Tag Archives: Actuary

A masterclass for actuarials on how to make an impact

Posted on 17 May 2012 | Leave a comment

Whether it’s for an atuarial job interview or a promotional oppertunity, you already know how important first impressions are.  But do you know how to maximise your chances of making that first impression a good one? Image and impact is critical as people subconsciously associate your visual impact with your abilities and values. This workshop session at Momentum conference 2011 was extremely popular and so we have decided to run it as a masterclass.

Course content

  • Enhance your professional image
  • Manage the perceptions others have of you
  • Personify your values through your non-verbal communication
  • Dress to impress

For more details and to book a place visit:

http://www.actuaries.org.uk/events/one-day/masterclass-making-impact

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Posted in Actuarial Qualifications, Actuarial Societies, Conferences, Events, Networking, news, UK

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Pensions Conference 2012

Posted on 12 May 2012 | Leave a comment

The annual Pensions Conference is where professionals from across the pensions industry join to debate, to learn about and to share their experiences of the issues of the day.  The programme includes a range of technical matters, softer skills and professionalism topics; we also cover many wider issues affecting pensions.  A new approach to an old problem, or a different view on the future course of pension provision – these are just some of the ways in which we hope the 2012 programme will support delegates to gain fresh perspectives on the challenges they encounter.

The conference is open to all who work in, or have an interest in, the pensions sector (not just pensions actuaries).

The Pensions Conference 2012 will be held on Brighton seafront, in the hive of culture, creativity and candyfloss (and pensions regulation!) that pervades this town on the south coast of England. We are hopeful that this eclectic and creative atmosphere will rub off on delegates as they approach the conference, as the theme of our conference is “Fresh Perspectives”…

A criticism often levelled at pensions professionals is that they are stuck in their ways and resistant to change. Whilst this is for the most part unfair, if we’re honest, we are all occasionally guilty of accepting long-held views and failing to question them, or of failing to challenge ourselves to find new ways to tackle the problems we face. We are confident that this will all change at the Pensions Conference 2012! We would like to empower all delegates to make a real contribution to the conference, for example by participating in workshops, asking questions and discussing and debating the topics raised during the breaks and over a drink or two in the evening.

For full details about the Pensions Conference 2012… http://www.actuaries.org.uk/events/residential/pensions-conference-2012/about

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Posted in news, Pensions

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Employer Covenants research project

Posted on 6 May 2012 | Leave a comment

Invitation to submit a proposal for a research project on Employer Covenants.  This project will be of interest to those with an interest in pensions. The deadline for submission of bids is 15 June 2012 and the funds available are up to £40,000.

Background

The Institute and Faculty of Actuaries is commissioning a research project on the topic of how employer covenants are best taken into account when assessing the capital supporting Institutions of Occupational Retirement Provision (IORPs).

The impetus for this project is provided by the review of the IORP directive and in particular by the Holistic Balance Sheet (HBS) option. This was described in the consultation document issued on 25 November 2011 by the European Insurance and Occupational Pensions Authority (EIOPA) in its draft advice to the European Commission.

For more details click here

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Posted in Actuarial Sectors, news, Pensions

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ACTed tutorials sessions

Posted on 30 April 2012 | Leave a comment

One of our newest employees, Dami Ogunjimi gives us an insight into the ACTed tutorials sessions.

On Geraldine’s advice I opted for three full day regular tutorial’s spread out over a 2 month period, along with a block two full day tutorials to help me with my two exams. The tutorials proved intensive but informative beyond what I could read from notes alone.

The tutorial consisted of the lecturer explaining further what we read from our course notes, and going through past paper questions, to put our learning into practice. Giving us the chance to identify our weaknesses and work on them with the aid of the lecturer and our peers.

During the day it crossed my mind that I would have never worked out how to solve some of the problems without help. This alone proved the tutorials were worth both the money and time invested. Towards the end of our sessions, we were given useful hints and tips on revision techniques and how to deal with the exam on the day.

Along with enhancing our actuarial studies, the tutorials proved to be a great way to meet other students and expand our network. Not only did this result in some of us establishing ‘study buddies’, but we gained friends who are we are likely to know throughout our working lives

In my opinion, ACTed have hit the nail on the head with these tutorials. Excellent teaching methods provided by the lecturers, coupled with a relaxed environment ensure you get the most out of the sessions, without it being a tedious experience. I personally would encourage other students to attend if able to do so.

 

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Posted in ACTed, Articles, news

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Reinsurance rates continue upward trend at April renewals

Posted on 28 April 2012 | Leave a comment

Two thirds of natural disasters in 2011 occurred in Asia and as the April deadline for the reinsurance renewal got closer (April 1st) reinsurers were getting ready for the first real indication of how the damages had affected reinsurance rates in Japan and the rest of the region.

It was good news- as the market continues to work through the impact of the events of 2011, April’s reinsurance renewal rates have continued their rising trend seen in January according to reinsurers Guy Carpenter.
David Flandro, Guy Carpenter’s global head of business intelligence said that the reinsurance sector continues to function normally, despite 2011’s losses, and holds sufficient capital to support the Asia-Pacific region and the global property/casualty insurance industry overall.

“Japanese insurers were hit hard by catastrophic flooding in Thailand, which itself came less than six months after the Tohoku earthquake,” he said. “Nevertheless, we were pleased to see that reinsurers remained supportive of the Japanese market. Fortunately, loss activity during the first three months of 2012 has been relatively light, with insured losses expected to be under $5bn. This is significantly down from the first quarter of 2011, when insured losses exceeded $50bn.”

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Posted in Actuarial Sectors, news, Property and Casualty / Non-Life / General, Risk

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Demystifying the Risk Margin: Theory, Practice and Regulation.

Posted on 24 April 2012 | Leave a comment

The Staple Inn Actuarial Society (SIAS) are holding a meeting to discuss Anthony Brown FSA’s paper on Demystifying the Risk Margin: Theory, Practice and Regulation.

The risk margin is one of the most complicated features of the ‘new’ market-consistent actuarial world embodied by Solvency II, MCEV and others. This paper aims to complement that with a comprehensive, straightforward, jargon-free and, above all, practical overview to the topic.

The focus will be on theoretical justification for the risk margin concept in particular the policy choices made in various regimes, and review the regulatory guidance around its calculation. They will then look in some depth at the practicalities of calculation of the risk margin addressing issues such as appropriate allowance for diversification, costs of capital, allocation of capital, simplifications, etc.

The SIAS has over 5,000 members worldwide and exist to represent younger members of the actuarial profession, whilst also acting as the London region actuarial society. See www.sias.org.uk for more details.

The event will take place on Monday 14 May 2012 at 18:00 at Staple Inn, London.

 

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Posted in Actuarial Sectors, Actuarial Societies

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Actuarial Profession marks 60 years of Sir Joseph Burn student prize

Posted on 14 April 2012 | Leave a comment

A dinner was held by the Institute and Faculty of Actuaries to celebrate the  anniversary of the Sir Joseph Burn prize and the profession’s commitment to excellence in learning and research. Over 70 guests attended the dinner at London’s Staple Inn Hall in March, including past winners and representatives from a range of academic, regulatory and public policy bodies.

Allister Heath, editor of daily business newspaper City A.M, guest speaker for the evening, highlighted a lack of basic financial understanding in the industry which needs to be urgently addressed. The Profession plans to make a significant contribution in this area as part of its public affairs programme over the coming year.

Derek Cribb, chief executive of the institute closed the evening by outlining the range of research initiatives being undertaken by the Profession in the year ahead.

The Sir Joseph Burn prize is awarded to a student who has completed the Profession’s examinations to become a fellow of the institute of an exemplary standard. Established in 1952 the award is a legacy from the family of Sir Joseph Burn KBE

 

 

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Posted in Actuarial Sectors, Actuarial Societies, news

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One in six will retire with no pension

Posted on 12 April 2012 | Leave a comment

One in 6 people who are planning on retiring this year have no personal pension and will depend soley on their state pension to fund their retirement. The study by Prudential’s Class of 2012 study also shows that 20 per cent of women retiring in 2012 will depend on the State Pension compared with just 8 per cent of men. As of Friday 6th April 2012 the state pension payment rose to £107.45 a week, for the average person State Pensions will make up 34 per cent of total income, 35 per cent will come from company pensions and the remaining 30 per cent will be a mixture of savings and investments as well as personal pension savings. Vince Smith-Hughes, retirement income expert at Prudential, said: “For far too many people, the State Pension has become the default income option in retirement. Even those who have some private provisions depend so heavily on the State that it makes up a third of their retirement income. “If people want to maintain their standard of living in retirement it is important that they start to save as much as possible as early as possible, and the vast majority should join company pension schemes where possible. Seeking early advice from a financial adviser should also be a prerequisite to helping people achieve the level of retirement income they want and need.”

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Posted in news, Pensions

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Virtual Library for Actuaries

Posted on 3 April 2012 | Leave a comment

As a member of the life committees I’m delighted to introduce you to a new service to members. They have developed a virtual library of life insurance papers. The library (http://www.actuaries.org/index.cfm?DSP=LIFE&ACT=LIBRARY&LANG=EN) currently contains over 40 papers, which have appeared in past issues of the ASTIN Bulletin – The Journal of the IAA and Insurance: Mathematics and Economics. Papers from past Life Section colloquia will also be added to the library. The library provides the following information for each paper: title, author, source, year of publication and abstract. Additionally, we have included a filter option which allow viewers to limit the display to various categories. The library also includes a form allowing members to suggest papers to be added to the library. A member of the Life Section Committee has been appointed to review potential submissions for inclusion in the library. Please make sure that you are logged into the IAA Website as a member in order for your access rights to be authenticated.

Geraldine

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Posted in Actuarial Sectors, Life, news

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Actuaries warn that pension costs to rise

Posted on 25 March 2012 | Leave a comment

The BBC has reported that the mortality rate in England and Wales improved again last year.  This could have a knock-on effect on pensions, actuaries have suggested. The number of deaths fell to 484,000, according to official figures.

After examining the figures the Actuarial Profession said the death rate fell by 4% – down from an average annual drop of 2.4% in the previous decade.

Falling death rates would inevitably make it more expensive to fund pension schemes. Last year was the third in a row in which deaths had been below 500,000.

The figures – from the Office for National Statistics (ONS) – suggest that 20,000 fewer people died in 2011 than would have done in previous years.

Punter Southall’s head of mortality research, Ross Matthews, said: “If the 2011 fall in mortality rates continued, a man of 65 retiring today could expect to live to 91, three years longer than the typical current estimate of 88.”

“A 45-year-old would live to 95, seven years longer. This equates to an increase of up to 15% on pension scheme liabilities, potentially driving deficits by up to 50%”.

But Gordon Sharp, of the Actuarial Profession, warned that death rates could be volatile from year to year, and said that not too much should be read into one year’s provisional improvement.

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Posted in Actuarial Sectors, Life, news, Pensions, UK

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