Forfatterarkiv: Pia Almvang

IAA webcast on “Measures of Retirement Benefit Adequacy with illustrations from the Society of Actuaries Post-retirement Risk survey”

The PEBC, PBSS and IACA invite their members to a webcast by Anna Rappaport and Carol Bogosian which will be held on Thursday, 13 November  2014 at 9am Eastern Standard Time and will run for one and half hours including questions.

In this webcast, Anna and Carol will look at the theory and the practice of retirement planning in the US.  The Society of Actuaries Pension Section paper “Measures of Retirement Benefits Adequacy : Which, Why, for Whom and How Much?” looks at a stochastic approach to individual retirement planning in the US. This provides a holistic view on income, capital and medical/long term care needs and the impact of shock events.  Anna will overview the paper and the insights a stochastic approach can provide to decision making.  For over 15 years, the Society of Actuaries has focussed on the study of post-retirement risks and how they are managed.  In the second part of the webcast, Carol will illustrate these insights with findings from  the Society of Actuaries’ seventh biennial survey on how retirees and those near to retirement think about retirement and plan for their needs during retirement and will offer other highlights on the Society of Actuaries Post-Retirement Risk Work.

The paper can be downloaded [https://www.soa.org/Files/Research/Projects/research-2013-measures-retirement.pdf] and a summary of the Post Retirement Needs and Risks Survey [https://www.soa.org/Files/Research/Projects/research-2013-retirement-survey.pdf].  You are encouraged to read these ahead of the webcast.

We hope many of you will be able to join us on 13 November. To register, please visit this URL: https://iaaevents.webex.com/iaaevents/onstage/g.php?t=a&d=667571967.

Recognising different time zones, the webcast will be recorded and available for download for those members who cannot join on 13th November.

IAA approves the future development of three model International Standards of Actuarial Practice

The International Actuarial Association (IAA) is pleased to announce that its Council has approved Statements of Intent (SOIs) to develop three new International Standards of Actuarial Practice (ISAPs) to provide principles-based guidance to actuaries providing actuarial services relating to:

  • IFRS X Insurance Contracts (ISAP [4])
  • Insurer Enterprise Risk Models (ISAP [5]) and
  • ERM Programs and IAIS Insurance Core Principles (ISAP [6])

An ISAP is a model standard of actuarial practice for member associations and/or their actuarial standard-setting bodies to consider. The intention of a model standard is to promote a greater consistency of approach to actuarial practice in a given situation.  This will increase the confidence of clients and the public in the actuarial work product, while not constraining the exercise of actuarial judgment unnecessarily.The proposed model ISAPs are expected to:

  • Provide guidance for actuaries providing actuarial services in the relevant practice areas to facilitate convergence in actuarial practice within and across jurisdictions;
  • Increase public confidence in actuarial services;
  • Increase reporting entities’ and regulators’ confidence in actuarial services;
  • Promote the development of the actuarial profession, as greater confidence amongst stakeholders leads them to expand the use of actuaries; and
  • Demonstrate the IAA’s commitment to support the work of its institutional members. ISAP [4] will further the cooperation between the International Accounting Standards Board (IASB) and the IAA in accordance with the mutually agreed Memorandum of Understanding. ISAPs [5] and [6] will support the work of the International Association of Insurance Supervisors (IAIS) towards achieving global financial stability through promoting effective risk management.

The approved SOIs are available on the IAA website (www.actuaries.org) under publications. The proposed ISAPs are being developed by task forces appointed by the Actuarial Standards Committee of the IAA (as described in the IAA’s due process).

This activity contributes to the IAA’s strategic objective of promoting the development and issuance of actuarial standards in the jurisdictions of all member associations, the global convergence of actuarial standards, and the development of model ISAPs. To learn more about the proposed ISAPs, or to submit questions, please contact the Director of Technical Activities at the IAA Secretariat.

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Webcast: «Coherent Projections of Age, Period and Cohort Dependent Mortality Improvements»

Thursday, 23 October 2014
2pm Central European Time

Invitation to a webcast on “Coherent Projections of Age, Period, and Cohort Dependent Mortality Improvements”  led by Dr. Matthias Börger, Institute for Finance and Actuarial Sciences Ulm, Germany.

The PEBC, PBSS and IACA invite their members to a webcast by Dr Matthias Börger which will be held on Thursday, 23 October  2014 at 2pm Central European Time  (Link to worldwide time clock)  and will run for one hour including questions. Please book this in your calendars now.

At ICA 2014 in Washington, Matthias presented a prize winning paper, co-authored with Marie-Christine Aleksic, which discussed an approach to mortality projection which allows mortality improvements to depend on age, period and cohort. The projection approach is highly flexible in terms of extrapolating historical mortality patterns and allows for the incorporation of expert opinion on long-term mortality trends. Longevity risk is a key insurance risk and its modelling is relevant for pension plans and their sponsors, annuity providers and social security systems. The use of projections can significantly reduce the longevity risk these institutions are exposed to.   The paper illustrates the proposed methodology through projections of future German mortality.

The ICA paper can be downloaded here: Coherent Projections of Age, Period, and Cohort Dependent Mortality Improvements.  You are encouraged to read it ahead of the webcast.

We hope many of you will be able to join us on 23 October. To register, please visit this URL:  https://iaaevents.webex.com/iaaevents/onstage/g.php?t=a&d=669951433.

Recognising different time zones, the webcast will be recorded and available for download for those members who cannot join on 23rd October.

Call for papers: Insurance Risk and Finance Research Conference (IRFRC) 2015

Singapore, 25-26 June 2015

The Insurance Risk and Finance Research Centre invites high-quality research in insurance and actuarial science for its annual conference. The theme of this year’s conference is “Risk in Emerging Markets”. Submissions may be in the form of completed papers (preferred) or extended proposals. In addition to the conference’s theme on insurance risk in emerging markets, topics may include, but are not limited to: longevity risk financing, actuarial pricing of catastrophe risk and insurance economics. Papers with a focus on the Asia-Pacific insurance industry are especially welcome.

We are honoured to have confirmed keynote speakers, Christian Gollier, Professor of Economics, University of Toulouse and Paul Embrechts, Senior SFI Professor of Mathematics, ETH Zurich.

Publishing Opportunity:  Journal of Risk and Insurance (JRI)
The Guest Editors will select from the Conference program a number of papers that will go through the normal refereeing process of the JRI.  Those that have a successful outcome in the reviewing process will appear in a JRI symposium entitled «Risk in Emerging Markets». Acceptance of the paper to the conference does not guarantee that it will appear in the JRI, as the ultimate decision on publication will be made by the Editor (Keith J. Crocker) in conjunction with the guest editors (to be announced) and the reviewers.

Funding
The IRFRC will provide partial financial support for travel and accommodation for presenters. More details to be announced on the IRFRC website by December 2014. University guidelines apply.

Submission Guidelines
Please email your blind submission and separate cover page with complete contact information of all co-authors and presenter (must be specified) to IRFRC at d-irfrc@ntu.edu.sg.  For any questions please email Andreas Milidonis at amilidonis@ntu.edu.sg.

Deadline for paper or extended proposal       March 1st 2015
Decisions communicated                                    April 20th 2015
Final papers and presentations                         May 31st 2015

Webinar: Life Section: Post-level term business

October 7th 14:00(London time) and 20:00 (London time)

This webcast will analyze the results of the SOA’s recently released reports of post-level term business in the US with a focus on recent mortality and lapse experience as well as the assumptions companies are using today.

Speakers:
Derek Kueker, Actuary, and Tim Rozar, Senior Vice President and Head of Global Research and Development, both from RGA Reinsurance Company

We hope to have many members participating in this webinar, which will be presented at two different times to accommodate the worldwide membership.

•         The first webinar will be held on Tuesday, October 7th at 9:00 AM (New York Time) —
To register for the first webinar, please go to:   https://iaaevents.webex.com/iaaevents/onstage/g.php?t=a&d=663122711

•         The second webinar will be held on Tuesday, October 7th at 17:00 (New York Time) —
To register for the second webinar, please go to: https://iaaevents.webex.com/iaaevents/onstage/g.php?t=a&d=669408073

Participation in the webinar is complimentary for members of the LIFE Section. Please also encourage your colleagues who may not be members of either section to attend the webinar. However, non-members would have to pay a registration fee. The registration fee is equivalent to the section annual membership fee (i.e. $50 Canadian).  If you have any questions, please communicate with Tasha Lebel at the IAA Secretariat.

ASTIN/IACA Webinar: Expert Judgment

16th October 9:00 AM (London Time) and 17:00 (London Time)

On 16th October, a webinar will be presented to members on two topics in relation to Expert Judgment.

As a first topic, the results to the survey to which ASTIN members participated will be reported.  This relates to the impact of expert judgment on actuarial modelling. The aim of the survey was to act as a first step to make useful progress in the area of the evaluation of the expert judgment quality, providing practitioners with ways to obtain better expert judgment. This survey was part of a wider effort lead by the Getting Better Judgment Working Party from the UK Institute and Faculty of Actuaries.

The second topic, presented by Joseph Lo and Nita Patel is about findings from an investigation into how experts make their judgments. Such investigation is rarely reported in actuarial science literature. Findings from a prediction survey will be discussed, whose 120 respondents in a global non-life (re)insurance company were nearly evenly split between underwriters and analysts.

Joseph Lo is chairman of the Getting Better Judgment Working Party from the UK Institute and Faculty of Actuaries and Head of Actuarial Research and Development at Aspen in London.  Nita Patel is Head of International Insurance Pricing at Aspen in London.

We hope to have many members participating in this webinar, which will be presented at two different times to accommodate the worldwide membership.

• The first webinar will be held on Wednesday, October 16th at 9:00 AM (London Time) —  To register for the first webinar, please go to:  https://iaaevents.webex.com/iaaevents/onstage/g.php?t=a&d=660252229
• The second webinar will be held on Wednesday, October 16th at 17:00 (London Time) —  To register for the second webinar, please go to: https://iaaevents.webex.com/iaaevents/onstage/g.php?t=a&d=662743096