All AAC 2019 recordings can be found here. From 21 to 24 October, another international highlight for actuaries in 2019 took place – this time it´s in Singapore. The 22nd Asian Actuarial Conference featured three days of program under the them
by Nick van der Nest (Munich Re)
by Alain Peddle (Ping An Health)
by Dr. Frank Ashe
by Hassan Scott Odierno (Actuarial Partners Consulting)
by Colin Priest (DataRobot)
Can incentives really change physical activity?
by Nicolette Rubinzstein (Actuaries Institute Australia)
Large commercial risk portfolios present unique challenges to the pricing actuary – heterogeneity, for instance, in the nature of risks, the coverage structures, and participation shares among other things. This presentation will provide a comprehen
In comparison with pricing and ratemaking of primary insurers, there are more uncertainties in pricing of reinsurers in the world. What’s more, in emerging markets such as some countries in Asia, the situation is even more serious. The uncertainties
Shaun will discuss actuarial models for quantifying cyber risks for organisations, with some case examples. Shaun also will discuss cyber risk propagation along the supply chain and implications for cyber insurance.
Design for flood resiliency to transcend current flood analysis approaches which are conducted in siloed, non-repeatable and non-integrated manner, and not integrated with real-time inputs or natural events.
Managing health disability claims means constantly triaging cases, deciding which cases currently need attention and who should be working on which cases and when. In this talk, PartnerRe will show how use of advanced analytical techniques helps claims te
How can the Life & Health reinsurance market respond to the primary industry challenges? Low interest rates: can reinsurance meet historically unmet needs? How to use reinsurance capital and shift to capital-lighter business?
Developing mortality, morbidity and lapse rate tables can be fun! In his presentation, Kai Kaufhold, a recently joined member of the SAS, will demonstrate how statistical analysis at the level of the individual can make the crazy responsive actuary even m
Actuaries are increasingly identifying themselves as working in “data”. Actuaries have analytical and business knowledge skills as well as ethical and professional standards that are valuable in this field.Andy will provide a few case studies
Australian financial institutions have been criticised for failing to meet public expectations. However, this is not just a domestic issue. Many modern Institutions do not seem to be effectively managing the risks that come from swiftly changing social at
Covering background & history of VHIS driven by HK Government, launched 1 Apr 19, details of the scheme, risk management and issues surrounding the scheme, early learning, and a comparison between government driven schemes from HK, China & Singapo
Today’s cyber landscape is radically different from the past. Advanced threats are stealthy and lethal. They are difficult to detect. Unfortunately, cyber protection technologies continue to progress in a detection-oriented framework. It is therefor
While InsurTechs are good at technology, their solution can reach to the wider group only when they collaborate with re/insurers. Who better than actuaries to help InsurTechs in this journey? But are actuaries ready? What do they need to learn & do?
Other economic sectors such as healthcare are fast developing to incorporate artificial intelligence and advanced analytics as an aid to (augment) medical professionals. The question of how AI will be incorporated across the insurance chain and actuarial
When a team culture feels right then the team will naturally perform optimally. We will explore what a company, team manager and team member can do to create a high performing team culture. Be the change you want to see. The environment we create is a ref
How can actuaries leverage human-centric design to create new products and services that are relevant to the customer? Learn the design-thinking framework and see how it can be applied to insurance.
This paper will examine improving decision making in insurance risk underwriting. A key component of insurance risk underwriting decisions is qualitative judgement, in addition to quantitative analytical modelling. In the training of actuaries, great stri
There is a rapidly developing environment with respect to the use of Big Data and Data Analytics in the Asia-Pacific region. Insurers and regulators in the region have an awareness of and appreciation for the potential benefits of Big Data and Data Analyt
This presentation will discuss how big data and new technologies are changing how actuaries work: by creating new insights to data, new opportunities for actuaries’ and new challenges to how actuarial work is done. The session will share information
The insurance markets in the Asian countries will have a significant contribution to the global market growth in the coming years. Developing countries such as China, India and Indonesia are expected to experience strong growth due to higher demand for in
Dynamic economies, regulatory shifts and digitalisation – all pose new challenges for insurers. How can a reserving actuary today leverage insights from the multiple valuations to help stakeholders make better decisions?
This paper will discuss the difficulty of motor extended warranty rate-making and review existing approaches to tackle current difficulties. It will also compare the prediction accuracy of GLM, SVM, and deep learning methods using data from Korea and Chin
Disability Income (DI) is a growing area of need in addressing the gap in protection all across Asia. One third of people will have experienced some illness or accident that prevents them from working before their retirement age. We will take you through
With the ageing population growing faster than ever, especially in Japan (36 million in 2025), many are seeking new and innovative ways to address these unmet elderly needs. Currently, the Japanese government estimates that by 2025, 7 million people in Ja
The Belt and Road initiative is perhaps both the most significant and least well understood foreign policy initiative of the 21st century. This talk will explore the logic behind the BRI and its expanding scope — now encompassing more than half the
In our recently submitted paper we employ a lifecycle model that uses utility of consumption and bequest to determine an optimal Deferred Income Annuity (DIA) purchase policy. We lay out a mathematical framework to formalize the optimization process. The
This paper studies the portfolio management problem for an individual with a non-exponential discount function and habit formation in finite time. The individual receives a deterministic income, invests in risky assets, and consumes and buys insurance con
This paper studies an equilibrium model between an insurance buyer and an insurance seller, where both parties' risk preferences are given by convex risk measures. The interaction is modeled through a Stackelberg type game, where the insurance seller play
In this paper, we investigate a class of robust non-zero-sum reinsurance-investment stochastic differential games between two competing insurers under the time-consistent mean-variance criterion. We allow each insurer to purchase a proportional reinsuranc
Insurance premium principle includes the expected loss plus a risk loading factor to cover the loss from adverse claim experience and generate a profit. This paper considers a stochastic differential game with multiple insurers who are competing to sell i
In this talk, I will discuss the economic approaches to evaluate the social cost of carbon, i.e., the present value of the flow of climate damages generated in the next few centuries by one more ton of CO2 emitted today. What discount rates should we use
Vine copulas have proven to be flexible dependence models, which are able to model tail dependence pattern as they occur in financial and insurance data. The models power is driven by the ability to construct a d-dimensional dependence model from a collec
Solvency II, the harmonized European Directive for insurance and reinsurance companies , introduces new fundamental measures, such as the Probability Distribution Forecast (PDF) and the Solvency Capital Requirement (SCR), whose estimation involves a ma
One important point discussed between practitioners in insurance business is how many Monte-Carlo simulations are necessary to estimate the required Solvency Capital. A widespread opinion is that the larger the size of the Monte-Carlo sample is, the more
In a previous article published in Insurance: Mathematics and Economics , we explored a multiperiod cost-of-capital valuation of a liability cashflow subject to repeated capital requirements. The resulting liability value is given by a backward recursi
The Solvency II framework provides a standard formula for the calculation of the risk capital (SCR = Solvency Capital Requirement) in one year, but also gives life insurance companies the freedom to develop an own internal model. By using such an internal
In Europe, the Solvency 2 directive prescribes that insurers must hold eligible own funds at least equal to their Solvency Capital Requirements (SCR) defined as the value at risk (VaR) of the basic own funds with a confidence level of 99:5% over a time ho
The aim of this paper is to analyze the performance of hedging strategies based on snow and temperature options developed by ski operators to protect their profitability under adverse changes in climatic conditions. The setup is based on a joint non-param
Combining the best of drawdown and annuity, the investment returns and the longevity credits, tontines offer a great alternative to current pension products. Tontines are well-understood under the assumption of constant market returns and a perfect pool.
The stochastic programming scenario optimization using multi-period stochastic linear programming is a very good approach to asset and asset-liability management. This talk discusses the authors experiences in building and implementing large scale ALM mod
Annuities constitute a fundamental branch in the life insurance business. To obtain the cost of annuities, Financial and demographic factors are the key inputs for the related mathematical quantitative models. In this work , we adopt and compare differ
Variable annuities are life insurance products which are particularly attractive in a low interest rate environment. They allow the policyholder to participate in the growth of the economy through the performance of a reference fund, guaranteeing at the s
We focus on the initiation option featured in many Guaranteed Lifelong Withdrawal Benefit variable annuity contracts, granting their owner the right to decide the age at which lifetime withdrawals should begin. Such contracts have been successfully analys
The eastern states of Australia are supplied with electricity from the National Electricity Market, which is a grid that stores electricity generated by a variety of means. Electrical power blackouts occur when there is a disruption to supply to the grid
We investigate fair (market-consistent and actuarial) valuation of insurance liability cash-flow streams in continuous time. We first consider one-period hedge-based valuations, where in the first step, an optimal dynamic hedge for the liability is set up
Insurance liabilities are in most cases a combination of financial and actuarial risks. Determining the valuation of such payoffs requires combining standard actuarial valuations based on historical data with the financial information provided by market p
Risk measurement models for financial institutions typically focus on the net portfolio position and thus ignore distinctions between 1) assets and liabilities and 2) uncollateralized and collateralized liabilities. However, these distinctions are economi
Prima facie, valuing a longevity-contingent claim that provides guaranteed income-for-life should be a relatively straight forward operation. One selects a mortality basis with a proper discount curve and the remainder is left to expectations. And yet, hi
Following the successful example of the Virtual ICA 2018, actuview is the first permanent international media platform for actuaries. From 2019 onwards, the platform regularly broadcasts actuarial events from all around the world and presents the expertise of these gatherings to a constantly growing international community of colleagues from all actuarial disciplines.
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