27/28 Feb 2014 in Berlin
Aspects and Innovations in Modern Life Insurance
Organised by the EAA - European Actuarial Academy GmbH in cooperation with the IAA Working Group on Mortality.
Due to demographic changes and the resulting challenges for government-run pay-as-you-go systems, the importance of funded private or occupational old age provision will increase in the future. These changes have lead to a lot of product developments within the segment of old age provision and life insurers in some markets nowadays offer a great variety of products. The globalization and cross-border activities have stimulated the transfer of ideas and product innovations between the markets, especially within the deregulated EU-market with its principle of single license over the last years. But the consequences of the financial crisis as well as the new solvency requirements following Solvency II ask for more accurate mortality models and new concepts in many markets, especially – but not only – with regard to products that integrate guarantees into the saving process.
This seminar will therefore first demonstrate modern life insurance products and their introduction into selected markets with a special focus on innovations in the life insurance markets. On the second day, special attention will be given to several aspects of mortality, including scenario analysis based on causes of death, mortality of disabled and multistate models.
Purpose and Nature
The seminar is suited for actuaries or actuarial trainees as well as for those who are directly or indirectly involved in issues with regard to developing or controlling products in life insurance. The aim is to present current aspects and innovations in the life insurance markets. Special attention will be given to the financing of guarantees in the saving process that are under pressure against the background of low interest rates.
Besides, this EAA Seminar intends to give participants a broad view on important aspects of mortality and longevity studies. In particular: extreme events, uncertainty, cause-of-death mortality forecasts, mortality of disabled people, guarantees and options in life annuities in presence of (aggregate) longevity risk. As a result, the participants will become familiar with new developments in mortality and its importance for the insurance business and the society as a whole.
The second day of the seminar is organised in cooperation with the IAA Mortality Working Group.
Prof. Séverine Arnold (-Gaille) Séverine Arnold is Assistant Professor in Actuarial Science at the University of Lausanne, Switzerland. Besides a PhD in Actuarial Science, she has a Certificate in Population Study from the University of Geneva, Switzerland. Her research focuses on longevity risk and mortality modeling, looking for more efficient models in mortality projections. In a six months research visit in 2009 and a 2 months research visit in 2012 at the University of New South Wales in Sydney, Australia, she has been investigating various causes of death across countries.Together with Corina Constantinescu (lecturer at the University of Liverpool, UK), she gives yearly short courses in actuarial science at the University of Sfax (Tunisia) and has recently organized a first International Winter School for young actuarial researchers, to be held every other year.In addition to teaching and research, she was involved in social security projects with the International Labour Organization, is a member of the International Actuarial Association Mortality Working Group and of the Social Security Sub-Committee of the GCAE (Groupe Consultatif Actuariel Européen).
Dr Alexander KlingDr Alexander Kling is senior consultant and partner at the Institut für Finanz- und Aktuarwissenschaften (Institute for Financial and Actuarial Sciences), Ulm Germany. The main focus of his work is on the development and design of unit-linked life insurance products with guarantees and variable annuities. Besides his consulting work, he is a lecturer at Ludwig-Maximilians-Universitaet Munich and Ulm University. He graduated from University of Wisconsin, Milwaukee (MSc. - Mathematics) in 2002 and from Ulm University (diploma in Mathematics and Economics) in 2003. He has completed his doctoral thesis on interest rate guarantees within life insurance products in 2007. He has published several academic papers and was granted five research awards.Alexander Kling is a member of the German Actuarial Association (DAV), the German Association of Insurance and Financial Mathematics (DGVFM), the International Actuarial Association (IAA), and associated member of the Munich Risk and Insurance Center (MRIC).
Prof. Ermanno PitaccoErmanno Pitacco is full professor of Actuarial Mathematics in the Faculty of Economics, University of Trieste, and academic director of the Master in Insurance and Risk Management at the MIB School of Management of Trieste. He is an actuary, full member of the Istituto Italiano degli Attuari (Italy), and affiliate member of the Institute of Actuaries (UK).Among the editorial activities:- editor of the European Actuarial Academy series (published by Springer);- co-editor of the “European Actuarial Journal”;- associate editor of the international journals: "Insurance: Mathematics & Economics”, “Decisions in Economics and Finance”, “Insurance Markets and Companies: Analyses and Actuarial Computations”.Duties in international actuarial institutions:- member of the Groupe Consultatif Actuariel Europeen;- member of the Education Committee, member of the Mortality Working Group, and member of the Health Section Committee of the International Actuarial Association.Ermanno Pitacco has delivered lectures in continuous professional development courses and master programmes (in Italy and abroad) for both actuaries and non-actuaries, in the field of actuarial mathematics and risk management techniques.He was awarded with the 1996 INA Prize for Actuarial Mathematics from Accademia Nazionale dei Lincei, and the 2011 Bob Alting von Geusau Memorial Prize, together with Annamaria Olivieri, for the best paper published in the ASTIN Bulletin on an AFIR related topic.
Henk van Broekhoven
Venue & Accommodation
The seminar will take place at the
Wyndham Garden Berlin MitteOsloer Str. 116a13359 Berlin, Germanywww.wyndhamgardenberlin.com
We arranged special prices for accommodation. The special price is 79 € per night, including breakfast. It is valid for bookings by 4 February 2014 out of our allotment “EAA seminar”. Kindly book your accommodation as soon as possible directly with the hotel, as our allotment includes only a limited number of rooms, and note the hotel’s cancellation policy.