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Institute and Faculty of Actuaries  
Dear Member

Welcome to the latest Research and Knowledge newsletter from the IFoA
Contents: Recent and Forthcoming Research  |  IFoA Publications  |  Thought Leadership Lecture and Webcast: Sustainable Growth in the 21st Century  |  Spotlight on ARC student Paul van Loon  |  Upcoming Events  |  IFoA library - old and new  | 
  Resource and Environment
Recent and Forthcoming Research

Sustainability and the Financial System

Last month, the IFoA’s Resource and Environment Board published a review of existing research on the links between environmental sustainability and the financial system. The review, Sustainability and the Financial System, indicates that existing research shares the general view that the growth-oriented economic model results in an increasingly fragile financial system and may not provide an incentive to fully recognise natural environment and resource constraints. As well as downloading the report, the launch event, with contributions from leading experts Lord Adair Turner and Professor Richard Werner, can be viewed by all via the IFoA website.


The IFoA is also delighted to be sponsoring the 11th International Conference of the European Society for Ecological Economics (ESEE), hosted by the University of Leeds on 30 June - 3 July 2015, where this research will also be presented by members of the IFoA’s Resource and Environment Board.


Secondary Annuity Market: A Primary Concern

Following the announcement by the UK Government in March 2015 to create a secondary market for annuities in payment, the IFoA is currently considering the research that might be required to inform the development of public policy and address any broader issues around the concept.   We will shortly be publishing an open call for research in the area. If you have a research interest in the changes to the UK annuities market and wish to respond to our call for research, please look out for details on our website or follow us on twitter.


Defining Future Research in Actuarial Science

The IFoA’s Research and Thought Leadership Committee (RTLC) is currently undertaking a process of identifying the key challenges for actuarial science over the medium to long term, to support the development of its long term research programme.  The programme is expected to focus on the broad themes of ageing society, investment strategies and risk and uncertainty.  Input has been sought from the IFoA’s Practice Areas and across some of the academic community. The output is expected to be shared more widely over the coming months.  If you would like to share your thoughts on some of the key issues that you think the IFoA should be researching, we would like to hear from you. Please contact Sarah Mathieson, Head of Research and Knowledge if you would like to discuss any ideas.

IFoA Publications

Coming Soon: Longevity Bulletin - The Pandemics Edition
With the current outbreak of Ebola in western Africa, as well as the recent MERS coronavirus and H7N9 avian flu outbreaks, the risk of emerging infectious diseases and their potential to cause the next pandemic is a regular feature in the news. The sixth Longevity Bulletin from the IFoA will focus on the topic of pandemics, written from the perspective of an actuary, an epidemiologist, a policy maker, and a technologist. If you would like to be added to the Longevity Bulletin mailing list, please contact our team.


Could Annals of Actuarial Science be the journal for your research?   
Annals of Actuarial Science publishes international research, aiming to bridge the gap between theory and practice. The Editor invites submissions in any area of actuarial science or practice, especially papers that are applied in nature. Visit AAS submissions to submit a paper on the subject of life insurance, non-life insurance, pensions, health insurance, finance and investment, econometrics, insurance economics or financial risk management.

Dr Andrew Sentance
Paul van Loon

Thought Leadership Lecture and Webcast: Sustainable Growth in the 21st Century

22 June 2015, Royal Institution of Great Britain, London, #IFoALecture


We are delighted to welcome Dr Andrew Sentance CBE to deliver the next biannual lecture, which forms part of the IFoA’s Thought Leadership programme.  Dr Sentance, who is currently Senior Economic Adviser to PwC and a former member of the Bank of England’s Monetary Policy Committee, will discuss what sustainable growth means for business and financial markets in the highly complex global economy of the 21st century.  As an alternative to attending the lecture in person, you can register to watch the event live-streamed from home or in the office with a group of colleagues.  To find out more and register, please visit our website.


Spotlight on ARC student Paul van Loon

Sponsored by Partnership, Paul is one of six students sponsored through the IFoA’s Actuarial Research Centre (ARC) and has been researching liquidity risk premium on Corporate Bonds.

Now entering the final year of his studentship, Paul has shared his thoughts and experiences of studying for a PhD through the ARC in a recent interview, which can be found through the ARC website.

Upcoming Events

Sessional Research Event: Expert Judgement

8 June, Edinburgh

The IFoA’s Life Solvency and Capital Management Working Party will present their research paper on Expert Judgement on Monday 8 June in Edinburgh.  The session will set out the key elements of an expert judgement framework and propose a structure for an expert judgement process. It will also consider possible approaches to independent validation of expert judgements to ensure that the robustness of these decisions can be evidenced in line with the expectations of the wider Solvency II regulations. To book a place at the event or download the paper, please visit the IFoA website.  Members of the working party will also be presenting their research at the IAA’s Pensions, Benefits and Social Security Colloquia in Olso on 9 June.


Hot Topics in Health and Care: Networking Event

18 June, London
The IFoA Health and Care Research Committee has commissioned a series of short research papers on hot topics in health and care, to be presented at an event on 18 June at Staple Inn.  With ample time for discussion and debate, the event will include the latest research in dementia, new product development for an ageing population and risk evaluation in Group Health and Care business.  Chaired by Jules Constantinou, speakers include Adele Groyer and Dr. Chris Ball from GenRe, Doug Andrews, from the University of Waterloo (Canada), and Alexis Iglauer, PartnerRe Europe. Places can been booked online.


ATRC 2015
The IFoA is, once again, delighted to advertise the Actuarial Teachers and Researchers Conference (ATRC).  This year the host university will be University College Dublin (UCD) and will take place on campus on 13 and 14 July.
The theme of the conference is Bridging the gap between academia and industry.  More details can be on the UCD website.   Presentations from the 2014 ATRC, hosted by the University of Edinburgh, can also still be viewed online.

Attending the IFoA’s Spring Conferences? Meet the Research and Knowledge team
Members of the IFoA's Research and Knowledge team are currently attending the IFoA’s Risk and Investment Conference (3-5 June) and will attend the Pensions Conference (24-26 June).  Come along to meet some of the team and find out about the latest research outputs and library services.

  IFoA Library
IFoA library - old and new

Actuarial Historical Research: Learning from the Past to Inform the Future
The IFoA library’s historic collections and archives have recently been attracting attention from visiting researchers reconsidering actuarial and economic history of the last four centuries. A new book, King William’s Tontine: why the retirement annuity of the future should resemble its past by Moshe Milevsky considers the state debt financing of the late 17th century, a period in which a first ‘actuarial’ analysis (applying mortality analysis to the valuation of annuities) was undertaken by Edmond Halley. Other researchers are preparing theses or publications on the emergence and development of actuarial science in the 18th century, on the perception of longevity risk by insurers in the 19th century, and an appraisal of the actuarial profession’s contribution to public pensions debate and policy in the late 20th century, each drawing upon IFoA’s special collections. The historic resources of the IFoA library can also offer interesting illustrative material to feature in comparison for presentations of modern topics.  Please email to discuss what evidence from actuarial history can bring to new research.


Latest additions to library collections
More eBooks have been added to the EBSCO eBook service.  IFoA members can access these books, and thousands of papers from the leading journals in actuarial science, free of charge via the eLibrary.  You will need an Athens password to use this service: please email the library service to request a password or for further information.  If you already have an Athens password, log in to the service periodically as new content is added every day.  To access the eBook collection click through to EBSCO or MyiLibrary once you are logged in. 

Recent eBook acquisitions include:


Handbook of market risk
Reforming long term care in Europe
C# for financial markets
Wall Street: A history
Stochastic methods for pension funds
101 ready-to-use Excel formulas
The little SAS book: A Primer


A full list of the latest books and eBooks added to the IFoA libraries can be found here.

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