Practical Risk Theory is designed to be a textbook for practising actuaries and student actuaries on the practical aspects of stochastic modelling of the insurance business. It has its roots in the classical theory of risk but introduces many new elements that are important in managing the insurance business but which are usually ignored in the classical theory. These include modelling the stochastic behaviour of inflation and investments, cyclical effects on both claims and premiums, claaim run-off uncertainty and feed-back mechanisms. The main focus of the book is on general insurance...

Among the fishes, a remarkably wide range of biological adaptations to diverse habitats has evolved. As well as living in the conventional habitats of lakes, ponds, rivers, rock pools and the open sea, fish have solved the problems of life in deserts, in the deep sea, in the cold antarctic, and in warm waters of high alkalinity or of low oxygen. Along with these adaptations, we find the most impressive specializations of morphology, physiology and behaviour. For example we can marvel at the high-speed swimming of the marlins, sailfish and warm-blooded tunas, air-breathing in catfish and lung-...