IFoA Asia Conference 2024

Speakers

• Steven Yu, Yuyuan Technology
• Xin Liu, Sunshine Insurance Group
• Zhao Wei Yee, HSBC Global Asset Management
• Thibaut Ferret, HSBC Global Asset Management

Language: English

Language: English

China’s recent monetary policy easing, marked by a cut in loan interest rates and a reduction in the deposit reserve ratio, has led to a market yield that is at a historic two-decade low. With a negative duration gap, insurers are now facing the challenges posed by a low-interest-rate environment.

Participating (par) products have surfaced as a viable strategy to combat these challenges. But managing par products is not without its hurdles, encompassing areas such as product design, pricing, asset-liability management (ALM), actuarial modelling, PRE management, and communication.

Speakers:

• George Leung, Deloitte
• Ken Liang, Deloitte
• Dhiran Dookhi, Deloitte

Language: English

There are several big holes in the way most countries have implemented their RBC frameworks, leaving insurers (and therefore policyholders) at risk.

In most countries, an RBC framework is the primary tool for ensuring insurers stay solvent. It gives regulators confidence that policyholders will be looked after in the long run. And it steers insurance companies to make decisions that achieve an ‘acceptable’ balance between risk and reward.

Which would be fine, if RBC actually worked as intended.

This session looks through some of the problems built into most RBC systems (probably including yours!).

Flaws include:

• What’s wrong with discounts being given for risk diversification in 1:200 scenarios?
• Counterparty credit risk (issues with both measures and mitigations)
• Why risk capital completely misses inflation and volatility risk
• And in fact, why the asset-based component of risk capital (as opposed to the insurance risk component) is potentially out by many multiples of the calculated amount

Regardless of what the regulatory requirements are, (re)insurers always have the option of closing these gaps in their own internal risk and capital work. And in due course, perhaps regulatory requirements will evolve too.

Speakers:

• Greg Solomon, Eigengrey Consulting, Hong Kong

Language: English

This session aims to address several key points:

1. Rationale for sustainable investing: Why investors are increasingly considering ESG factors in their investment decisions, such as the growing awareness of environmental issues, social inequality, and corporate governance scandals.

2. Analytical framework: The study likely presents a structured framework for analysing sustainable investment strategies, incorporating ESG criteria into traditional financial analysis.

3. Empirical analysis: It may include empirical evidence and case studies to demonstrate the impact of ESG factors on portfolio performance across various asset classes and regions.

4. Risk-return tradeoff: The research might investigate how integrating ESG considerations affects the risk-return profile of investment portfolios, examining whether sustainability-focused strategies can achieve competitive financial returns while managing risk effectively.

5. Implementation strategies: The study could provide practical guidance on implementing sustainable investment strategies, including portfolio construction techniques, ESG data sources, and engagement with companies on ESG issues.

Overall, the research likely aims to provide investors and financial professionals with a comprehensive understanding of sustainable investing and its implications for portfolio management in today’s global financial markets.

Speakers:

• Amine Essadik, BCP Securities Services
• Oumniya Laaraj, Attijariwafa bank CIB

Language: English

AI is redefining actuarial science, enhancing risk assessment, personalising customer interactions and product offering, and refining investment strategies.

AI’s advanced analytics offer unprecedented precision in risk profiling and pricing, transforming insurance products and services. This panel explores how AI integrates sophisticated data sources to innovate risk management, streamline operations through automation, and adapt investment decisions by predicting market trends.

The session also addresses regulatory and ethical considerations for a robust usage of AI.

Join to discuss how actuaries can harness AI to elevate accuracy, efficiency, and innovation in the insurance and investment sectors.

Speakers: 

• Bob Charles, Coherent
• Jing Rong Goh, Singapore Management University
• Koon Shing Kwong, Singapore Management University

Language: English

Speakers:

• Coco Feng, Peak Reinsurance Company, Hong Kong

Language: Mandarin Chinese

Speakers:

• Xiaoxuan (Sherwin) Li, PICC P&C, Beijing, China
• Nur Nabila Zafirah Abdul Samat, Bank Negara Malaysia, Kuala Lumpur, Malaysia
• Yuan Tian, Gallagher Re, Singapore, Singapore

Language: English

The IFoA’s AGM for 2024 will be delivered in-person from the IFoA Asia Conference. Members can also join in London and online. The AGM is for members only and is free to attend but you must book your place.

Members can choose if they wish to attend when booking for the conference.

ESG is no longer a theoretical concept. It encapsulates a wide range of aspects that actuaries should already be factoring into their work.

Through an engaging panel discussion and Q&A, touching on the full spectrum of actuarial specialisms and focus areas, this session explores how our experts are factoring ESG into their daily work.

For health, learn how social aspects can be factored into pricing and products.

For general insurance, learn how CAT and extreme weather is impacting best practice daily work. And how sustainability and risk management are essential components of product design, customer benefit, and risk mitigation.

For life, learn how ESG will influence product features and support the financial strength of Asia’s aging populations.

For investment management, learn how ESG is strongly influencing the strategies and sustainable portfolios.

And much more.

Speakers: 

• Martin Noble, Zurich Insurance, Hong Kong
• Chelsea Jiang, AXA, Hong Kong
  

Language: English

Speakers:

• Orchis Li, Gen Re, Hong Kong, China
• Benedict Tan, Gen Re, Singapore, Singapore
• Dokkie Nel, Swiss Re

Language: English

Speakers:

• Alex Li, Aon, Shanghai, China

Language: English

The presenter shares experience on how actuarial analysis helps business management through 3 dimensions: growth, sustainability, and volatilities.

Under each dimension, the session explores:

• views on the main financial indicators impacts
• how each indicator will impact the business and how the indicator should be set up
• how each indicator is analysed
• experience sharing on the impact and findings

Speakers:

• Laura Yu, Allianz Taiwan Life Insurance Company

Language: Mandarin Chinese

In recent years, e-mobility has made a breakthrough in many markets around the world. The question is no longer if electric vehicles (EVs) will come and replace traditional powertrains. It’s rather how they will come and when they will make up most of the global powertrain mix.

While the regular launches of new models and brands are widening the choice for customers, risk assessment for (re)insurers is becoming more complicated. These new models come with limited historical exposure, which is traditionally at the core of risk assessment in motor insurance.

EVs are probably the most exposed to this situation, given the dynamism of this market, their exponential adoption globally, and their structurally different conception.

This session discusses how PCA-based techniques, combined with other techniques such as GLM, smoothing, and clustering can help overcome these challenges.

Join to hear about:

• the global EV market and its evolution (an overview), and how this transition will impact the insurance industry
• observed drivers of higher loss ratios in different markets
• how primary insurers can address the pricing challenges, especially for those small to medium sized insurers who do not have much data (yet)
• strategic concerns for primary insurers at different stages of maturity in the EV insurance markets

The presentation is 30 to 40 minutes with some time for Q&A.

Although the topic itself may seem technical (and indeed the solution itself would be a technical one), this session is at a high level and focuses on concepts. The content is easy to digest for non-technicians. Senior actuaries or business unit managers should be interested in this topic.

Speakers:

• Fumao Sun, Munich Re, Beijing, China

Language: English

In today’s rapidly changing world, (re)insurers face a multitude of emerging risks that have the potential to significantly impact their operations and strategic decision-making.

This interactive presentation aims to provide a comprehensive overview of emerging risks and their implications for (re)insurers and professionals in related fields.

Through a combination of industry insights, research findings, and practical examples, join the session to gain a deeper understanding of the key attributes of emerging risks, their taxonomy, and the methodologies used to measure their impact.

The presentation also highlights the latest global emerging risks identified by the World Economic Forum and Marsh McLennan Global Risks Report.

Speakers:

• Jingwei Jia, Oliver Wyman, Hong Kong
• Chadwick Cheung, Oliver Wyman, Hong Kong

Language: English

Speakers:

• Elena Djarlijeva, BUPA, UK
• Christine Fairall, BUPA, UK

Language: English

This paper delves into the indispensable role of actuaries in shaping public policy, focusing on their proficiency in financial risk assessment and analysis.

The study explores the methodologies used by actuaries to gauge the potential repercussions of policy decisions within sectors like pensions, insurance, and healthcare. It employs a mixed-methods approach encompassing a literature review and case studies.

The findings underscore the invaluable contributions of actuaries in forecasting financial outcomes, evaluating risks, and recommending strategies to ensure long-term sustainability.

The paper emphasises the pivotal role of actuaries in guiding policymakers towards evidence-based solutions for navigating intricate economic challenges and advancing public welfare. Through an in-depth analysis of their methodologies and contributions, this paper illuminates the significant impact of actuaries on shaping effective and sustainable public policies.

Speakers:

• Professor Joab Odhiambo, Meru University of Science and Technology, Kenya

Language: English