Location

Organised by the EAA - European Actuarial Academy GmbH in cooperation with the Istituto Italiano degli Attuari.

As recently as the mid-1990s, most models used in financial analysis of insurance were deterministic. Based on sets of static parameters and assumptions, these models largely ignored random fluctuations that were likely to occur. Sensitivity analyses were performed but were generally limited to a fixed number of defined scenarios. This deterministic approach is rapidly being replaced by stochastic modeling that can better inform insurers on pricing, financial planning, and capital assessment strategies. Huge advancements in computing power have made it possible for actuaries and financial planners to better understand the increasingly complex risk profiles of insurers’ evolving product design. This seminar is based on the book “Stochastic Modeling – Theory and Reality from an Actuarial Perspective” (copyright © 2010 International Actuarial Association) which intends to provide actuaries with a comprehensive resource that details current stochastic methods, provides background on the stochastic technique as well as their advantages and disadvantages.

The seminar will cover a wide range of topics presented in the book “Stochastic Modeling – Theory and Reality from an Actuarial Perspective”. 

The seminar is suited for actuaries, actuarial students and other professionals involved and interested in actuarial modeling in life and non-life.

Delegate fee - € 970.00 plus 22 % VAT.

File: 

EAA.pdf

Location

The President of the Institute and Faculty of Actuaries, Nick Salter and the Public Affairs Director, Paul Reynolds will be visiting Hong Kong on Monday 29 September 2014.

Nick and Paul would like to take this opportunity to meet all IFoA members in Hong Kong.  They would also like to present the 2014 Sir Edward Johnston prizes to the winners as well as the two honorary fellows awards. An event has therefore been arranged at the British Consulate in Hong Kong and we invite all IFoA members to attend.

Canapés and drinks will be served throughout the evening.

Location

This workshop is aimed to be practical as well as cover current issues that will impact the work performed by the AFH. The morning session will focus on preparation for year end and the afternoon will focus beyond year end looking to the implementation of Solvency II and the impact on the AFH and their role going forward.

The event will involve interactive sessions and lively debates will be encouraged!

This event is intended for:

• AFHs

• Reviewing Actuaries

• Senior actuaries either working for life offices or consultancies that are involved in year-end valuations and capital modelling.

It will also be of interest to senior people outside of these work streams that want to get an update of what current issues are in this area such as FDs, CEOs and senior management.

Booking form: 

Senior Life Actuaries booking form.pdf

Location

The IFoA recently set up a working party to investigate Cause of Death Modelling.

The chair of the working party, Donald MacLeod, will discuss the reason for setting it up, describe the work carried out to date by the working party, and highlight some of the challenges and opportunities for actuaries which have become evident as a result of the working party.

To book a place, please contact Stephen Walker.

Location

Why attend?

Producing and maintaining good quality model documentation is an essential part of daily actuarial work. Representatives from the PRA, audit and from actuarial education share their view on what good quality model documentation looks like

Who should attend?

• Particularly beneficial for those less familiar with CA2 or Solvency II

• For those interested in PRA, internal audit and actuarial education insights

Programme timings:

09.00 - 09.30 Registration and refreshments

09.30 - 12.00 Programme

Booking form: 

Event flyer Model doc.pdf

Location

The EAAC is the premier event for the actuarial profession in Asia. Attracting over 500 actuaries and industry professionals from around globe, this event provides a fantastic opportunity for both members and those working closely to the profession, to come together to share their experience and thoughts through forums and discussions. The theme of this year’s event is ‘Risk, Challenges and Opportunities’. Featuring an exceptional programme of plenary sessions, there will also be up to 18 information packed concurrent sessions covering diverse practices of the conference topic. For the full event and social programme, please click here. 

IFoA activities

Senior Executive members of the IFoA will be attending the 18th East Asian Actuarial Conference and are proud to be a gold sponsor of this prestigious event. The IFoA are also sponsoring the tea break on Monday 13 October so please do come say hello. Derek Cribb, Chief Executive will also be providing a 10 minute presentation about CERA Global Association (CGA). Attending as both a sponsor and exhibitor, we will have an IFoA stand and a CERA stand.

IFoA reception evening

On Monday 13 October, a canape, drinks reception will be held at the Cosmos Hotel, TICC Hsin-Yi branch from 17.00-19.00 for all IFoA members attending the conference as well as those living in Taipei. For any further enquiries, please click here.

IFoA stand

Located at B3, delegates are invited to visit the stand to learn more about the new analyst qualification, volunteering, working parties, latest research and other member benefits. There will also be an opportunity to browse the new China microsite which has been created to improve communication and increase our visibility in China and South-east Asia.

CERA stand

Located at A4, delegates will be provided with information on the Certified Actuarial Analyst membership qualification as well as CERA. The current members of CERA span five continents and the number of Treaty Award Signatories continues to grow.

IFoA Executive Committee in attendance:

Derek Cribb, Chief Executive

Memoria Lewis, Membership Director

Paul Reynolds, Director of Public Affairs

Amanda Davey, Head of Events

Sarah Mathieson, Head of Research and Knowledge

Trevor Watkins, Director of Education

Caryn Chu, Actuary representative for South Asia

www.actuariesasia.org

Location

We are please to announce our next event on 13 October 2014.

We are delighted to have secured Matt Lilley, CEO Africa for Prudential plc to give us insight into Prudential’s ambitions in Africa, its recent acquisitions and plans for the future. It is an excellent opportunity to hear first-hand from an industry leader driving strategy and growth across Africa. It also provides a good chance to earn CPD and network following the stress of the exams.

Matt Lilley is CEO Africa at Prudential, leading the building of the company’s business across the continent. He has been at Prudential for 5 years, and was previously Director of Strategy, responsible for strategic planning, business development and M&A across the Group. Matt previously worked at Boston Consulting Group and Lehman Brothers and has a BA in maths and a Ph.D. in theoretical physics from Cambridge University. Matt spent a year studying in Pennsylvania as a Thouron Scholar.

Venue: Cass business School, 106 Bunhill Row, London EC1Y 8TZ (Closest tube is Moorgate)Time: Registration will begin at 18:00 with the presentation commencing at 18:30 followed by drinks, snacks and networking.Cost: £10 for student members of the Institute and Faculty and £20 for all other attendees

Please confirm your attendance by 8 October 2014 by payment of the fee, including your name as the transaction reference (Bank: Lloyds TSB, Account name: SAAX Group, Account number: 15465168, Sort code: 30-94-92).

Please also e-mail us at contact@saaxgroup.org including the names of any guests you invite for security purposes on the evening. We look forward to seeing you at the event.

Location

Why attend?

Insurance linked securities have developed into an asset class in their own right with $6 billion of new cash being invested in the first half of 2014 and accounting for 15% of the property cat market capacity.

Speakers will explore why this class has been growing at over 20% p.a. the types of investments available and the regulatory and operational framework underpinning the class.

Speakers: 

• Chair: Bryan Joseph, PwC
• Jean Louis Monnier, Swiss Re
• John Wells, Leadenhall Capital Partners
• Sandro Kriesch, Twelve Capital
• Stephen Pepper, PRA

Who should attend?

Investors; Potential Investors; Reinsurers; Asset Managers; Risk Managers; Brokers; Consultants

Book your place today.

Brochure attachment: 

Programme and booking form.pdf

Booking form: 

Programme and booking form.pdf

Location

Industry expert George McCutcheon, Financial Risk Solutions Ltd, will examine the impact of the new ABI Guidance for the Governance of Unit Linked Funds.

The first talk could appeal to both Life and pensions actuaries (i.e. advisers to DC pension schemes investing in Unit Linked Funds). The second talk considers specifically the Taxation of Unit Linked funds. There will be a short break between the first and second talks to allow attendees who only wish to attend talk one to leave.

Registration: 17.15 - 17.30

Programme: 17.30 - 19.00 

Location

Join SIAS at Staple Inn for their Annual General Meeting and Jubilee Lecture.

SIAS is delighted to announce that speaking at this year's Jubilee Lecture will be Steve Webb, the Minister of State for Pensions and Steve Groves, CEO of leading UK annuity writer Partnership.

Further details will be available in due course.

Location

The seminars cover highlights from this year’s Pensions Conference as well as current issues in the pensions sector. Designed for qualified, newly qualified and non actuaries, they will keep you and your organisation updated within your field with a mix of technical and topical subjects.

Plenary Sessions will include:

•  Economic Outlook
•  Update on current regulatory issues
•  What's Hot in Mortality and Longevity Research

 You can also choose from a range of workshops so you can focus on the subject areas most relevant for you.

Other Dates:

04 November - Glasgow

11 November - London 

20 November - Leeds 

26 November - London 

Brochure attachment: 

CHIPS Programme v2.pdf

Booking form: 

CHIPS 2014 booking form.pdf

Location

Registration: 17.00 to 17.30

Programme: 17.30 to 19.15

Networking reception: 19.15 to 19.45

This event will introduce the concept of stranded assets to the actuarial profession, use specific example of the assumed carbon bubble, outline possible implications for actuarial work and suggest further avenues for personal member research and CPD. 

Presentations will provide an exposition on stranded assets; what are they, what environment-related risks can cause them, which sectors might be affected over which time horizons, the implications for the investment chain and a discussion on the literature to date. The event will close with an informal panel discussion. 

Chair: Mike Clark, IFoA representative on Stranded Assets Programme’s Global Advisory Council

Speakers include: Ben Caldecott, Programme Director, Stranded Assets Programme, Smith School, Oxford University, Faith Ward, Environmental Agency and Kenneth Donaldson, Resource and Environment Board. 

Location

Organised by the EAA - European Actuarial Academy GmbH in cooperation with the Schweizerische Aktuarvereinigung.

Discount rates can have a material impact on the financial statements of insurance companies and pension plan sponsors. It is, therefore, not surprising that a diversity of viewpoints and practices with respect to discount rates has developed across regions and practice areas. Adding to that diversity, capital market conditions, which can have an impact on the selected discount rate(s), can vary significantly from onecountry to another. They can also change quickly and vary dramatically over time.This seminar is based on the book “Discount Rates in Financial Reporting: A Practical Guide” (copyright © 2013 International Actuarial Association) which intends to provide actuaries practicing in the insurance or pension fields with a comprehensive resource related to the understanding, development, and use ofdiscount rates in the context of financial reporting.The seminar will cover topics beyond those addressed in the textbook. Advanced methods will be presented, together with applications. Participants may expect to discuss practical applications and European case studies not directly discussed in the textbook.

The seminar is suited for actuaries, actuarial students and other professionals involved and interested in actuarial modeling in life insurance and pensions.

Your early-bird registration fee is € 790.00 plus 8 % VAT until 1 September 2014. After this date the fee will be € 970.00 plus 8 % VAT.

File: 

EAA Zurich.pdf

Location

This event is currently fully booked.  To add your name to our waiting list please email: eventmanagement@actuaries.org.uk 

*Note: This event is taking place on a Wednesday*

Download the presentation

Chair

Malcolm Kemp, Nematrian Limited 

Speakers

Andreas Tsanakas, Reader in Actuarial Science, Cass Business School, City University
Andrew Smith, Deloitte

What to expect

Many areas of actuarial work require the use of models, but we seldom have solid grounds to believe that a chosen model is the same, or even close, to the process that generated past observations. Prudence demands that we investigate possible explanations, and consider carefully the business implications of using a model that may turn out to be wrong.

Andreas Tsanakas and Andrew Smith discuss Monte Carlo techniques for investigating the impact of model ambiguity. Focus is on VaR calculations and the associated back-testing criterion for assessing the quality of estimation procedures. Approaches to incorporate such uncertainty into decision-making are discussed, reflecting the need for

(i) practical adjustments to VaR estimates,

(ii) a deeper understanding of model uncertainty and

(iii) formulating risk tolerance in relation to model mis-specification.

Programme

17.00 - 17.30   Registration

17.30 - 19.00   Programme

Location

About the event:

It has become increasingly obvious that the facts and figures we learnt in the economics classroom are often not played out in the real world. Simple experiments on human behaviour give us some real insights into how the human brain works.

We assume that actuaries are well versed in their practice areas and act as rational beings. But what if the opposite was true and they actually acted irrationally?

Can we do experiments in the real world to predict behaviour and use these psychological factors in actuarial modelling and communication?

Speaker:

Amit Parmar FIA, GC Analytics

This event is organised by: Bristol Actuarial Society

Location

Richard Purcell and Adam Noach will look at how harnessing behavioural science could be a game changer for life insurance. They will look at various behavioural theories and how they could be integrated within life insurance products to increase the value to customers and help insurers manage risk more effectively.

Refreshments will be served from 17:30 and the lecture will start promptly at 18:00. There is no need to register in advance for this meeting and non-members are welcome. There will also be live tweeting available via #SIASNov14 during the talk – please do get involved with any comments and questions for the speaker.

Location

The Joint Forum on Actuarial Regulation (‘JFAR’) was established in 2013 by the Financial Reporting Council, the Institute and Faculty of Actuaries, the Financial Conduct Authority, the Pensions Regulator and the Prudential Regulation Authority to co-ordinate the identification and analysis of public interest risks to which actuarial work is relevant. 

The FRC issued the discussion paper ‘Joint Forum on Actuarial Regulation: A risk perspective,’ to seek views on its identification of risks. The JFAR will use feedback to guide its further analysis.

We will be holding a discussion event at the IFoA office in Edinburgh at 5.30pm on Tuesday 25th November and we would very much like you to join us and give your views on the risks discussed in the paper.

Representatives from the JFAR regulators will be attending to give further context and answer questions you may have on the paper. Please also circulate to others in your organisation who may be interested in attending.

17.30 - Registration

18.00 - Programme 

Location

This event will be hosted by the Yorkshire Actuarial Society and will cover the following:

Many areas of actuarial work require the use of models, but we seldom have solid grounds to believe that a chosen model is the same, or even close, to the process that generated past observations. Prudence demands that we investigate possible explanations, and consider carefully the business implications of using a model that may turn out to be wrong. 

Location

The IFoA are introducing a series of Masterclass events taking place from November 2014 - January 2015.

Personal Impact Masterclass (08.30 - 10.30. Registration from 08.00)

This masterclass will introduce you to the power of non-verbal intelligence and communciation.  Delegates will learn practical techniques to use in your every day professional interactions which will increase your credibility, influence and gravitas.  The session will cover:

• What is non-verbal intelligence?
• How to use your hands, eyes and voice patterns to ensure that what you say is in line with what people see
• Giving feedback
• Behavioural range - conveying credibility and approachability
• Knowing and satisfying your audience

The Masterclass Series:

Tracy Sinclair, Professional Development trainer and facilitator will be presenting the above two hour masterclass on Personal Impact as an introduction to a series of half-day masterclasses that will include:

• Influencing Others, 9 December, morning - find out more
• Difficult Conversations, 9 December, afternoon - find out more
• Public Speaking/Presenting, 13 January 2015, morning - find out more
• Motivating and Inspiring Others, 13 January 2015, afternoon - find out more.

Delegates can attend one of the sessions or all of them, depending on their development requirements.  The IFoA are offering a discount for those who attend all four of the half-day modules above.

Brochure attachment: 

Final Masterclass marketing.pdf

Location

The seminars cover highlights from this year’s Pensions Conference as well as current issues in the pensions sector. Designed for qualified, newly qualified and non actuaries, they will keep you and your organisation updated within your field with a mix of technical and topical subjects.

Plenary Sessions will include:

•  Economic Outlook
•  Update on current regulatory issues
•  What's Hot in Mortality and Longevity Research

 You can also choose from a range of workshops so you can focus on the subject areas most relevant for you.

Other dates:

22 October - Bristol

04 November - Glasgow

11 November - London 

20 November - Leeds 

Brochure attachment: 

CHIPS Programme v2.pdf

Booking form: 

CHIPS 2014 booking form.pdf