Actuarial computation deals with quantifying and redistributing risk in insurance and finance. Risks refer to financial losses and may relate to health, cars, life, and financial investments, etc. Risks are redistributed by grouping many individuals and analyzing the whole group to determine premiums and risk probabilities, etc.
The Wolfram Language provides extensive support for models, data, and computation related to finance, probability, and statistics. In life insurance, important aspects include time value of money with either deterministic or stochastic models of lifetimes. In non-life insurance, important parts include the frequency and size of claims for a group, either short term or long term.
Probability — loss probability
Expectation — expected value of claims or premiums
Cashflow — cash flow of premiums
Annuity — regular premium or pension payments
TimeValue — time value of a death benefit
SurvivalModelFit — nonparametric estimation of lifetime distributions
GompertzMakehamDistribution — common parametric lifetime distribution
PoissonDistribution — claim frequency distribution
ExponentialDistribution — claim severity distribution
CompoundPoissonDistribution — claim distribution in collective risk model
SplicedDistribution — splicing body and tail claim distribution
CompoundPoissonProcess — long-term claims process
CompoundRenewalProcess — general long-term claims process