After 40 years in the actuarial profession, Mark O'Reilly believes his generation could have done more and asks if this generation can do better. He will touch on two themes - expanding the role of the profession, and how we should be experimenting with new concepts to meet society's needs today. He has been noted for his past inventions, and today he will describe his latest idea.
Are we doing enough to encourage the brightest talent with the right skills?
We are delighted to welcome Hasham Esmail Piperdy (FIA) as our guest speaker. Hasham will be sharing his wealth of experience on the “Evolution of a 21st Century Actuary” and discussing some of the current topical issues affecting actuaries working in Malaysia. We have also lined up a quiz session with prizes up for grabs.
Come along and join us in Kuala Lumpur!
This event is open to all IFoA members. Be sure to stick around and join us after the presentation for networking.
This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at any technical discipline).
Come along, be prepared to take part and say what you think!
Why is professional skills training important?
What is whistleblowing? What are your professional responsibilities when something “does not smell right”? Where should you go for advice and support?
What sorts of situations can arise in practice? We will watch and discuss some of the recently developed video case studies. Come and prepare to be challenged – these everyday situations may have a sting in the tail.
This session will qualify for one hour of Professional Skills CPD, as required by some members under the IFoA’s CPD Scheme 2014/2015.
You will also have the opportunity to network with other IFoA members based in Jakarta and learn about the latest UK and regional updates at the IFoA.
Event Timings:
17:45 – 18:00 : Registration
18:00 – 19:00 : Professional skills presentation
19:00 – 19:45 : Refreshments and networking
19:45 – 20:30 : IFoA’s UK and regional updates
Speaker:
Caryn Chua, IFoA’s Actuary Representative of South-East Asia
Interested in learning about the developments at the IFoA and the actuarial profession in general?
What are the common “errors” in exams and how do you improve your exam techniques?
Come along and join us to find out more!
This event is open to all IFoA members and will be of particular interest to student members as there is a dedicated session on professional examinations.
Speaker: Caryn Chua, IFoA’s Actuary Representative of South-East Asia
The 2015 ASTIN, AFIR/ERM and IACA Colloquia of the International Actuarial Association will be held in Sydney, Australia, from 23 to 27 August 2015. These colloquias are a joint collaboration of three IAA sections, Actuarial Studies in Non-Life Insurance (ASTIN), the Actuarial Approach for Financial Risks/Enterprise Risk Management (AFIR/ERM) and the International Association of Consulting Actuaries (IACA).
The theme of the conference, Innovation & Invention, recognises the historic and ongoing contribution of ASTIN, AFIR/ERM and IACA to actuarial thought and practice. For those from overseas, this is also a great chance to visit Sydney and explore the many wonders of Australia.
Come along and join us for an evening of roundtable discussion and networking in Bangkok!
We are delighted to invite Tommy Pichet (FIA) as guest speaker, who will lead the discussion and share his experiences as a Chief Actuary working in Thailand. Tommy is also currently the President of the Society of Actuaries of Thailand (SOAT).
During this interactive session, participants would have the opportunity to learn about:
How has the actuarial profession developed in Thailand over recent years?
Where are the current and future demands for actuaries?
What are the anticipated regulatory changes in Thailand and could they benefit actuaries?
This event is open to all IFoA members and would be of particular interest to those working or planning to work in Thailand.
Event Timings:
19.00 – 19:30 : Registration and networking
19:30 – 21:30 : Refreshments and roundtable discussion
A three day short course at the University of East Anglia
Introduces and develops the theoretical aspects of dependence modelling with copulas both for continuous and discrete multivariate data.
Presents real-data applications of multivariate copulas describing features of existing copula software.
Presents the latest developments both in theory and practice.
Target Audience
The course is intended for actuarial practitioners, risk professionals, consultants and academics.
Course outcomes
After the course, the participants will have a firm knowledge on the theory of copulas and the use of copulas for dependence modelling in finance, actuarial science and other areas. The course is worth 15 CPD hours.
Course Leader
Aristidis K. Nikoloulopoulos is a Senior Lecturer in the School of Computing Sciences at the University of East Anglia.
The IFoA is hosting this prestigious panel discussion on Pension Funds and Life Companies: Are they Fit for Purpose?
A recent study by the Bank of England highlighted a number of connected issues: the decline in the willingness of insurance companies and pension funds to bear investment risk (these institutions hold only 10% of UK equities today compared to over 50% in the late eighties); the trend from long-term to short-term investment; that life insurance companies are behaving in a procyclical manner; significant herding within the investment practices of the UK DB sector; and the introduction of mark-to-market based regulation and accounting. These developments potentially undermine the vital intermediation role that our institutions fulfil in channelling consumers’ savings and investments to industry and infrastructure, providing a vital source of long-term funding, the returns from which underpin the quality of those consumers’ retirement incomes. The purpose of this event is to identify actions and research which the profession can undertake, in conjunction with others, to address these shortcomings.
The panel discussion will be chaired by Stephanie Flanders, former BBC Economics Editor and now Chief Market Strategist for UK and Europe with JP Morgan Asset Management.
Our panellists will be:
John Kay, Economist and Chair of 2012 review of UK equity markets
Alan Rubenstein, Chief Executive, Pension Protection Fund
Victoria Saporta, Head of Prudential Policy Division at the Bank of England
Robert Talbut, Investment Management Association Board member and former CIO of Royal London
Philip Broadley, formerly Group Finance Director at Old Mutual and at Prudential
In addition there will be keynote speeches from:
Sarah Breeden, Director of Major Overseas Banks in the Bank of England’s International Banks Directorate, who managed the Bank of England Procyclicality Working Group
Ashok Gupta, Chair, AA Insurance Services, NED, and Deputy Chair of the Bank of England Procyclicality Working Group
The IFoA believes the distinguished panel and keynote speakers collectively have the breadth and depth of experience to drive this debate forwards.
This event is now fully booked but we are live streaming the presentations and discussion so there is no need to miss out. To sign up for live streaming please click here.
If you have any queries please email IFoA Policy Manager, Matthew Levine.
This session, now in its second year, is aimed at senior actuaries working in life insurance - predominantly Actuarial function holders, but also Reviewing Actuarial and others working in risk and financial reporting. The session is intended to give participants a briefing on current and upcoming considerations for year end reporting and we are aiming to make it as interactive as possible in order to maximise sharing of perspectives and ideas across the group.
We will be covering a range of financial reporting topics, including upcoming changes to UKGAAP, what the future holds for EV, and getting an external auditor's perspective on what this means for companies going forward. We will also cover impacts in changes in regulatory regime, pro-cyclicality and with-profits. Finally there will be a business skills session on communicating with the Board, as well as an opportunity to get a NEDs perspective on how actuaries work with Boards.
This year we are also introducing an optional dinner the night before the event to give you an opportunity to network and to kick- start the discussion. The dinner will cost £63 (plus service charge) for a set 3 course menu and half bottle of wine and will be payable on the night. If you would like to attend the dinner please contact Waleed Soliman.
Sponsored by the Institute and Faculty of Actuaries
Drawing on 35 years of experience including several trips to Court (as an expert!) Ronnie Bowie picks out his most important career learnings and explains why knowledge of these learnings would have helped him become a better actuary more quickly. He will use examples (but with the names withheld to protect the innocent, the guilty, the naïve, the foolish and the unlucky).
About the speaker
Ronnie Bowie is senior partner of Hymans Robertson and was the first president of the Institute and Faculty of Actuaries. He is also Chair of the With Profits Committee of the Prudential, independent trustee at the Royal Bank of Scotland Pension Scheme and a member of the Court of the University of Dundee.
Agenda
18.00 - 18.30 Registration18.30 - 20.00 Presentation and Q&A20.00 - 21.00 Networking over nibbles and drinks
Back by popular demand! Following great feedback from the Health and Care conference in 2014, we are delighted that Oliver Werneyer has agreed to come back and present on the fascinating topic of telematics and the potential for life and health insurance. With updated research and new insights into the latest developments in this area, this promises to be an interesting and stimulating event.
Technology is developing at a frightening pace and while it brings new capabilities and opportunities for the users, it also means ever increasing customer expectations. The insurance industry is trying adopt these technologies and advanced services but many insurers do not know where to start or what to focus on first. We will be exploring aspects of life and health telematics, what these could look like in the insurance market of tomorrow and most importantly, what this means for the actuaries of tomorrow.
Celebrating British Actuarial Journal’s 20th Anniversary: looking at the next 20 years of actuarial research
The IFoA invites you to celebrate the 20th anniversary of the British Actuarial Journal (BAJ) and participate in a discussion on the future of actuarial research at Staple Inn Hall on 21st September 2015.
This unique event, Chaired by the President, Fiona Morrison, will begin with a short panel discussion reflecting on the 20th Anniversary and setting out the IFoA’s vision for research, promotion and dissemination in the future. Panel members include Prof David Wilkie, FFA, FIA; Andrew Smith, HFIA, Deborah Cooper, FIA; and Kelvin Chamunorwa, FIA.
Audience members including members of the profession, journal editors, academics and other interested parties will have the opportunity to raise questions and discuss the future of actuarial research, the role of our journals, how we promote the value of actuarial science research and more.
Come and meet the President-elect of the Institute and Faculty of Actuaries, Colin Wilson and the CEO, Derek Cribb, who will be attending the CAA conference on 22 September in Beijing. Colin and Derek would like to take this opportunity to meet all IFoA members in China.
A social event has been arranged at the China National Convention Center (CAA conference venue) on Tuesday 22 September from 19:30 -22:00. During the event the President-elect and the CEO will introduce the newly elected council members based in China and Hong Kong. This is a good opportunity for networking and to meet the new President-elect who will be looking after China and SE Asia in the next three years.
Drinks and canapés will be served throughout the night. We look forward to seeing you on the night!
As actuaries we have always been focused on long term risk management. The best board practitioners are increasingly viewing the long term sustainability of the company, the society in which it operates and our planet as essential considerations in corporate governance structures. Our next session will seek to explore both modern thinking on how sustainability fits the governance agenda and how we, as actuaries, can contribute to and enhance that agenda.
The speakers will explore the subject under four broad headings:
Environmental: We are all familiar with the environmental challenges, but what can the well-functioning board in service industries contribute?
Social - the FCA has used the language of product safety for some time and the board must of course ensure that, but sustainability is about diversity, community relations and corporate philanthropy as well- how can a board monitor and encourage that agenda?
Board governance - reporting and disclosure, board accountability and executive compensation are all key factors in creating the durable and sustainable corporation. The enhanced corporate governance code takes into much more sophisticated analysis of 'going concern' and uses the words "significantly longer than 12 months" Surely the "tone from the top- the Board" must look beyond the working lifetimes of the executive and ensure the business is robust in the very long term.
ESG (Environmental, Social and Governance) investing is rapidly increasing in importance- what are the parameters that investment managers look out for and monitor.
Colin Wilson, President-elect and Derek Cribb, CEO will be visiting Hong Kong on 24 September. Colin and Derek would like to take this opportunity to meet all IFoA members in Hong Kong.
An event has been arranged at the Conrad Hotel in Pacific Place Hong Kong on Thursday 24 September from 18:30 -21:00. During the event the President-elect will be presenting a technical talk of risk management within government and how actuaries can get involved. The CEO will introduce the newly elected council members based in China and Hong Kong. Last but not the least the President-elect will present the awards to the newly qualifiers as well as the 2015 Sir Edward Johnston prizes winners. This is a mixture of a technical and social event, we look forward to seeing you on the night!
Agenda below:
18:00 – 18:30 Registration and network
18:30 – 18:45 Welcome speech by the CEO, introducing the newly elected council members in China/HK
18:45 – 19:45 Technical presentation by the President-elect: Risk Management and how actuaries can get involved
19:45 – 20:00 Newly qualifiers and Sir EJ Prize award
20:00 – 21:00 Social network
Drinks and canapés will be served throughout the night. 1.5 hours CPD will be given.
The Institute and Faculty of Actuaries is consulting on the new APS G1 which principally provides that a Chief Actuary in a non life organisation is required to hold a Practising Certificate.
Members of the Working Party and the Practising Certificates Committee alongside IFoA Executive staff will be in attendance, and are interested in hearing your views and answering any questions.
The Institute and Faculty of Actuaries is consulting on amendments to APS L1 which will introduce a requirement for Chief Actuaries in life assurance organisations to hold a Practising Certificate.
Members of the Practising Certificates Committee and of the Life Board alongside IFoA Executive staff will be in attendance, and are interested in hearing your views and answering any questions.
The Institute and Faculty of Actuaries is consulting on amendments to APS L1 which will introduce a requirement for Chief Actuaries in life assurance organisations to hold a Practising Certificate.
Members of the Practising Certificates Committee and of the Life Board alongside IFoA Executive staff will be in attendance, and are interested in hearing your views and answering any questions.
The CMI Mortality Projections Committee - The Future of the CMI Mortality Projections Model
Venue : Royal College of Physicians of Edinburgh, 9 Queen Street, EH2 1JQ
Over the past year, the CMI Mortality Projections Committee has been reviewing the responsiveness of the current model to new data and developing alternative methods for projecting mortality. Our plan is to release CMI_2015 in September 2015 using the current approach, to consult on possible revisions to the model over 2016, and to publish the first version of the next iteration of the model in March 2017.
We are still at an early stage, but, in view of the widespread use of the CMI model, we are keen to be as open as possible about our direction of travel. We are therefore holding public consultation meetings in Edinburgh and London in October 2015 to discuss issues with the current model, to make public our current thinking, and to give others the opportunity to influence the Committee’s views.
Provisional agenda
Recent national mortality experience, in particular the higher than expected mortality in 2015
Responsiveness v stability, i.e. how do we distinguish short-term volatility from longer-term trends
Adjustments to exposure data
Possible modifications to existing deterministic models
State space models
Coherent modelling of multiple populations (males v females, UK v developed world)
Incorporation of user-assumptions (e.g. long term improvement rates)
There will a recording avalible for those unable to attend either meeting
