New econ for life actuaries

Abstract

In an editorial in ASTIN BULLETIN, Hans Bühlmann (2002) suggests it is time to change the teaching of life insurance theory towards the real life challenges of that industry. The following note is a response to this editorial. In Bergen we have partially taught the NUMAT, or the NUMeraire based Actuarial Teaching since the beginning of the 90ties at the Norwegian School of Economics and Business Administration (NHH). In this short note we point out that there may be some practical problems when these principles are to be implemented.