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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 2019/20
No winner n/a 2018/19
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 2017/18
Ersatz model tests Stuart Jarvis, James Sharpe and Andrew D Smith 2016/17
No winner n/a 2015/16
Model risk: daring to open up the black box Nirav Morjaria (Chair) and members of the Model Risk Working Party 2014/15
Difficult risks and capital models Ralph Frankland (Chair) and members of the Extreme Events Working Party 2013/14
Market-consistent valuation of a defined benefit pension fund's employer covenant and its use in risk-based capital assessment Craig Turnbull 2012/13

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 2010/11

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 2008/09

Risk assessment techniques for split capital investment trusts

Andrew Adams and James Clunie


Recent Peter Clark Prize and 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 2007/08

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Events calendar

  • Sub-Saharan Africa Town Hall

    26 February 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann.

  • MENAP Town Hall

    2 March 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Middle East, North Africa and Pakistan (MENAP) Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann. 

  • Spaces available

    COVID-19 has seen a marked increase in mental health issues. We all have mental health and poor mental health has serious consequences for individuals and our workplaces, with it costing UK businesses £33-42 billion annually.

  • The price is righter

    16 March 2021

    Spaces available

    This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.

  • Spaces available

    This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)


  • Spaces available

    What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code?

    • How does effective stewardship create long term value for beneficiaries?
    • What roles do asset owners and asset managers play in active stewardship?
    • A practical approach to stewardship reporting
  • Spaces available

    Income drawdown products offer an investment strategy to generate an income in retirement.  However, for those needing to decumulate their capital to provide a sufficient income in retirement, sequencing risk is high.  This is the risk that poor returns are experienced when capital is highest (in the first part of the decumulation phase) and good returns when capital is lowest (in the last part).   It is very difficult to recover from this risk, if it is realised.  This means that income drawdown products are not very resilient for those needing to decumulate their capital.