Registration 17.30, Start 18.00, Close 19.00. Post event drinks from 19.00 in the Beaufort Arms.
The complexity and lack of transparency of insurance reporting has impaired insurers' ability to communicate effectively with ivestors and analysts.
This is a long standing issue that has created further significant loss of shareholder value during recent volatile economic conditions.
The implementation of Solvency II will dramatically change insurer disclosure requirements, presenting much greater detail on their solvency at a group - and subsidiary - level.
For further information and to book a place on this session please go to the Bristol Actuarial Society event webpage.
We are delighted to announce that, following our Annual General Meeting, Professor Jagjit Chadha will be our Jubilee Lecture guest speaker. Jagjit holds the position of Professor and Chair in Money and Banking at the Department of Economics at the University of Kent. He is an adviser to the Treasury Select Committee, Bank of England and other policy making institutions. Jagjit’s interests lie in macroeconomics with a focus on monetary issues. We look forward to hearing his views and hope you can join us for our 2015 Jubilee Lecture.
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 #SIASOct15 during the talk – please do get involved with any comments and questions for the speakers.
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.
Topics will include:
De-Risking
Regulatory Roundup and Professional Skills
Choice and Flexibility: Optimistic decisions at retirement?
You can also choose from a range of workshops so you can focus on the subject areas most relevant for you. Delegates will also review past case studies while considering possible future developments.
The Health and Retirement Conference with the theme "Health and Old Age Security - Planning for the Next 50 Years" will be held in Singapore from 22-23 October 2015.
The health related topics might include ideas such as challenges for product design in a moving landscape of public health insurance and regulations, adapting medical underwriting practices to the digitalisation of sales, as well as new insights into traditional issues such as performance monitoring and accurate reserving. Ahead of the forthcoming publication of the CPF Advisory Panel’s review, expected by the end of 2015, retirement issues to be considered at our conference might include such matters as pre-retirement investments, post retirement income security and corporate sponsored plans. Naturally, the combination of the two actuarial practice areas should lead to lively discussion on post-retirement health care, an important topic which gets regular coverage in the media, especially in the letters pages.
Speaker: Raj Bahl, PhD student at the University of Edinburgh
In this talk, we throw light on the valuation of the Swiss Re Mortality Bond 2003. This was the first "Mortality Linked Security" (MLS) to be launched in the market. This bond encapsulates the behaviour of population mortality index to generate payoffs for bondholders. Pricing this bond is an arduous task and no close form solution exists in the literature.
If you would like to attend this event please contact Dawn Neil to reserve a place.
The CMI Mortality Projections Committee - The Future of the CMI Mortality Projections Model
Venue: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN
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
The Life Solvency and Capital Management working party will present their research paper on Expert Judgement
Solvency II is a key driver of change within the prudential regulation of insurers - the difficulties around developing appropriate and proportionate practical solutions to the various challenges this regime change presents are well known, and common approaches/themes have emerged within the industry for several of the key problem areas. One area within the industry over which there appears little consensus is on the approach to expert judgement
This paper/presentation aims to provide some clarity of thinking on expert judgement and practical suggestions on how companies could tackle this difficult concept. Key to ensuring expert judgement is managed appropriately within the business is ensuring a robust, clear and consistent approach to decision making is in place. This should involve embedding an expert judgement framework, including the creation of an expert judgement policy, governance structure, standards, expert judgement process and validation structures. In this paper/presentation we focus on the areas we believe are the most challenging – process and validation.
The session will set out the key elements of an expert judgement framework, propose a structure for an expert judgement process (including introducing some additional concepts to help facilitate an understanding of the materiality/uncertainty associated with any judgement) and also put forward possible approaches to independent validation of expert judgements to ensure that the robustness of these decisions can be evidenced in line with the expectations of the wider Solvency II regulations.
This session is aimed at members of the IFoA working in the insurance sector, particularly those involved in Solvency II, Governance/oversight roles, assumption Setting or model development. Given the wider potential application of the expert judgement framework, non-actuaries or those working in other fields are welcome to attend.
Working Paper of the Life Aggregation and Simulation Techniques Working Party
Life assurance companies are increasingly using more sophisticated simulation based approaches in their Economic Capital models and their internal models for Solvency II. These approaches present actuaries with new challenges in testing, communicating and justifying their models to stakeholders. This session will look at some of techniques available to actuaries to explain and support their recommendations.
Members of the working party will present a working version of its paper. It is hoped that the meeting will be interactive and practitioners attending are invited to contribute techniques that they have found effective in validating and communicating capital modelling approaches and justifying the choices made.
Speakers:
David Stevenson (Head of Internal Model, Standard Life)
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 January 2016 implementation deadline of Solvency II is rapidly approaching – how are you and your firm preparing?
The Life Solvency II Current Issues Committee is proud to host this second annual seminar on Solvency II for Life actuaries. This seminar will look at how companies are preparing for Solvency II and address common challenges and solutions related to its effective implementation.
The seminar will have a UK and European focus, and features:
• A PRA update on key issues
• A Panel on look-through for assets
• An analyst perspective of future Solvency II disclosures
• Discussion of the strategic impacts of Solvency II
• A Session on balance sheet reviews and validation
Who should attend?
• Life insurer actuaries preparing for Solvency II
• Advisors to life insurers
• This event is aimed at an intermediate level of experience (assumes a knowledge of Solvency II but not in depth technical expertise).
The Worshipful Company of Actuaries (WCA) is once again inviting actuaries, and their friends and families, to view the Lord Mayor’s Show - a tradition running for 800 years from 1215 and the oldest, longest and most popular procession in the world - on Saturday, 14th November. Over half a million spectators typically watch the parade.
Also, if desired, actuaries and guests may arrange to have lunch at a nearby livery hall.
Viewing the procession
The procession can be viewed from the streets but thanks to the kind generosity of Barnett Waddingham once again we will have a limited number of places available in their offices at 138 Cheapside, which overlook the procession route and provide an excellent view. You should arrive by 10.30 for the procession which should be seen from around 11.00 until 11.45. Tea/coffee will be provided.
Capacity is limited so please book early.
If you would like to attend the viewing of the procession, please complete and return the attached form - the deadline is 30 October.
Lunch at the Ironmongers’s Hall
Actuaries and their guests may arrange to have lunch at the Ironmonger’ Hall, in Shaftesbury Place, Barbican.
The hall will be open from 10.45 and lunch will be available from 12.45. Lunch will be a two-course, hot fork buffet and there will be a cash bar - prices are £28.50 for adults and £14.50 for children (under age 14).
Groups may apply to arrange to sit together or may mix in with those from other livery companies.
Bookings and payment should be made directly with the Ironmongers’ Hall through the following contact - the deadline is 30 October:
Mrs Catharine Melville Social Secretary Ironmongers’ Hall Shaftesbuty Place Barbican London EC2Y 8AA
The post of Chief Actuary under the Senior Insurance Managers Regime and the Actuarial Function under Solvency II represent a big change to the actuarial role in General Insurance. A mixture of new regulatory requirements, reporting needs and organisational choices face senior actuaries with associated professional demands such as new practicing certificates.
The Actuarial Function working party led by Richard Williams has published a paper and given the new regime comes into force with effect from 1 January 2016, this is a timely opportunity to discuss issues and share views on what it means for the profession. It is a chance to hear what giving an opinion as Actuarial Function really means and what technical and report wording issues need to be faced.
We hope for good attendance and a forward looking discussion about this big opportunity.
The seminar covers 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.
Topics will include:
De-Risking
Regulatory Roundup and Professional Skills
Choice and Flexibility: Optimistic decisions at retirement?
You can also choose from a range of workshops so you can focus on the subject areas most relevant for you. Delegates will also review past case studies while considering possible future developments.
The Committee of the Gulf Actuarial Society (GAS) are delighted to announce their third event which will be held on 23 November.
This meeting will once again give members of GAS the opportunity to network with each other as well as gaining both technical and professional skills CPD.
The technical talks will cover a wide range of issues including a high level introduction to the issues that are facing many of the Gulf social insurance and pensions schemes and an introduction to Takaful Insurance, as well as two technical talks from our sponsors Milliman and AM Best.
The Professionalism session will be led by Mark Cockroft on behalf of the IFoA, where he will be running, and leading discussions on, some of the IFoA's latest professionalism videos (new to the 2015/16 CPD year).
The afternoon will finish with canapes and a non-alcoholic drinks reception
Speakers:
Safder Jaffer (Managing Director & Consulting Actuary) and Robert Meyer (Head of P&C Practice) from Milliman
Catherine Love Soper (Principal Consultant, Callund) and Mazen Abukhater (Principal, Mercer)
Representative from AMBest
Dr Khalid Al-Amri (Assistant Professor, Sultan Qaboos University)
If you are looking for a CPD event that meets the requirements of the IFoA’s Stage 3 Professional Skills Training then this is for you! This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline).
Come along prepared to take part and say what you think!
Unlike previous years, the 2015/2016 content doesn’t focus on a particular theme but covers a broad range of professional issues that can arise in your professional or personal life. We aim to avoid overlap with video case studies used at IFoA conferences, but cannot guarantee that there will be no duplication in content.
If you book a place and then find yourself unable to attend a professional skills event, please inform the events team to avoid preventing others who wish to attend being able to do so. These events often have a waiting list.
The IFoA invites you to a celebration of the Actuarial Research Centre (ARC) and the launch of the expanded ARC at KPMG, 20 Castle Terrace, Edinburgh EH1 2EG on Tuesday 24 November 2015.
This unique event, Chaired by Leader of the Scottish Board, Suzanne Vaughan, will celebrate the success of the cutting-edge actuarial research carried out in Scotland and the launch of the expanded ARC. ARC Director, Professor Andrew Cairns, will provide an overview of the ARC as the delivery model for leading-edge actuarial research based and introduce a presentation from one of the first ARC students, Paul van Loon.
Finally, Professor Mark Cross, Chair of the IFoA’s Research and Thought Leadership Committee (RTLC) will discuss the progress on the expansion of ARC and how it will be used as the key delivery model for all future IFoA research. Prof Cross will provide an update on the current Call for Research and ways in which leading financial organisations can engage.
Aimed at anyone who has an interest in leading-edge actuarial research, this event is ideal for those who would like to engage more with the activities of ARC and the potential benefits to academia and industry.
So you’re FIA, mid-career, and thinking that you’d like a Non-Executive Directorship in a few years’ time…what should you be doing now to ensure you are well placed and adequately prepared for board service?
We want to explore how actuaries can increase their chances of being selected for NED roles. What knowledge, skills and experience over and beyond actuarial training will make you an attractive candidate? What sort of personalities and mindset does the role demand? And once appointed, what capabilities will best equip you to be a good NED
This is an event for everyone interested in the NED role with particular emphasis on aspiring NEDs and the newly appointed. If you’re an established NED please share your thoughts of your early days. If you’re thinking of NED roles in the future, or struggling to get your first position and wondering why there are no takers, come and pick up some valuable advice. And if you have negotiated the recruitment process successfully and are a newly appointed NED, tell us how you did it and whether your preconceptions of the role have been borne out in practice.
The seminar covers 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.
Topics will include:
De-Risking
Regulatory Roundup and Professional Skills
Choice and Flexibility: Optimistic decisions at retirement?
You can also choose from a range of workshops so you can focus on the subject areas most relevant for you. Delegates will also review past case studies while considering possible future developments.
As financial institutions increasingly appreciate the imperative of climate change, resource scarcity and other environmental challenges, there is a growing recognition that the financial system must not only be sound and stable, but also sustainable. In response to this, the IFoA’s Resource and Environment Board commissioned a comprehensive research project that involved the examination of a number of academic journals, with the purpose of determining a direct relationship between research and how it applies to actuarial work. Join Professor Richard Werner, Director of the Centre for Banking, Finance and Sustainable Development, as he delivers his views on the link between finance and sustainability issues and the impact it may have on the ‘real world’. Hear from the editors of the review as they address the core aim of the research, discuss the results of the review, the implications of these results and the options for advancing a sustainable financial system in the actuarial world.
Aimed at anyone who has an interest in the world of sustainability and its connection to the financial system, this event is ideal for those who would like to determine the potential benefits that actuarial practice could provide for the economy, environment and society in a more sustainable world.
Speakers; Professor Richard Werner, University of Southampton and Simon Jones, Hymans Robertson LLP
With increasing focus on capital modelling from Boards, rating agencies, regulators under Solvency II and analysts, this timely seminar provides time to step out of the day-to-day and consider:
Other external perspectives on capital modelling, and its uses; and
The next steps in improving capital models.
The seminar will cover a variety of topics from the value of Internal Model output to senior management, boards and investors to future technical developments in ESGs, cat models and capital modelling software. There will be plenty of scope for discussion with the speakers and other capital modellers, and we hope that you will find the seminar interesting and thought-provoking.
Primarily actuaries involved in capital modelling and risk should attend, but also anybody involved in the modelling process or with an interest in the output and use of models. All levels of technical background welcome. In general, the seminar is not geographically specific, but the PRA presentation will be UK focussed.
