The Bournemouth Actuarial Society (founded in 1980) Covers Andover, Basingstoke, Bournemouth, Eastleigh, Portsmouth, Salisbury, Southampton, Virginia Water and Winchester.

Meetings held at 6.00pm.

Non-members very welcome, but please contact the Honorary Secretary first.

Events 2008

17 June: IFRS – Insurance Industry
Talk by Marylene Lanari-Boisclair and Alex Arterton, both from Deloitte
Following the publication of a Discussion Paper on accounting for insurance in May last year, the industry showed its considerable interest in the development of a new standard by submitting around 160 responses from around the world to the IASB. With the support of its Insurance Working Group, the IASB is currently analysing these responses and working with an aim to develop an Exposure Draft for September 2009. Whilst this has been put back from 2008, there is a clear sense of urgency for developing an accounting standard for insurance business coming from the various stakeholders. With a timeline similar to Solvency II, companies should make sure IFRS Phase II is at the top of their agenda to ensure that the financial and regulatory reporting develop in a congruent and compatible fashion.
This session will cover the background to the IASB's Insurance Project, a summary of the Discussion Paper along with the views and issues that have emerged from the responses submitted by the insurance industry. The session will also explore the likely impacts the new standard will have on companies' actuarial models and financial statements.
Hosted by Skandia, Southampton

13 May: Disease and Death - improving our understanding of the future
Talk by Hande Love and Daniel Ryan, both from Watson Wyatt Limited
This paper focuses on the development of disease-based mortality models that use primary care medical records to identify population groups based on prior medical history and produce projections of future all-cause mortality. They will discuss how this approach complements other actuarial techniques for producing future mortality improvement assumptions, and present some of their more recent work that has focused on using such models in combination with predictive scenarios that consider clinical guidance, available treatment and experience in other countries.
Hosted by Friends Provident, Salisbury

Events 2007

4 December: Question Time
We held our first "Question Time" type of meeting for our members. We were honoured to have a panel of four actuaries, two from the life industry and two from the pension field. The meeting was held in University of Southampton.

1 November: Current issues - the life industry.
Talk by Sen Nagarajan, KPMG. The talk will provide an update on the current issues in the life insurance industry, namely solvency II, PS 06/14, MCEV and annuitant mortality.

• On Solvency II we presented a numerical example using QIS 3 results for a hypothetical portfolio. This provided some interesting insights into how Solvency II affects the capital requirements for different types of policies.
• Approximately a third of KPMG's clients adopted PS 06/14 for the 2006 year end and we expect the vast majority of companies to adopt PS 06/14 for this year end. We discussed what sorts of impacts were seen and what are some of issues involved in implementing PS 06/14.
• An increasing number of companies are using the MCEV method. In the talk we provided an overview of what MCEV is and what are the approaches adopted by the main UK companies.
• Finally we closed by talking about recent trends in annuitant mortality.

2 September: Credibility theory in UK PMI - theory, applications and advice.
Talk by Tim Rourke. Tim has been working in several companies around the area. He has been involved mainly on the reserving side of PMI and some GI products. His current role in Standard Life Healthcare Ltd mainly focuses on the pricing and underwriting. Overall, he has about 4 years of experience in the healthcare business.

26 June: The actuarial qualification process from the examiners' perspective.
Talk by Trevor Watkins and Helen Gregson. Helen Gregson is a Staff Actuary responsible for the investment subjects and the modelling module. Helen contributes to the Professionalism courses and the Business Awareness courses. Trevor Watkins is Head of Education and CPD and takes responsibility for education strategy and co-ordinating the work of the team.

23 May: Pricing and capital requirements for with profit contract: modelling considerations.
Presented by Laura Ballotta, Cass Business School. Hosted by Liverpool Victoria, Bournemouth.

Committee members

President: Martin Harlow
Tel: +44 (0)118 977 2277
Email: martin.harlow@puntersouthall.com

Treasurer: Helen Jones
Tel: +44 (0)1256 470 707
Email: helen.jones@winterthur-life.co.uk

Secretary: Jacky Cheung
Tel: +44 (0)1202 292 333 x2189
Email: jacky.cheung@lv.com

Student Representative: Teri Penny
Tel: +44 (0)870 879 3110
Email: teri.penny@firstactuarial.co.uk

Communications should be addressed to the Honorary Secretary at Liverpool Victoria Friendly Society Ltd, Frizzell House, County Gates, Bournemouth, Dorset, BH1 2NF.