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Peter Clark Prize for Best Paper

This prize is awarded for the best paper and presented or published for an actuarial audience.

Papers are nominated annually by members from across the IFoA. Initially established in 1891, this prize was originally awarded for the best essay and later became the Prize for Best Paper. It was re-named the Peter Clark Prize for Best Paper in 2007 in memory of the former President of the Institute of Actuaries, who passed away suddenly whilst serving as the Immediate Past President.  


Peter Clark Prize winners Author(s) Year
Reverse Sensitivity Testing: what does it take to break the model? Silvana M. Pesenti, Pietro Millossovich and Andreas Tsanakas 2020
No winner n/a 2019
High Age Mortality Working Party: Working Paper 100: A Second Report on High Age Mortality Steve Bale (chair), Carl Campbell, Mark Cooper, Andrew Gaches, Adrian Gallop, Andy Harding, Richard Lamb and Anny Sun 2018
Ersatz model tests Stuart Jarvis, James Sharpe and Andrew D Smith 2017
No winner n/a 2016
Model risk: daring to open up the black box Nirav Morjaria (Chair) and members of the Model Risk Working Party 2015
Difficult risks and capital models Ralph Frankland (Chair) and members of the Extreme Events Working Party 2014
Market-consistent valuation of a defined benefit pension fund's employer covenant and its use in risk-based capital assessment Craig Turnbull 2013

A review of the use of complex systems applied to risk appetite and emerging risks in ERM practice

N Cantle, N Allen, P Godfrey, Y Yin


Developing a framework for the use of discount rates in actuarial work

C A Cowling, R Frankland, R T G Hails, M H D Kemp, R L Loseby, J B Orr and A D Smith 2011

Measurement and modelling of dependencies in economic capital

R A Shaw, A D Smith and G S Spivak

Disease management programmes for major depression: making the financial case

J Buckle


Modelling extreme market events

R Frankland, A D Smith, T Wilkins, E Varnell, A Holtham, E Biffis, S Eshun and D Dullaway 2009

Risk assessment techniques for split capital investment trusts

Andrew Adams and James Clunie


Recent Best Paper commended papers

Author(s) Year
AI in actuarial sciences Ronald Richman 2019
Mortality rates and improvement over time at advanced ages in South Africa - insights from the national-level data. (Presented at Actuarial Society of South Africa Convention, November 2016) Ronald Richman and Rob Dorrington 2017

Transforming consumer information

A Ritchie, J Corrigan, S Graham, A Hague, A Higham, J Holt, P Mowbray and H Robinson


ERM for health insurance from an actuarial perspective

G C Orros and J Smith


Insurance accounting: a new era? 

K Foroughi, C R Barnard, R W Bennett, D K Clay, E L Conway, S R Coldfield, A J Coughlan, J S Harrison, G J Hibbert, I V Kendrix, M Lanari-Boisclair, C D O'Brien and J S K Straker


Developments in the management of annuity business

P G Telford, B A Browne, E J Collinge, P Fulcher, B E Johnston, W Little, J L C Lu, J M Nurse, D W Smith and F Zhang


Does your hedge fund do what it says on the tin? Hedging strategies for insurers; effectiveness in recent conditions and regulatory treatment

S Eason, W Diffey, R Evans, P Fulcher and T Wilkins


Actuarial aspects of internal models for Solvency II

K A Morgan, D Brooks, R J Care, M B Chaplin, A M Kaufman, D N Roberts, J M E Skinner, D J K Huntington-Thresher, P J Tuley an D L Wong


Credit derivatives

Martin Muir, Andrew Chase, Paul Coleman, Paul Cooper, Gary Finkelstein, Paul Fulcher, Chris Harvey, Richard Pereira, Albert Shamash and Tim Wilkins.


Modelling and managing risk

Paul Sweeting 2008

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Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    Actuaries need to take action now - but how?  With a focus on climate change, this session will provide informed insight to enable you to improve your knowledge and understanding of the issues involved, demonstrate how it will impact advice to your clients, and highlight prospective opportunities for actuaries within pensions and wider fields.

  • Spaces available

    A joint webinar from the CMI Mortality Projections and SAPS committees that will cover: recent mortality experience in the SAPS dataset and the general population; the CMI Model benchmarking survey; the MPC 2021 interim update paper; plans for CMI_2021; and initial thoughts on possible "S4" Series pensioner mortality tables.

    The webinar will be presented by Cobus Daneel (Chair of Mortality Projections Committee) and Matthew Fletcher (Chair of SAPS Committee).

  • Spaces available

    Pension scams have become more prevalent as a result of the pandemic, and Trustees have increased responsibilities to protect members, which means that actuaries need to be in a position to provide advice in this area. Our specialist panel will include a professional trustee, an IFA and head administrator, two of whom are members of PASA.

  • Spaces available

    The Covid-19 pandemic creates a challenge for actuaries analysing experience data that includes mortality shocks.  To address this we present a methodology for modelling portfolio mortality data that offers local flexibility in the time dimension.  The approach permits the identification of seasonal variation, mortality shocks, and late-reported deaths.  The methodology also allows actuaries to measure portfolio-specific mortality improvements.  Results are given for a mature annuity portfolio in the UK

  • Spaces available

    In this webinar, the authors of the 2021 Brian Hey prize winning paper present a new deep learning model called the LocalGLMnet. While deep learning models lead to very competitive regression models, often outperforming classical statistical models such as generalized linear models, the disadvantage is that deep learning solutions are difficult to interpret and explain, and variable selection is not easily possible.

  • Spaces available

    The dominant underwriting approach is a mix between rule-based engines and traditional underwriting. Applications are first assessed by automated rule-based engines which typically are capable of processing only simple applications. The remaining applications are reviewed by underwriters or referred to the reinsurers. This research aims to construct predictive machine learning models for complicated applications that cannot be processed by rule-based engines.

  • Spaces available

    With the Pension Schemes Act 2021 requiring a long term strategy from Trustees and sponsors, choosing a pensions endgame strategy has become even more critical. However, it is important that the endgame options available are adequately assessed before choosing one. With an ever-increasing array of creative and innovative options available, this decision may not be straightforward.