This project will be focused Insurance and Reinsurance. It will revolve around modelling the wealth equation for an insurer and reinsurer and deriving the optimal reinsurance price, insurer retension rate and value functions for the predefined models. Once the optimized parameters and value functions are derived, sensitivity analysis will be conducted to determine the nature of these optimised value as the underlying variables change.
University of Wollongong
Currently residing in Wollongong, Patrick Gillen has spent the past three years completing a degree in mathematics and finance (Dean’s Scholar) majoring in risk management and insurance, with the intent of completing his honours project in the year 2022. He grew up in Shoalhaven Heads and completed secondary school at Bomaderry High School. This experience helped him learn how to interact with a wide variety of people with differing perspectives on life, whilst also providing him with role models including his Extension 2 teacher who inspired him to continue to learn mathematics. Patrick intends to continue to complete a masters in actuarial science, with the intention of becoming an actuary. He also has the goals of continuing to learn mathematics and develop his skills, whilst also keeping a balanced lifestyle. His primary values consist of resilience, creativity, knowledge and optimism. Throughout his life, and most prominently the previous five years, Patrick has acquired mathematical and statistical skills, improved his understanding of finance, and has gained an appreciation of the utility of mathematical and statistical tools in the explanation of the world. Patrick enjoys spending his time outside when he can, engaging in sports such as skating and surfing. He also enjoys socialising, reading and playing chess. He is interested in learning skills so that he can apply them in useful contexts helping those who surround him and will continue to do so into the future.