Research and Resources news
It has also issued version 1.4 of the CMI library of mortality projections, containing ten additional projections.
To access the paper and the library, click here.
It is accompanied by Working paper 63, which illustrates the impact of incorporating the latest England and Wales population mortality dataset into the model. On this occasion there are two elements to updating the dataset; incorporating revised population estimates for mid-2002 to mid-2010 following the 2011 Census and the usual extension of the dataset to include the latest year’s data (2011).
An updated version of the User Guide has also been issued.
Council has identified the growing importance of longevity risk to many financial entities and the increased number of providers of demographic experience analysis. In response, a working group was set up to make recommendations on how the Profession should respond to the challenges and opportunities of demographic experience analysis covering longevity, mortality and morbidity.
Chaired by Steven Nuttall, the working party has carried out initial analysis, which has found that there is a substantial number of activities already underway at the Profession. It is now running a consultation from 2 November 2012 to 17 December 2012 with members to:
- Build up a complete picture of activities undertaken by IFoA in respect of demographic experience data and analysis.
- Seek views on the opportunities the Profession could explore within the existing framework and outputs.
- Collate views on any gaps that the Profession could fill in future or areas of leading-edge research that the Profession should seek to progress.
Our host MSP, Mark McDonald, welcomed the audience and outlined some of the areas where the Profession has already been interacting with politicians at the Scottish Parliament and said that they would welcome any input from the Profession, which aligns to our public affairs objective.
Minister for Local Government, Derek Mackay MSP, emphasised the importance of actuaries in industry today (not least for the security of his own pension).
President elect, David Hare (in the right of the picture), thanked the main engineers of the ARC, the Scottish Board, and suggested that it was fitting that this centre is set up in a month that marks 250 years since the birth of actuarial work in life offices (at Equitable Life). The first Director of the ARC, Professor Andrew Cairns (in the left of the picture), then outlined his vision for the centre - one of collaboration with business, developing the academic disciplines and developing researchers that will be an asset to industry.
Mention was also given to Hymans Robertson and Partnership, who have agreed to fund a large proportion of the first two PhD students. Overall, this felt like a fitting start for such an exciting project.
If your organisation might be interested in sponsoring future PhD students or other smaller projects, please contact Professor Andrew Cairns at A.J.G.Cairns@hw.ac.uk to find out more.
Following on from last year's success, the conference will continue the theme of bridging the gap between academics and practitioners.
The Actuarial Teachers' and Researchers' Conference is the only actuarial conference with a research and education focus in the UK which is truly cross-practice and open to all.
More information can be found on: http://www.actuaries.org.uk/events/one-day/actuarial-teachers-and-resear...
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.
The Actuarial Profession has initially allocated up to £40,000 for this project.
The Actuarial Profession is seeking to support university communities through three routes:
- by part-funding some PhD studentships in the UK;
- by funding academics to attend conferences and other events
- by welcoming applications to help pump prime research in areas of actuarial interest.
The closing date for applications is 30 September 2011. See Calls and current projects for further information.