The IFoA has co-sponsored this latest research by the PPI. The research considers the current tax regime in the UK; whether the current regime works and whether there could be any alternatives to the current system.
This event will be of interest to actuaries working in Pensions, both Defined Benefit and Defined Contribution. Actuaries with an interest in Public Policy may also wish to contribute to the discussion of the research.
The 2013 Actuarial Teachers’ and Researchers’ Conference will be held at Keele University on 18 and 19 July 2013.
The theme is "bridging the gaps" and will showcase how we can work successfully in a collaborative way across our traditional silos and will encourage discussion and debate on future directions for actuarial research and education.
Knowledge Sharing Scotland (KSS) offers members the opportunity to host/attend small, locally-run events in an informal environment, to share information and experiences with peers. Find out more about KSS here.
The speaker at this event will be Sandy Sharp FIA and the event will be hosted by the Prudential Stirling.
Many of our members who volunteer to join our working parties, or undertake research on our behalf, ask for guidance on issues relating to competition law – when does it apply; what are the consequences of getting this wrong; what are the key questions should one ask oneself, etc. We aim to provide guidance on all of these issues in a practical way in this session. The session will also include a case study and a Q&A session, with questions from the floor.
This session will be delivered by an experienced competition law team from Freshfields Bruckhaus Deringer LLP, a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates. They will deliver a one and a half hour training session for our members. The session will be filmed and members who are unable to attend this event can access this training, free of charge, via the website from the end of August 2013.
This event will count for 1 ½ hours of Professional CPD under the Business Skills category.
SUBMIT A QUESTION:
We invite you to submit a question in advance. Even if you are unable to attend the event please make use of this option. Questions should be sent to Ilona.turnbull@actuaries.org.uk by 2 August 2013 or you can also submit your question when you book your place.
This event is now fully booked. To be added to the waiting list please contact niki.park@actuaries.org.uk
On 20 June 2013, the International Accounting Standards Board (IASB) published a revised (second) Insurance Contracts Exposure Draft (ED) in response to the comments received on the 2010 ED. The proposed standard will replace IFRS 4, which currently permits a wide variety of practices in accounting for insurance contracts across the globe. The proposals present a significant change from current practice in the UK and will affect both life and non-life insurers. The comments period ends on 25 October 2013.
Andrea Pryde, Insurance Contracts Project Leader at the IASB, will provide an overview of the ED with particular focus on the areas of re-exposure. Members of the Institute and Faculty of Actuaries’ Financial Reporting Group (FRG) will then provide initial views on the ED for discussion at the meeting.
Who should attend?
Actuaries and non-actuaries (including accountants) who are interested in life and non-life insurance accounting developments.
Speaker: Guy Gumbrell, Client Director, Cass Executive Education
The word “authentic” is being used more and more in connection with leadership behaviour in the world of business. It’s not difficult to see where the attraction with this word has come from. In large part, its popularity has been born from a sense of shock and betrayal at such scandals as LIBOR fixing, media phone hacking and parliamentary expenses which have brought to light a gap between what leaders of these institutions professed to be doing and what they were actually getting up to.
But what does “authentic” mean and how does it manifest itself in the complex world of today’s corporate leadership? This talk will involve you in a debate about what makes authentic leadership and why it might be a good thing for every business, and every individual.
Discussion points include:
Authentic leadership and emotional intelligence – theory and practice; illustrations from business practice
Trust and leadership – stakeholder expectations of leadership
Bringing the ‘you’ to work – Do you bring the real ‘you’ to work? Should you? If so, how much?
About the speaker
Guy is a Client Director of Cass Executive Education. Before joining Cass in March 2012, Guy had a similar role at Henley Business School for four years, working on leadership and coaching projects. He specializes in leadership development and the implementation of learning through individual coaching and action learning. Guy’s particular areas of interest include - the practicalities of being an authentic leader, organisational cultures that support learning and growth (and those that don’t).
Guy’s background is in education and management development both in the corporate and consultancy environments. He began his management development career in George Wimpey before moving into consultancy where he built up experience of developing managers (both local and ex-patriate) in UK-based Japanese companies. He has worked with organisations from most sectors, including Aon, Bank of Scotland, PwC, Toyota Motor Manufacturing UK, Nokia, Financial Services Authority, Olympus Europe and KPMG.
Guy has a Masters in EU Law from the University of Leicester, the Henley Certificate in Coaching and is a Fellow of the Chartered Institute of Personnel and Development.
Agenda
18.00 - 18.30: Registration
18.30 - 19.30: Presentation by Guy Gumbrell
19.30 - 20.00: Q&A
20.00 - 21.00: Networking over drinks and nibbles
About TANC
TANC is a special interest group of Cass Business School and City University, which organises unique events of actuarial interest in slightly wider fields than actuarial professionals may typically have access to through their work. Although our events are aimed primarily at alumni, we also welcome friends and colleagues in joining our network of like-minded professionals.
Multivariate data abound in many applications including insurance, risk management, finance, biology, health and environmental sciences. Copulas are a useful way to model multivariate data as they account for the dependence structure and provide a flexible representation of the multivariate distribution. They allow for flexible dependence modelling, different from assuming simple linear correlation structures and normality, which makes them particularly well suited to many applications in finance, insurance and medicine, among others.
Course objectives
This two-day short course:
Introduces and develops the theoretical aspects of dependence modeling 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.
Pensions law never stands still and 2013 is again proving to be a year of major change. This seminar gives insights and updates on legal developments, including sessions on professional negligence, an update on case law, sessions on Beckmann rights and GMP conversion and the legal aspects of longevity risk transfers. Presentations will be delivered by speakers from Pitmans and Linklaters - companies who are at the sharp end of advising clients in these areas.
Who should attend?
This talk 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.
You can now download the paper by the members of the Extreme events working party. The Extreme Events working party will present an afternoon workshop followed by a formal sessional meeting. In order to attend both parts of the event you need to make two bookings, please follow the links below:
Please download the following excel spreadsheets developed by the working party and pre-load to your laotop before the workshop (Please note: you are not required to review the spreadsheets before the workshop):
Section 5 of the paper gives numerical examples of the use of proxy models, that is, approximate formulas for assets and liabilities which are quicker and easier to calculate than full models. This workshop shows in detail how these examples were constructed, based on the Excel spreadsheets the working party has developed, which will be distributed electronically to delegates.
Delegates explore:
- How to construct proxy models of bonds, annuities, term assurance and investment guarantees, fitted to stress tests
- Linear fits, separable quadratic, cross terms and higher order terms
- Fit measures: R-squared, Akaike and Bayes information, testing parameter significance with F-tests
- Monte Carlo simulation of exact and approximate loss functions in percentile calculations
- Comparing mean squared error to worst case error
- Constructing minimax fits and identifying Achilles nodes where the fit is especially challenging.
- How the fit improves as the numbers of fitting points and basis functions increase.
- Discussions of how these may relate to other products ]
15:00 -15:10 Break
15:10 - 16:30 Session II: Errors in model choice and parameter estimates
Section 4 of the paper shows ways of allowing for uncertainty in models and parameters. The second half of the workshop shows applications of these tools using the spreadsheets which the working party developed. The presentation explores:
- Frequentist definitions of interval size, bias and efficiency
- Algorithms for interval construction using Monte Carlo construction
- Computation of percentile estimates based on method of moments, probability weighted moments and maximum likelihood
- Understanding why different methods produce different answers and understanding the attributes of data sets for which the differences are largest.
- Metropolis Hastings algorithms for calculating Bayesian posterior distributions
- Calculating capital charges for parameter and model risk
- Implications for statistical quality standards and model validation
Please note, that as a result of member feedback, we will be trialling a new ‘enhanced networking initiative’ at this sessional research meeting.
The purpose of this initiative is to improve integration and networking among members, with particular focus on making those who are newly qualified or new to events, feel encouraged to approach more experienced members and become integrated into the actuarial community.
At each meeting, members who have particular experience in the topic area or those who are happy to be approached by new members and share their experience will be asked to wear a yellow ribbon on their name badge.
We would invite all those members who are happy to wear a yellow ribbon on their name badge to signal that they encourage any member to approach them and ask questions about the sessional meeting, chat or even just to introduce themselves to get in touch with Event Management.
As part of the preparation for Solvency II, national regulators are required to give effect to CP13-08. The presentation will look at fund governance issues in the context of CP13-08 and the FCA’s thematic review of unit-linked business.
Speaker: George McCutcheon MSc FIA
Mr. McCutcheon is a graduate of University College Dublin in Mathematical Science and is a Fellow of the Institute of Actuaries. He is a director and co-founder of Financial Risk Solutions (www.frsltd.com), a software company specialising in the licensing of fund administration software to life assurance companies. He has presented a number of papers at the Life Convention of the Institute of Actuaries and has co-authored a number of papers for the Society of Actuaries in Ireland, including a 2011 paper on placing value on tax losses in unit linked funds.
Unfortunately, due to unforeseen circumstances, this event has been cancelled. If you are interested in attending this event in the future, please contact Hannah Watson.
This event would cover:
Highlights from the successful 2013 Health and Care Conference
Topics selected for the applicability across all product lines
Speakers from outside the actuarial profession
Who should attend?
Delegates interested in:
Sessions will cover the developments in medicine, underwriting, and distribution.
Conference will consider how these could affect the future for our products.
Sessions aimed at actuaries working in all aspects of protection and health business including life, income protection, critical illness and medical expenses.
Risk management has always been core to what we do. However, in today’s environment of economic and financial uncertainty, new regulation and emerging lessons from the financial crisis, risk management has been elevated to a new level of importance and urgency as the financial services industry looks at risk and capital in new ways. New responsibilities have emerged for actuaries, risk managers, senior management, board members and others.
The “ERM: Insights for Insurers” conference will provide attendees with insights into recent developments in risk management and explore their relevance to insurers. Our speakers– all risk management experts - will explore risk management topics in detail, taking the current economic and supervisory environment into account.
Patrick Brady, Director, Policy & Risk, Central Bank of Ireland, will be the keynote speaker and will discuss the implications for insurers of a sustained low interest rate environment.
Esko Kivisaari, Chairman of the Groupe Consultatif Actuariel Européen Insurance Committee, will cover topics such as Solvency II and ERM, developments in the risk management space outside Europe, and what insurers and policymakers can learn from risk management practices and experiences in banking.
Niamh Brennan, Michael McCormac Professor of Management at the UCD School of Business, will explore the behavioural and psychological aspects of managing risk and the challenges in embedding a risk culture in an organisation.
Pat Ryan will speak about “Overseeing Risk Management in a Financial Institution”, drawing on experiences as an INED and a Chief Risk Officer. Pat’s roles have included INED at the Irish Life Group and Treasurer and Chief Risk Officer at AIB. Francis Coll, Head of Compliance at Irish Life Financial Services, will give a practitioner’s view of managing compliance risk and how that fits within an ERM framework.
Eamonn Phelan, Principal at Milliman and Chairman of the Society’s Enterprise Risk Management Committee, will present on developments in relation to Risk Appetite Statements.
Lukas Ziewer, Partner at KPMG Ireland, will present on tools and techniques for managing financial risk.
John McCrossan, Chief Risk Officer of Aegon Ireland, will describe an innovative approach to managing operational risk. Marie Sinnott, Manager - Compliance, Risk and Environment at the Electricity Supply Board, will bring perspectives on risk process and culture from another industry.
The programme will also include two panel discussions, giving attendees the chance to engage in an active discussion on risk management practice.
In addition to several of the above speakers, panellists will include Colm Fagan, Consulting Actuary, and Pat Healy, Managing Director, AXA Life Europe. Other panellists will be added in the coming weeks.
The panel discussions will be chaired by Sean Casey, Managing Director, New Ireland Assurance, and Tony O'Riordan, Head of Life Insurance Actuarial Practice, PwC Ireland.
The conference will be chaired by Dermot Corry, Principal with Milliman and President of the Society of Actuaries in Ireland.
Groupe Consultatif
We welcome delegates from the Groupe Consultatif who are attending the Annual Meetings in Dublin on 26th and 27th September. Delegates from the Groupe are welcome to attend this ERM event and can avail of the SAI member's rate of €250
Costs
We are offering a 10% discount on bookings of 3 or more from the same organisation.
Speakers/Presenters: Patrick Brady, Esko Kivisaari, Niamh Brennan, Pat Ryan, Francis Coll, Eamonn Phelan, Lukas Ziewer, John McCrossan, Marie Sinnott
Cost (members): €250 for Fellows, Associates and Affiliates / €100 for Students and Retired Members (or €225 / €90 if 3 or more are attending from your organisation)
Cost (non-members): €290 (or €260 if 3 or more are attending from your organisation)
Invitation to a Course on Fundamental Statistical Methods in Insurance at Salzburg University
The Salzburg Institute of Actuarial Studies will host a course at Salzburg University in from 25 to 28 September 2013 on Fundamental Statistical Methods in Insurance (with emphasis on statistical challenges due to Solvency II)
The course is divided into four sections:
Statistical methods with regard to Solvency II
Data Analysis
Stochastic risk models with special focus on their relevance for Solvency II
Simulation techniques.
Focus will be on the issues arising from the current developments in insurance supervision, in particular, standard formula and internal model of Solvency II
The course is designed not only for actuarial students, but also addresses experienced practitioners.
For continuing professional development (CPD) the course counts as 21 hours.
Can long term investment performance be optimised not only for financial rewards but also for ESG rewards? Why are financial and ESG rewards aligned for owners with large diversified portfolios? Fiona Reynolds, Managing Director, UNPRI, will set the scene. Lewis Grant will talk about how Hermes Fund Managers put principles of responsible ownership into practice, aiming to achieve superior long term performance.
Who should attend?
This event will be of interest to:
All actuaries interested in maximising long term financial returns on diversified investment portfolios
Actuaries interested in the impact of climate disruption on insurers and reinsurers
Members of the Resource and Environment Member Interest Group
Sceptics of climate disruption, who believe that risks that might arguably be remote should be addressed if the impact might be globally catastrophic for their grandchildren and their grandchildren’s grandchildren.
Introducing a new programme – Current Issues in Pensions meets Highlights from the Pensions Conference.
This year we have a collaboration running through the seminars, covering highlights from this year’s Pensions Conference as well as current issues in the pensions sector. Designed to update qualified, newly qualified and non actuaries, it will keep you and your organisations updated within your field.
With a mix of technical and topical opportunities combined we hope to show what is new, engaging and inspiring.
Plenary Sessions will include:
Economic Outlook
View from an Independent Trustee
Macroeconomics of Pension Funds
You can also choose from a range of workshops that were featured in the Pensions Conference 2013.
This seminar, organised by the European Actuarial Academy, the Society of Actuaries in Ireland, and the IAA, is based on the book 'Stochastic Modelling - Theory and Reality from an Actuarial Perspective'.
It is designed to provide actuaries with a comprehensive resource that details current stochastic methods and provides background on the stochastic technique as well as their advantages and disadvantages.
The seminar will be suitable for actuaries, actuarial students and other professionals involved in actuarial modelling in life and non-life.
Knowledge Sharing Scotland (KSS) offers members the opportunity to host/attend small, locally-run events in an informal environment, to share information and experiences with peers. Find out more about
This session will be delivered by an experienced competition law team from Freshfields Bruckhaus Deringer LLP, a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates. They will deliver a one and a half hour training session for our members. The session will be filmed and members who are unable to attend this event can access this training, free of charge, via the website from the end of August 2013.
