- Professor Andrew Cairns - Heriot-Watt University
- Torsten Kleinow - Heriot-Watt University
- Angus Macdonald - Heriot-Watt University
- George Streftaris - Heriot-Watt University
- Erengul Dodd - Southampton University
- David Blake - Cass Business School, City University London
- Kevin Dowd - Retired Professor of Economics and Independent Consultant
- Michel Vellekoop - Faculty of Economics and Business, University of Amsterdam
- Malene Kallestrup-Lamb - Department of Economics and Business Economics, Aarhus University, Denmark
- Ian Duncan - University of California, Santa Barbara
- Stephen Richards - Longevitas Ltd.
- Liang Chen - University College Cork
Research Team Biographies
Andrew Cairns is Professor of Financial Mathematics at Heriot-Watt University. His research broadly concerns quantitative risk management of pension plans and life insurers including model and parameter risk. He has published extensively on asset strategies for pension plans, interest rate modelling and modelling and management of longevity risk, and many of his papers rank amongst the most highly cited in actuarial science. He is passionate about deriving industry impact from his research, and has a strong track record of impact as evidenced in Heriot-Watt’s 2013 Research Excellence Framework (REF) submission.
Torsten Kleinow is associate professor in the Department of Actuarial Mathematics and Statistics at Heriot-Watt University. His main research interests are stochastic mortality models and the valuation and management of long term saving products with embedded options. He has published a number of papers on With-Profits contracts and collective pension schemes including the risk management of annuities when interest rates and mortality rates are stochastic. He also developed a multi-population mortality model. He has supervised PhD students working on economic modelling, risk management and risk capital allocation as well as mortality modelling.
Angus Macdonald graduated in Mathematics from Glasgow University, subsequently qualifying as a Fellow of the Faculty of Actuaries in 1984. In 1989 he moved to Heriot-Watt University, obtaining a PhD in 1995 and being appointed Professor in 2000. He served on Faculty Council from 1998 to 2007. In 1999 he set up the Genetics and Insurance Research Centre, which has since produced most of the actuarial research on this subject, including two papers that won the David Garrick Halmstad prize in 2005. He was elected Fellow of the Royal Society of Edinburgh in 2006 and was awarded the Finlaison Medal by the actuarial profession in 2011. He has been actively involved with the UK Continuous Mortality Investigation from 1999 to 2015.
George Streftaris is Associate Professor in Statistics at Heriot-Watt University. His research focusses on Bayesian modelling and inference across the interface of statistics, actuarial science, epidemiology and life sciences. He has a strong interdisciplinary research record, reflected in his publications and involvement in cross-sectional projects concerning stochastic modelling in the areas of critical illness insurance, epidemiological resilience to disease outbreaks and flood risk. He has supervised a number of PhD students in these areas, and also in topics related to heart disease modelling, stochastic mortality and Bayesian model assessment.
Erengul (Ozkok) Dodd is a Lecturer in Actuarial Mathematics at the University of Southampton. Her research focusses on the application of statistical modelling, inference and prediction under model uncertainty to insurance claim and population mortality data. She has a number of publications on stochastic modelling and pricing of critical illness insurance and has recently worked with the Office for National Statistics to produce the latest official decennial life table, ELT17, and project the future mortality improvement rates in the UK.
David Blake is Professor of Pension Economics and Director of the Pensions Institute at Cass Business School, City University London. In 2011, he won the Robert I. Mehr award from the American Risk and Insurance Association for his seminal paper on mortality risk transfers. The paper is credited with developing a new global capital market in mortality risk transfers between pension funds, life assurers and capital market investors, leading to the world’s first pension buy-out in 2006 and the world’s first pension buy-in and first longevity swap in 2007. In 2013, he was selected as one of “The Professors: The Ten Most Influential Academics in Institutional Investing by aiCIO”. He organises the annual International Longevity Risk and Capital Market Solutions Conferences, a key component in the impact generation chain. He has published in leading international journals, such as Journal of Finance, Review of Finance (formerly European Finance Review), Journal of Econometrics, Economic Journal, Journal of Risk and Insurance and North American Actuarial Journal.
Kevin Dowd is Professor of Economics and Finance at Durham University Business School (part time) and Emeritus Professor of Financial Risk Management at Nottingham University Business School, where he worked at the Centre for Risk and Insurance Studies. He has written widely in the fields of financial and monetary economics, political economy, financial regulation, financial risk management, pensions and more recently, mortality modelling. His books include Competition and Finance: A New Interpretation of Financial and Monetary Economics (Macmillan, 1996), Beyond Value at Risk: The New Science of Risk Management (Wiley, 1998) and Measuring Market Risk (2nd ed, Wiley, 2005). He also has an affiliation with the Institute of Economic Affairs. He is also one of the co-authors of the Cairns-Blake-Dowd (CBD) mortality model.
Michel Vellekoop is full professor in the Actuarial Sciences and Mathematical Finance group at the University of Amsterdam. His academic work in actuarial science focuses on longevity and interest rate risk and asset pricing in incomplete markets. He has published in all the top actuarial journals and as a member of the Dutch Committee on Mortality Research, he is responsible for the official mortality projections of the Dutch Actuarial Society (KAG). Michel was the project leader for two large Research Themes funded by Netspar, the Network for Studies on Pensions, Ageing and Retirement: Reconciling Short Term Risks and Long Term Goals for Retirement Provisions (2009-2012) and Risk Management for Funded Pension Systems (2013-2016).
Malene Kallestrup-Lamb is an Assistant Professor in the Department of Economics and Business Economics at Aarhus University. She is an active researcher in the fields of time series econometrics and micro econometrics, with particular emphasis on mortality, longevity, economics of ageing, retirement and health economics. In providing useful insight in explaining and identifying longevity trends she has contributed with new types of mortality data that allows both pension funds and governments the ability to account for characteristics such as marital status, education, financial indicators, social class, and region in the estimation and forecast of mortality.
Ian Duncan is Adjunct Professor of Actuarial Statistics at the University of California Santa Barbara. From 2010 to 2014 he served as Vice President, Clinical Outcomes, Analytics and Reporting at the Walgreens Company. He founded Solucia Consulting (now SCIO Health Analytics), a provider of analytical and consulting services to the healthcare financing industry in 1998. He is a post-graduate research student at Heriot-Watt University, Edinburgh. He is a fellow of the Society of Actuaries, the Institute of Actuaries (London), and the Canadian Institute of Actuaries, and a Member of the American Academy of Actuaries. He is active in public policy and healthcare reform, and served on the board of directors of the Commonwealth of Massachusetts Health Insurance Connector Authority from 2007-2014. He was also a member of the board of the Society of Actuaries (2012-5).
Stephen Richards is managing director of Longevitas Ltd. He qualified as a Fellow of the Faculty of Actuaries in 1994 and holds a PhD from Heriot-Watt University. For a number of years he served on several CMI working parties relating to longevity and mortality. He has published a number of papers on the practical application of statistics to business and regulatory problems involving longevity risk.
Liang Chen is a lecturer in the Department of Statistics, the School of Mathematical Science at University College Cork, Ireland. His research interest is in modelling the longevity risk of small heterogeneous populations; critical illness and long-term care.
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The International Accounting Standards Board (IASB) recently published an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022.
The IFoA hosts regular roundtable meetings with the PRA on best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.
Presenter: Rahul Verma
Presenter Matt Modisett
An introductory session to help you get ahead with climate change.
- Science, terminology and initiatives: handy facts to keep in your back pocket
- Getting your point across: how to influence people and avoid common traps and pitfalls
- Taking action: what are actuaries expected to do...and what are we actually doing?
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.
Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better?
It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.
The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October. The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters.
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.
Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.