23 - 30 Nov 2020
EAA Web Session Series: The Retirement Phase (Part 1 & Part 2)
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 further increase in the future. Further taking into account the steadily decreasing interest rates, many products within the segment of old age provision have been developed, which on the one side cover for longevity risk and on the other side further combine guarantees with some kind of capital market participation. These product innovations together with the demographic trends lead to new questions and challenges for life insurance companies and actuaries.
In these web sessions, we will therefore focus on the retirement phase of old age provision and thereby discuss different product designs currently available as well as introduce specific risk management issues during the retirement phase by also focussing on modelling and management of longevity risk.
Organised by the EAA - European Actuarial Academy GmbH.
Purpose and Nature
The aim of the web sessions is to provide an overview over products for the retirement phase as well as a few thoughts on particular risks and the actuarial modelling behind them. Furthermore, special attention will be given to the actuarial modelling of longevity risk by an introduction of stochastic mortality models and its applications within product development.
In the first part of the web session series, we will introduce traditional and modern life insurance products for the retirement phase. This part will mainly contain a product overview where we illustrate the motivation, concepts, ideas and examples for different retirement products, also taking product designs with capital market participation and longevity indexed products into account.
The second part of the web session series will mainly deal with actuarial modelling of longevity risk. In particular, we will show why stochastic mortality modelling can be necessary and helpful within the product development of retirement phase products. For doing so, we will introduce two popular approaches (Lee-Carter and Cairns-Blake-Dowd) for the modelling of longevity risk and show an application within a case study.
Dr Stefan GrafStefan Graf is senior consultant at the Institut für Finanz- und Aktuarwissenschaften, Ulm Germany. The main focus of his work is on the development and design of unit-linked life insurance products with guarantees with special interest in product comparison methodologies.He graduated from Ulm University (diploma in Mathematics and Economics) in 2008 and completed his dissertation on “Risk-Return Profiles for Retirement Planning” in 2013. He is a member of the German Association of Insurance and Financial Mathematics (DGVFM) and of the German Actuarial Association (DAV) where he is a member of the working group “consumer protection”.
Dr Alexander KlingAlexander Kling is partner and senior consultant at the Institut für Finanz- und Aktuarwissenschaften, Ulm Germany. The main focus of his work is on the development and design of innovative life insurance products. He graduated from University of Wisconsin, Milwaukee (MSc. in Mathematics) in 2002 and from Ulm University (diploma in Mathematics and Economics) in 2003. He has completed his doctoral thesis at Ulm University in 2007 and his habilitation in 2019.Alexander Kling is a member of the German Actuarial Association (DAV), the International Actuarial Association (IAA), the German Association of Insurance and Financial Mathematics (DGVFM), and associated member of the Munich Risk and Insurance Center (MRIC).Besides his consulting work, he is a lecturer at Ludwig-Maximilians-Universität Munich, Ulm University, and the German as well as European Actuarial Academy (DAA and EAA).
Dr Johannes SchuppJohannes Schupp is senior consultant at Institut für Finanz- und Aktuarwissenschaften, Ulm Germany. His main areas of expertise are the development of innovative life insurance products and the application of Data Analytics methods in the insurance context. In addition, he accompanies projects with a focus on the modelling and management of biometric risks, in particular longevity risk.Johannes holds a PhD in actuarial mathematics from Ulm University. He is still an active researcher on topics related to his actuarial work. He is a member of the German Actuarial Association (DAV).