that is applied.

Class Schedule

Week/Session Summary of Activities Assessment
1 Introduction to the Course Risk and Insurance Companies
2 Aggregate loss distributions
3 Aggregate loss distributions Release of Assignment 1 via Wattle
4 Ruin Theory
5 Ruin Theory Submission of Assignment 1 via Wattle
6 Ruin Theory Mid-Sem Review Mid-semester Exam (week 6 or 7)
7 Run-off Triangles Mid-semester Exam (week 6 or 7)
8 Run-off Triangles
9 Premium Principles Release of Assignment 2 via Wattle
10 Premium Principles
11 Premium Principles Submission of Assignment 2 via Wattle
12 Review and Catch up There will be a final exam during the university examination period. More information and instructions regarding final exams will be provided no later than week 10.

Tutorial Registration

Tutorials will be available on campus, live through scheduled Zoom sessions and as pre-recorded videos. Students should enrol in their tutorial using MyTimetable.

"ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage (https://www.anu.edu.au/students/program-administration/timetabling)".


Assessment Summary

Assessment task Value Due Date Return of assessment Learning Outcomes
Assignment 1 5 % 25/08/2022 02/09/2022 1,2
Mid-semester Exam 20 % 02/09/2022 30/09/2022 1,2,3
Assignment 2 20 % 21/10/2022 02/11/2022 1,2,3,4
End of Semester Exam 55 % 03/11/2022 01/12/2022 1,2,3,4

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details


ANU has educational policies, procedures and guidelines , which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Integrity Rule before the commencement of their course. Other key policies and guidelines include:

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Skills website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.


Course content delivery will take the form of weekly on-campus lectures (recorded and available via echo360 on Wattle) and weekly tutorials, delivered in hybrid format (on campus, live through scheduled Zoom sessions and as pre-recorded videos). Weekly consultations with the lecturer and the tutor(s) will be conducted over Zoom.


Centrally scheduled examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. Please check ANU Timetabling for further information.

Assessment Task 1

Value: 5 %
Due Date: 25/08/2022
Return of Assessment: 02/09/2022
Learning Outcomes: 1,2

Assignment 1

Assignment 1 will cover materials from weeks 1-2 (Risk and Insurance Companies and Aggregate loss distributions). The assignment will require answers to some problem solving. The students are expected to complete this assignment individually. The assignment will be submitted in Wattle via Turnitin.

Questions will be available on Wattle by CoB 12.08.2022.

Value: 5% (Not Redeemable)

Due date and time: Thursday 25 August. 3 pm (week 5)

Assessment Task 2

Value: 20 %
Due Date: 02/09/2022
Return of Assessment: 30/09/2022
Learning Outcomes: 1,2,3

Mid-semester Exam

Details of task:

The Mid-Semester Exam will be 3 hours. Please note that the Mid-Semester Exam is redeemable. The Mid-Semester exam will cover materials up to and including Ruin Theory. The exam will be a Wattle-based online exam (submission via Wattle and email/one-drive). It will be open book and all materials are permitted. This exam will not be actively invigilated via Proctorio or Zoom.

Value: 20% or 0% (Redeemable)

Date: The Mid-Semester Exam will be scheduled for Week 6 or Week 7, however, this date may change depending on availability. The exam will be centrally timetabled and details of the final examination timetable will be made available on the ANU Timetabling website.

Assessment Task 3

Value: 20 %
Due Date: 21/10/2022
Return of Assessment: 02/11/2022
Learning Outcomes: 1,2,3,4

Assignment 2

Details of task: Students will be required to analyse data and answer the provided questions. Microsoft Excel and R are expected to be used. This will include materials up to and including Run-off Triangles. The students are expected to complete this assignment individually. The assignment will be submitted in Wattle via Turnitin.

Questions will be available on Wattle by CoB 07.10.2022.

Value: 20% (Not Redeemable)

Due date and time: Friday 21 October 4 pm (Week 11)

Assessment Task 4

Value: 55 %
Due Date: 03/11/2022
Return of Assessment: 01/12/2022
Learning Outcomes: 1,2,3,4

End of Semester Exam

Details of task:

The Final Exam is compulsory. Further details relating to the Exam will be provided closer to the scheduled date and no later than week 10. The exam will be a Wattle-based online exam (submission via Wattle and email/one-drive). The final examination will be 4 hours long and cover the entire syllabus. It will be open book and all materials are permitted. This exam will not be actively invigilated via Proctorio or Zoom.

Value: 55% or 75%

Date: November 3rd is the earliest date the exam can be held. The exam will be centrally timetabled and details of the final examination timetable will be made available on the ANU Timetabling website.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.

The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.

The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.


The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.

Online Submission

You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.

Assignment 1 will consist of numerical problem solving. You can submit a handwritten or a typed document (preferred). Details on how to submit handwritten assignments will be provided on Wattle.

Assignment 2 submission will consist of a report and software related files (R/Excel) uploaded to Wattle to the relevant Assignment activity. Details on how to submit handwritten assignments will be provided on Wattle.

Hardcopy Submission

No hard copy assignment submissions are accepted.

Late Submission

No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.

Referencing Requirements

The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.

Returning Assignments

The two assignments will be returned to students with feedback in Week 7 and Week 12 respectively through Turnitin.

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Resubmission of Assignments

Students will not be permitted to resubmit assignments.  

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.

Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

Dr Gaurav Khemka

Wednesday 13:00 15:00
Wednesday 13:00 15:00
By Appointment
By Appointment
Dr Gaurav Khemka
6125 0487

Research Interests

Dr Gaurav Khemka

Wednesday 13:00 15:00
Wednesday 13:00 15:00
By Appointment
By Appointment

Responsible Officer: Registrar, Student Administration / Page Contact: Website Administrator / Frequently Asked Questions