{"title":"Seven Years Hard: A Review of the Examinations of the Institute of Actuaries","authors":"D. Purchase","doi":"10.1017/S0020269X00009610","DOIUrl":"https://doi.org/10.1017/S0020269X00009610","url":null,"abstract":"Oh Cuckoo! shall I call thee bird Or but a wandering voice? State the alternative preferred With reasons for your choice. (F. H. Townsend, after Wordsworth) Examinations have taken a central place in Institute life for the last 130 years—indeed, from its very foundation the Institute's function as an examining body was clearly recognized. Many members of the Institute have an interest in the examinations, and no doubt this interest is greatest amongst those still in the process of taking them. It is therefore perhaps surprising that, although there is no shortage of official material relating to the examinations, there has been very little attempt to open the subject to discussion by presentation of a general paper. Indeed, apart from Professor Pegler's provocative but slightly specialized paper (11) presented to the Society in December 1979, I can find no evidence of any. It seems probable that the topic has often been discussed but that, perhaps from an unnecessary fear of breaches of secrecy, few if any have committed their views to paper.","PeriodicalId":419781,"journal":{"name":"Journal of the Staple Inn Actuarial Society","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1984-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133587715","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Actuary's Role in Developing Countries","authors":"M. Arnold","doi":"10.1017/S0020269X00009543","DOIUrl":"https://doi.org/10.1017/S0020269X00009543","url":null,"abstract":"THE purpose of the paper was to describe some of the difficulties, both technical and practical, of working as an actuary either as consultant or resident in a developing country. The practical experience is related to the author's experience gained mainly in the East African territories of Zambia, Kenya, Uganda, Zimbabwe and Mauritius. The type of actuarial work considered is, in the main, life office practice but examples are provided of work in pensions, Government statistics and related actuarial matters. The technical difficulties arise mainly from the lack of adequate statistical data, both current and historical. This makes the compiling of mortality tables, for instance, extremely difficult. Though statistics are now being accumulated it will be a number of years before reliable mortality tables can be produced. The second main technical problem for actuaries relates to the investment conditions pertaining in most developing countries. Apart from the total lack of any genuine investment market, interest rates obtainable on Government securities are invariably woefully inadequate and totally inconsistent with other economic factors. The paper highlights the important role of the actuary in this area in promoting a viable investment market. Insurance markets in differing countries vary considerably from those where there is one State insurance company monopoly to others where there is intense competition between numerous companies. The difficulties of operating in many different types of market are discussed at some length. The main practical problem raised in the paper is the lack of adequately trained indigenous staff for insurance companies, pension funds and Government actuarial offices. Invariably the expatriate or consulting actuary is called on to provide training facilities for the local staff. The paper summarizes by drawing attention to the enormous potential, in terms of both human and natural resources that is currently relatively unharnessed in many parts of the developing world, particularly East Africa, and the need for professional actuarial approach in the field of life assurance, pension provision and social security schemes. The actuary has an important role to play not only in the purely technical sense but also in the general promotion of a stable economic environment by promoting a proper use of funds that are available.","PeriodicalId":419781,"journal":{"name":"Journal of the Staple Inn Actuarial Society","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1983-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126874032","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Inflation and the Mutual Insurance Society.","authors":"F. Wales","doi":"10.1017/S0020269X0000952X","DOIUrl":"https://doi.org/10.1017/S0020269X0000952X","url":null,"abstract":"THE paper in its original form was read to an International Conference of mutual insurers. Much of its thinking derives from modern techniques of business management. Inflation poses considerable problems for long-term insurance business, and for survival in today's unstable financial conditions it is essential for business to be based upon sound principles. The paper, therefore, attempts to set out some of the management principles that are considered to be essential.","PeriodicalId":419781,"journal":{"name":"Journal of the Staple Inn Actuarial Society","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1983-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126308075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Analysis of a London Market Reinsurance Office's Accounts","authors":"D. Craighead","doi":"10.1017/S0020269X00009464","DOIUrl":"https://doi.org/10.1017/S0020269X00009464","url":null,"abstract":"","PeriodicalId":419781,"journal":{"name":"Journal of the Staple Inn Actuarial Society","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1983-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116740274","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Group Life Insurance","authors":"J. Lockyer","doi":"10.1017/S0020269X0000949X","DOIUrl":"https://doi.org/10.1017/S0020269X0000949X","url":null,"abstract":"","PeriodicalId":419781,"journal":{"name":"Journal of the Staple Inn Actuarial Society","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1983-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122246129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Insurance Companies Act 1981 and Some of the Associated Regulations","authors":"M. Pickford","doi":"10.1017/S0020269X00009488","DOIUrl":"https://doi.org/10.1017/S0020269X00009488","url":null,"abstract":"","PeriodicalId":419781,"journal":{"name":"Journal of the Staple Inn Actuarial Society","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1983-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131394946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Asset Allocation Models for Pension Funds","authors":"S. Baker","doi":"10.1017/S0020269X00009531","DOIUrl":"https://doi.org/10.1017/S0020269X00009531","url":null,"abstract":"","PeriodicalId":419781,"journal":{"name":"Journal of the Staple Inn Actuarial Society","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1983-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115622490","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Time Series Analysis of the Sex Composition of the Unemployed","authors":"S. Haberman","doi":"10.1017/S0020269X00009518","DOIUrl":"https://doi.org/10.1017/S0020269X00009518","url":null,"abstract":"1.1 THIS paper describes the use of time series analysis in the solution of a problem arising in social insurance. As part of a model which estimates the future cost of unemployment benefit the Government Actuary's Department (GAD) is required to forecast the proportion of the unemployed in future calendar quarters, who are male. The format of the paper is to describe forecasting in general terms in § 1 and the particular problem under consideration in § 2. In subsequent sections, the data available (§ 3), the existing forecasting model (§4) and alternative time series models (§§ 5-8) are described. 1.2 The everyday job of the actuary involves the estimation of a future series of events. Examples include the estimation of future streams of liability outgo and asset income in life assurance, the run-off of outstanding claims in nonlife insurance, and the future numbers of persons in a subgroup of the total population. This estimation can be qualitative or quantitative, short-term or long-term, deterministic or stochastic and will involve the establishment of a mathematical-statistical model, and the determination of the relevant parameters by an analysis of the data available. 1.3 It is important to distinguish between two areas of application of techniques for the estimation of future events. These two fields may be identified by the size of data available and the level of stochastic variability. The problem described in detail in this paper requires forecasting techniques for its solution i.e. the data base is small, medium term forecasts are required and the stochastic variation about any model is anticipated to be large. The label of projection will be reserved for those essentially deterministic models used in the estimation of variables for which the stochastic variation is small and the data base available is extensive. 1.4 The purpose of this paper is to illustrate how some of the statistical methods for forecasting may be used to solve a practical, actuarial problem requiring medium term estimates from a small data base. The basic strategy of these techniques is to utilize all the non-random and consistent information from the past history of the time series under consideration for the purpose of forecasting. The methodology used is based on a combination of finite differences and multiple linear regression, each of which is an established part of actuarial training. 1.5 Statistical methods for the forecasting of time series have been described","PeriodicalId":419781,"journal":{"name":"Journal of the Staple Inn Actuarial Society","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1983-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129757936","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Implications of Modern Portfolio Theory for Life Assurance Companies","authors":"A. Frost, I. Henderson","doi":"10.1007/978-1-349-05843-3_8","DOIUrl":"https://doi.org/10.1007/978-1-349-05843-3_8","url":null,"abstract":"","PeriodicalId":419781,"journal":{"name":"Journal of the Staple Inn Actuarial Society","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1983-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130271447","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Annual Report and Accounts 1981–82.","authors":"C. Daykin","doi":"10.1017/S0020269X00009579","DOIUrl":"https://doi.org/10.1017/S0020269X00009579","url":null,"abstract":"","PeriodicalId":419781,"journal":{"name":"Journal of the Staple Inn Actuarial Society","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1983-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130763474","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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