Association News |
August 2017 |
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Deutsche Aktuarvereinigung, Germany Annual Autumn Meeting More than 800 members are expected to participate to learn about and discuss developments in the industry and the most important fields of actuarial mathematics. New Education System Starts January 1, 2018 In this new structure candidates will gain a broad understanding of actuarial techniques as well as specialized knowledge in the field of their choice, preparing them for the industry’s future requirements. New Zealand Society of Actuaries (NZSA) Project on Decumulation Options Undertaken by the Retirement Income Interest Group The NZSA’s Retirement Income Interest Group (RIIG) has evaluated this problem in its new paper Decumulation Options in the New Zealand Market: How Rules of Thumb Can Help. It was recently launched at the New Zealand Parliament by the Commerce and Consumer Affairs Minister, with support from the Financial Markets Authority and the Commission for Financial Capability. The key proposals include a set of rules of thumb to be integrated into the different ways retirees in New Zealand receive information on how to take income from their retirement savings. Rules would be available to be integrated into messages from providers, distributors, commentators and others who communicate with New Zealanders on decumulation matters. The set would be approved as suitable but not mandated by a relevant body, such as the regulator. The rules’ presentation would vary in different situations. For example, an information website might simply describe them and show the “suitable for” descriptions, while a robo-advice website could give access to a calculator that generates income profiles from the rules based on user-input parameters. The RIIG says these rules need not be a complete solution; they are simple and are intended to complement rather than replace other sources of advice or guidance. They can be used with suitable recommendations regarding when to seek independent financial advice. They may not be suitable for other countries, but the process the RIIG used can be followed with appropriate assumptions. The full paper is here and a summary paper here. American, Academy of Actuaries (AAA), U.S. Webinar on Global Pandemic Risk Eddy Rubin, chief science officer for the biotech company Metabiota, gave an overview of the history of epidemics; Petra Wildemann, Metabiota’s head of business development and risk products for Europe and the UK, presented on large-scale risks in reinsurance; and Paul Nunn, head of catastrophe risk modeling for SCOR Global P&C, covered catastrophe risk modeling. The webinar was moderated by Susan Mateja, Chair of the Academy’s Health Practice International Committee. 2017 Living to 100 Monograph Now Available The SOA is planning the 2020 Orlando Symposium and will keep you updated on the release of the call for papers. New Research on the Future of Retirement in China The research included 2,013 participants aged 35 to 70 from 23 areas in China. The size and diversity of China’s massive population made sample design critical. Using face-to-face interviewing, the LIMRA/SOA team was able to include both urban and non-urban respondents. “For most workers and retirees, retirement means freedom… a chance to do what they want with their time, including hobbies and traveling,” researchers found out from categorized open-ended responses. But urban and non-urban individuals expressed different goals for their retirement. While maintaining health and well-being is of greater importance to non-urban respondents than to their urban counterparts, non-urban respondents are more likely to value spending more time with their friends and family in retirement. To read the six editions of the report, click here or contact SOA research actuary Ronora Stryker. |
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