The Institute and Faculty of Actuaries have launched a consultation on the proposed introduction of a mandatory Actuarial Profession Standard (APS) and a supporting Guide in relation to applying standards.
Consultation meeting
Members and interested stakeholders are encouraged to attend the following consultation meeting to discuss and comment on these proposals:
• 23 June at Staple Inn, High Holborn, London, WC1V 7QJ from 17:00 hours. Refreshments will be served from 16:30 hours.
The living standards of pensioners in the UK continue to be a concern both for government and for society in general. With the proportion of the population aged 65 and over projected to increase sharply over the next few decades, this is an issue of increasing importance.
On 26 June a new IFS report, funded by the Joseph Rowntree Foundation, the IFS Retirement Saving Consortium and the Economic and Social Research Council, will present new projections of the changing shape of the population aged 65 and over through to the early 2020s. This will include:
•The evolution of the income distribution and the pattern of wealth holdingamong different types of older households;
•Trends in household composition, employment and health among those aged 65and over;
•Patterns of provision and receipt of informal care, and receipt of both disability benefits an formal care, among the older household population; and
•The estimated impact of planned and potential reforms to the tax and benefitsystem on the financial circumstances of these households.
Places at this briefing are free of charge and will be allocated on a first-come first-served basis. Please contact events@ifs.org.uk to register your place. Full event details can be found at http://www.ifs.org.uk/events/1035
A story of two related parts: financial innovations over history and the UK insurance industry. What are the two most significant financial innovations over the last two millenniums? How have they helped shape the world we live in today? Why modern man needs insurance? How has the UK insurance industry evolved over the last twenty years? How has this changed the actuarial frontier? What does the future hold for actuaries?
About the presenter
Dr Yan Liu is the first Fellow of the IFoA (FIA) among students and scholars from mainland China. He graduated with a Distinguished Graduate Gold Medal from Xi’an Jiaotong University and completed his PhD at the University of Sheffield. He then continued his academic research at Sheffield and then Oxford University for five years before venturing into insurance. He was reported as a “rocket scientist” in insurance industry by the Sunday Times in Sep 1994 after some pioneering work to introduce full postcode rating into insurance pricing in the UK. He is currently the Head of Technical Modelling and Analytics at LV, the third largest motor insurer in the UK. Dr Yan Liu is actively involved in CANUK (Chinese Actuarial Network UK), founded the London China Golf society and is a keen golfer.
To book your place click on the book now button below.
China Re Beijing office, Floor 6 Conference Room, China re Plaza, 11 Financial Street, Xicheng District, Beijing
A story of two related parts: financial innovations over history and the UK insurance industry. What are the two most significant financial innovations over the last two millenniums? How have they helped shape the world we live in today? Why modern man needs insurance? How has the UK insurance industry evolved over the last twenty years? How has this changed the actuarial frontier? What does the future hold for actuaries?
About the presenter
Dr Yan Liu is the first Fellow of the IFoA (FIA) among students and scholars from mainland China. He graduated with a Distinguished Graduate Gold Medal from Xi’an Jiaotong University and completed his PhD at the University of Sheffield. He then continued his academic research at Sheffield and then Oxford University for five years before venturing into insurance. He was reported as a “rocket scientist” in insurance industry by the Sunday Times in Sep 1994 after some pioneering work to introduce full postcode rating into insurance pricing in the UK. He is currently the Head of Technical Modelling and Analytics at LV, the third largest motor insurer in the UK. Dr Yan Liu is actively involved in CANUK (Chinese Actuarial Network UK), founded the London China Golf society and is a keen golfer.
To book your place press the book now button below.
Chief Investment Officer Breakfast Roundtable Have you ever wondered how to become a senior executive responsible for investment strategy at a large asset manager, pension fund, life insurer or investment consultancy? This event is a unique opportunity for nearly / newly-qualified actuaries to meet senior actuaries who hold these roles and to find out what they do on a day-to-day basis and importantly what path they followed to achieve their positions. The format will be an informal round-table (over a continental breakfast) where you can learn more about the role of a Chief Investment Officer, the skills needed to do this sort of role and how you might want to position yourself to follow this career path.
Speakers:
The event will be chaired by Brandon Horwitz, incoming Chair of the IFoA Finance and Investment Board.
Alasdair Macdonald, Head of Investment Strategy for Towers Watson's Investment Consulting practice which has £420bn assets under advice, and Ian McKinlay, Chief Investment Officer for the £14bn Aviva Pension Schemes.
Brandon Horwitz is a qualified actuary with over 12 years varied experience across financial services including: wealth management product development and distribution; regulation; investment consulting; investment banking and asset management. He has both client facing /business management experience as well as strong technical background in finance, investments and actuarial science.Brandon currently works for HSBC Bank plc as a Senior Manager responsible for the Bank’s retail financial advice proposition offering customers advice on wealth management, retirement planning andprotecting their families. Previous roles include having worked at the Financial Services Authority (FSA) as a Technical Specialist focused on asset management firms, a Portfolio Manager at Morgan Stanley Investment Management responsible for structured investment funds as well as previously in the Pension Solutions team in Morgan Stanley's Global Capital Markets area and as an investment consultant in Watson Wyatt's investment consulting business with a focus on applying derivatives to help pension funds manage risk. Brandon holds a M.Sc. in Finance and Economics from the London School ofEconomics; as well as undergraduate and graduate degrees in Statistics; Actuarial Science and Mathematics of Finance from WITS University in Johannesburg.
Alasdair MacDonald joined Towers Watson in 1999 and heads the UK investment strategy team. His clients include some of the largest UK defined benefit pension funds, insurance companies and sovereign wealth funds. He is a member of the Global Investment Committee, which is responsible for Towers Watson's capital market views. A particular area of specialisation is stochastic modelling work, and Alasdair has been heavily involved in the development of the Towers Watson Investment Model and the use of risk budgeting techniques for institutional investors. Alasdair studied mathematics at Trinity College, Cambridge and is a qualified actuary.
Ian McKinlay is the CIO of the Aviva Staff Pension Schemes, looking after assets of some £14bn. As Aviva plc holds capital against its pension schemes on a ‘look through’ basis, the emphasis is on financial risk management through liability hedging. Other investment themes played out are diversity and illiquidity.Ian joined Aviva from the PPF in 2012, where he was also CIO. During this period he built a team, developed and implemented an award winning investment strategy which sought to invest differently from UK pension schemes. Prior to this he had various senior roles in investment consulting, advising trustees or companies on the investment opportunities and risks in their pension schemes.
Meeting Rm 1-2, KPMG, 8/F, Prince’s Building,10 Chater Road, Central, Hong Kong
A story of two related parts: financial innovations over history and the UK insurance industry. What are the two most significant financial innovations over the last two millenniums? How have they helped shape the world we live in today? Why modern man needs insurance? How has the UK insurance industry evolved over the last twenty years? How has this changed the actuarial frontier? What does the future hold for actuaries?
About the presenter
Dr Yan Liu is the first Fellow of the IFoA (FIA) among students and scholars from mainland China. He graduated with a Distinguished Graduate Gold Medal from Xi’an Jiaotong University and completed his PhD at the University of Sheffield. He then continued his academic research at Sheffield and then Oxford University for five years before venturing into insurance. He was reported as a “rocket scientist” in insurance industry by the Sunday Times in Sep 1994 after some pioneering work to introduce full postcode rating into insurance pricing in the UK. He is currently the Head of Technical Modelling and Analytics at LV, the third largest motor insurer in the UK. Dr Yan Liu is actively involved in CANUK (Chinese Actuarial Network UK), founded the London China Golf society and is a keen golfer.
Remarks:
Bookings are on a first-come-first-served basis. No reservations will be accepted after 27 June 2014. (Seating is limited, so please register early to avoid disappointment.)
No refund for canceling registration after 27 June 2014.
You will be charged the full amount if you register, but do not attend the talk.
IFoA member's should provide their ARN number to enjoy the membership rate.
The Joint Regional Seminar programme will be presenting The Future of Insurance in Hong Kong, Beijing, Taipei, Bangkok and Singapore from 23 July - 1 August.
Jointly organised by the Actuaries Institute Australia, the Institute and Faculty of Actuaries and Society of Actuaries (China Region Committee) with the support of local actuarial bodies, this Joint Regional Seminar is designed to assist actuaries and other professionals in meeting CPD requirements.
Actuaries have been practising in the insurance fields for years, taking key and active responsibilities on product pricing, financial reporting and lately risk management. With the evolvement of the insurance business, companies are facing technological advancements, thinner margins, increasingly difficult distributions and harder-to-please customers. In this intense competition, how can we strive for a market share because of an edge we know, but others don't? As an actuary how do we stay on the forefront to meet the ever-changing needs of the business and to fuel growth for our organisations?
The Institute and Faculty of Actuaries sponsor this ILC-UK event. The Launch of the SOS 2020 is supported by Aviva and Ernst & Young.
The House of Lords Select Committee on Public Service and Demographic Change, in its 2013 report “Ready for Ageing”, began by saying “the UK population is ageing rapidly, but we have concluded that the Government and our society are woefully underprepared.”
Whilst there is greater awareness of the challenges we face, we have not developed an overarching plan to address the challenges.
SOS 2020 is a major new programme of work led by ILC-UK which will raise awareness of the need to adapt our economy and society to the big strategic challenges posed by an ageing population.
SOS 2020 will outline the specific policy measures needed to achieve this goal. It will illuminate the issues that face us and develop fully considered and costed solutions that will act as a “call to action” to policy-makers and politicians. Above all SOS 2020 aims to raise national and international awareness of problems and possible solutions in which we all have a vested interest.
In an increasingly interdependent world, there is a need to look beyond national shores for arguably collective consensus and joint solutions. SOS 202 will give us the opportunity to do this.
ILC-UK are launching SOS 2020 with specific projects exploring retirement income sustainability and healthcare sustainability.
This launch event will give you an opportunity to feed in your thoughts on how to ensure our public policy maximises the opportunities of our ageing society.
A full agenda will be available closer to the event date.
Come along to a panel discussion on the ‘future roles of actuaries’. We will be introducing the current IAA discussion on the future roles of actuaries and its impact on the qualification process, risk management and the role of the CERA qualification, ‘Big data’ and possible roles for actuaries, alongside the balance of softer skills and technical skills.
Take this opportunity to get involved in the discussion in person on the day or via live tweeting available before, during and after the talk #SIASAug14 –comments and questions welcome! An additional bottle of champagne will be available to the best online contribution!
Refreshments will be served from 17:30 and the talk will start promptly at 18:00.
There is no need to register in advance for this meeting and non-members are welcome.
Ahead of the Scottish independence referendum, to inform the debate about Scotland’s constitutional future, the UK Government has undertaken a programme of analysis on Scotland’s place in the UK and how it contributes to and benefits from being part of the UK. At this seminar arranged especially for IFoA members, the Treasury team leading the programme will present its overall conclusions, with a particular focus on the financial services industry, products and Financial Services regulation. There will be an opportunity for questions and discussion.
Ahead of the Scottish independence referendum, to inform the debate about Scotland’s constitutional future, the UK Government has undertaken a programme of analysis on Scotland’s place in the UK and how it contributes to and benefits from being part of the UK. At this seminar arranged especially for IFoA members, the Treasury team leading the programme will present its overall conclusions, with a particular focus on the financial services industry, products and Financial Services regulation. There will be an opportunity for questions and discussion.
By popular demand BAS are organising a summer edition of the BAS 5-a-side Football Tournament and this has been provisionally booked for Sunday 24 August.
As usual, the tournament will be held at the Goals 5-a-side venue in Brislington and will kick-off at 1pm, lasting around 3-4 hours. The cost will probably be around £40 per team (possibly less depending on the number of teams that enter).
If you are able to raise a team (or two), please can the team captain(s) e-mail Jon Mitchell asap to register the team.
For further information please take a look at the event summary on the BAS website.
Back by popular demand, the now bi-annual quiz will be held in The Brass Pig on the Clifton Triangle - arrive from 7pm for a 7.30pm start.
Due to logistical reasons, there can only be a fixed number of teams in the pub, so teams will be allocated on a first come first served basis. Please can the nominated team captain email Zijian Chong in order to register the team's entry for the quiz.
There will be an entry fee of £1 per team member, collected on the night, to cover the costs of prizes.
For further information please look at the event summary on the BAS website.
This event is now fully booked. To be placed on the waiting list please contact danielle.reiterbund@actuaries.org.uk
Registration: 09.30 - 10.00
Programme: 10.00 - 16.30
Why attend?
2014 has so far seen some significant developments in pensions law. This seminar gives insights and updates on legal developments, including, an update on case law and insights into the activities of the Pensions Regulator, as well as providing a refresher on issues relating to our duties as actuaries.
There is 30 minutes of Professional Skills CPD available in the presentation, 'The Scope of an Actuary's Duty of Care and how it might be Extended'.
Who should attend?
This seminar will be relevant for all actuaries in the pensions industry, both those advising trustees and employers. It will be of particular interest to actuaries wishing to refresh their knowledge on how legal developments may impact on their advice to clients.
We are delighted to announce that there are two QCs speaking at this year's event, alongside excellent speakers from Herbert Smith Freehills
Presentation titles are as follows:
The Pension Regulator's Moral Hazard Power Investigations
Actuarial Certification: what is it and can it be challenged?
Section 75 Certification
The Scope of an Actuary's Duty of Care and how it might be Extended
Legal Update 2014
See the full programme and booking form by selecting 'download event brochure' below.
In this session Stephen Birch and Mark Jaffray, Hymans Robertson, will look at recent research from Hymans Robertson with 1000 savers, aged 50-65. It compares individual savers’ perceptions of key factors when planning for retirement – longevity, living costs, health outcomes and so on, with real data. Understanding how far adrift people are from reality (if at all) is helpful in providing insight on likely demand for different retirement solutions, alongside the need for additional guidance.
Common to all previous studies assessing the cost of adverse selection associated with genetics has been the assumption of an established market, i.e. the adverse selectors have been buying insurance at that rate for such a period that premiums have already absorbed it. Their analyses involve calculating the percentage difference between premiums in a market with adverse selection and one without adverse selection.
We take the modelling further by outlining a multiple state Markov model for a start-up market of long-term care insurance and the possibility of adverse selection associated with genetics (the APOE gene) and from an intermediate state of dementia progression. With this model, we explicitly show the progression of adverse selection costs using the development of information that an insurer would gain from analysing the claims history of its existing business, to reprice premiums for new business. To overcome the complication of insurance benefit amounts which depend on the value of previous benefit payments, we develop a simulation approach of estimating the expected present values of insurance benefits and premium payments.
Applying our modelling to a UK setting, we assess the relative impact of adverse selection due to genetic testing and from our intermediate dementia state. Furthermore, we consider the effect which the government’s proposed cap on care costs has on adverse selection costs.
Modern stochastic and statistical methods and the successful application of data mining concepts have become a crucial competitive advantage in a challenging market environment and a “must” with regard to the requirements of the supervisory authorities.
During the course, analytical methods will be illustrated by specific applications (premium calculation and reserving, optimizing cross-selling and up-selling campaigns in insurance marketing). Solvency II issues (simulations, predictions) will also be addressed. The course covers all aspects of advanced statistical methods in insurance required to become a fully qualified actuary according to the education syllabus of the International Actuarial Association and the core syllabus of Groupe Consultatif as well as according to the regulations of the Actuarial Association of Austria (AVÖ), which correspond to the regulations of the German Actuarial Association (DAV).
For continuing professional development (CPD) the course counts as 21 hours. The emphasis will be on a practical and data oriented approach. A basic stochastic knowledge is sufficient. Please find the structure of the course below.
Course fees:
€ 594 (incl. VAT) without hotel accommodation, € 954 (incl. VAT) with accommodation from Tuesday to Saturday (4 nights) in the Castellani Parkhotel including breakfast. Lunches and coffee breaks are included in the fees for all participants.
To find out more information, please contact Rebecca Deegan.
