NEWS FROM MEMBER ASSOCIATIONS

June 2016

Deutsche Aktuarvereinigung (DAV), Germany

Low Interest Rate
Due to continuously low interest rates in the European Union, the German Ministry of Finance proposes to reduce the maximum interest rate for life insurance policies with guaranteed interest from 1.25% to 0.9% on January 1, 2017. That proposition surpasses the DAV’s recommendation to lower rates to 1.0% and sets a short time frame for its implementation. The ministry will make a binding decision based on the recommendation of the German financial supervisory authority BaFin within the next few weeks.

Focus Topic: Big Data and Digitalization
This year the DAV is focusing on the subject of big data and digitalization, which was the principal topic at the annual meeting in Bremen in April. Relevant videos can be found on its YouTube channel.

International Congress of Actuaries 2018: Best Paper Awards
As part of the 2018 congress, the Scientific Committee plans to award Best Paper Awards in six subject areas—big data, demographic change and longevity, aspects of long-term savings, behavioural aspects of insurance mathematics, long-term risk, and mathematical aspects of emerging risks— with cash prizes of up to 1,500 Euros for each area.

The deadline for submissions is July 31, 2017. Further information is available here.

European Actuarial Academy (EAA)

EAA Forum: Business Simulation Game on Risk and Capital Management under Solvency II—Czech Republic
With Solvency II in place since January 1, a large and detailed regulatory framework has been laid out, creating risks and opportunities for insurance companies.

Together with Tata Interactive Systems, the EAA is offering a Solvency II business simulation game from November 14–16 in Prague. Participants will take on the role of an executive board managing an insurance company under the new Solvency II regime. They will work in international teams to develop strategies and experience Solvency II’s effects. They will also learn how to succeed in Europe’s challenging insurance markets. Further details and the registration form are online.

Instituto de Actuarios Españoles—Spain

Announcement of New Board
The Instituto de Actuarios Españoles has appointed a new board:

Gregorio Gil de Rozas, Chairman	Rafael Moreno, Deputy Chairman

Association of Consulting Actuaries (ACA), UK

Bob Scott has been elected as ACA’s new chairman. Senior partner at Lane Clark & Peacock, he took office on June 1, succeeding David Fairs, who has completed his two-year term.

Bob said: “Under my chairmanship, the ACA will continue to offer guidance to politicians and Government departments on pensions strategy and delivery, as we have done for many years. The ACA will continue to argue that increasing complexity and regulation will deter individuals from saving and will deter employers from providing any more than legislation requires.

“I am looking forward to the ACA embracing a wider cross-section of the consulting actuarial space including those who advise in fields other than pensions alongside an expansion in our activities to meet the needs of our younger members.”

At the ACA’s recent annual general meeting, Jenny Condron was re-elected honorary treasurer and Phil Simpson honorary secretary. David Fairs remains on the ACA Main Committee as Immediate Past Chairman. The other main committee members elected for 2016–2017 are Ted Belmont, Patrick Bloomfield, Gareth Boyd, Gail Higgins, Steve Leake, Alex Pocock, Julie Stothard, Steven Taylor, Jonathan Teasdale, and Phil Wadsworth.

Casualty Actuarial Society, U.S.

CAS Publishes Three Monographs
CAS monographs are authoritative, peer-reviewed, in-depth works focusing on important topics within property and casualty (P&C) actuarial practice. The CAS has released three that are available for download:

• Stochastic Loss Reserving Using Generalized Linear Models, by Greg Taylor and Gráinne McGuire, discusses generalized linear models (GLM) for loss reserving
  
• In Generalized Linear Models for Insurance Rating, Mark Goldburd, Anand Khare, and Dan Tevet offer a comprehensive guide to creating an insurance rating plan using GLMs, with an emphasis on its practical application
  
• Using the ODP Bootstrap Model: A Practitioner’s Guide, by Mark Shapland, discusses the practical issues and solutions for dealing with over-dispersed Poisson (ODP) bootstrapping models’ limitations.

CAS Announces Inaugural Winners of University Award Program
Four universities—Illinois State; California, Santa Barbara; Connecticut; and University of Illinois at Urbana-Champaign—were selected as recipients of the 2016 CAS University Award, which recognizes institutions doing exemplary work in preparing students for a P&C insurance career. Twenty-four throughout North America, Asia, and Australia responded to a call for nominations, and the winners were determined by judges from companies across the P&C industry. The four universities will be recognized at the 2016 CAS Annual Meeting taking place from November 13–16 in Orlando, FL. 

Casualty Loss Reserve Seminar (CLRS)—USA
With more than 50 sessions and pre-seminar workshops on current issues in loss reserving, the CLRS is the premier educational event for P&C insurance professionals engaged in estimating unpaid claims. The 2016 CLRS is scheduled for September 18–20 near Chicago, IL, sponsored by the CAS, American Academy of Actuaries, and Conference of Consulting Actuaries.

Demand for Professionalism Course in China
The CAS Course on Professionalism is required of all candidates seeking the Associate designation and membership in the society. With a growing candidate population in Asia, the CAS offered the course in China on June 13–14. It was held at Hunan University to a full classroom and was conducted in English and Mandarin. Additional courses in Asia will be announced as soon as they are scheduled.

For more information on these announcements and other CAS news, please visit the CAS website.

Society of Actuaries (SOA), U.S.

The SOA has established a China office in Beijing. With more than 750 member actuaries in the area, China is an important market for the SOA where it continues to serve a key role in the development of the actuarial profession and the insurance industry.

To commemorate the new office, Wesley Cui, general manager of Willis Towers Watson’s life insurance consulting in China, was the master of ceremonies at the opening reception. Speakers included Genghui Wu, Chairman of the SOA’s International Committee; Shirley Shao, Chairman of its China Committee; Jiangang He, deputy director of the China Association of Actuaries’ health and life department and mortality investigation office; Ling Ling Wang, deputy chief actuary of Ping An Insurance (Group) of China; Peking University professor Lan Wu; and Ann Henstrand, senior director of the SOA’s international department.

SOA President Craig Reynolds said: “We trust that the new office in Beijing will help the SOA enhance its connection with members, candidates and partners in the region and promote the development of the Chinese actuarial industry through joint efforts with our partners.”

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