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Within the UK insurance industry, there has been a convergence in ESG calibrations and models over the years, not least because of the success (and subsequent pseudo-monopoly) of Barrie and Hibbert. These have largely been driven from a 'risk neutral' point of view.

Parit Jakhria produces a brief overview of the developments within UK, before introducing Bahram Mizrai and Ulrich Müller who offers a substantially different approach to 'risk neutral' scenario generation, which is hoping to raise awareness within UK of the range of different approaches possible.

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A unique look into the future of actuarial science and insurance:

• How the profession is moving with the times 
• The new generation of actuaries 
• How actuarial peers are working towards to new 'peaks and junctures'. 

Actuaries and new regulation:

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The UK Pension Protection Fund was established to protect the pensions of members of UK private sector defined benefit pensions which have insufficient assets and whose corporate sponsor fails.

To improve its ERM framework, the PPF engaged with experts both inside and external to its operations to explore its current risk profile and develop a suite of reverse stress test scenarios. The analysis provided the PPF with new insights into its risk profile, the scenarios leading to the PPF’s potential “failure” and interactions between these scenarios.

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The current low interest rate environment has posed challenges for insurers in setting strategic asset allocation targets. Should CIOs take reversion to previous norms for granted or plan for a “lost decade”, as in Japan?

In this session we will discuss how liability-driven investment considerations combined with stochastic risk modelling can help resolve this dilemma.

Russell Busst then will present a Chief Investment Officer’s view of managing the low yield environment and the investment opportunities for yield enhancement.