12.30pm - tea/coffee/sandwiches
1pm - meeting
2pm - finish
Current approaches to the assessment of future mortality trends are heavily reliant on reference to historical mortality data. This is not without foundation – but
- drivers behind past trends are often “one-off” type events which may be unlikely to recur
- assumptions relating to longevity are then not reactive to real world events (or indicators) until the effects flow through to past observed data
This has been likened to driving whilst looking primarily in the rear view mirror.
The Longevity Catalysts Working Party has been set up by the UK Actuarial Profession to answer one simple question:
"What future events are we aware of today whose occurrence is likely to be coupled with a significant impact on UK longevity?"
In this presentation, we describe the possible uses of such a framework including how this can be used to build a co-existing, supplementary and more forward looking approach.
This might then be regarded as driving whilst looking primarily through the windscreen (without forgetting regular glances in the rear view mirror).
Khurram Khan is a Fellow of the Institute and Faculty of Actuaries and Head of Longevity Risk at Pension Insurance Corporation (PIC). PIC was set up in 2006 to provide de-risking solutions to defined benefit pension schemes and is now a market leader in this field with around £7bn of assets under management. Since inception, Khurram has led the insurance risk capital / pricing infrastructure development and has been responsible for the transfer of longevity risk relating to some £4bn of pension scheme liabilities to the international reinsurance market. Khurram is currently Chairman of the Longevity Catalysts Working Party and prior to joining PIC he was a consulting actuary at Watson Wyatt.
Robert is a consulting actuary at Milliman in London. He is a Fellow of the Institute and Faculty of Actuaries. In his time at Milliman, he has worked on a number of projects involving annuity business and longevity risk transfer solutions, including advising potential purchasers of annuity portfolios and a review of a longevity model being used in a live capital markets transaction.
Robert has also worked on a number of Part VII transfers, reinsurance structuring assignments and Actuarial Function Holder clients covering conventional and unit-linked business. Robert is a member of a number of working parties in respect of longevity risk. He has also co-authored a number of publications and articles covering the areas of longevity risk and Solvency II. Before joining Milliman, he worked as an actuarial student at Aviva plc. Robert holds an MMath in mathematics from the University of Oxford.