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AFIR/ERM


AFIR/ERM was founded in 1988 as a Section of the International Actuarial Association (IAA). It stands for Actuarial Approach for FInancial Risks and has as its objective the promotion of actuarial research in financial risks and problems.

AFIR/ERM’s most important function is organizing annual colloquia, the first of which was held in Paris in 1990. Bringing together actuaries of different countries and different disciplines, the colloquia provide a valuable forum for academics and practitioners to learn of and keep current with the fast changes occurring in the disciplines of finance, financial economics, and the management of financial risks, focusing on applications to inosurance and pension funds. As well as being professionally stimulating, AFIR/ERM colloquia have social benefits as well, as they usually take place in attractive and interesting venues that contribute to a friendly and collaborative atmosphere.

In 2002, AFIR/ERM established The Bob Alting von Geusau Memorial Prize, in honour of its late and long-serving treasurer. The prize was awarded for the first time in 2003 in von Geusau’s home country at the 13th AFIR/ERM Colloquium in Maastricht (Netherlands). Shaun Wang was awarded the prize first for his paper titled “A Universal Framework for Pricing Insurance and Financial Risks”. Other recipients of the von Geusau Memorial Prize include: Mary Hardy and Phelim Boyle for “Guaranteed Annuity Options”— awarded in 2004 at the 14th Colloquium in Boston (USA) Gary Venter for “Testing Distributions of Stochastically Generated Yield Curves”— awarded in 2005 at the 15th Colloquium in Zurich (Switzerland).