Here are downloadable copies of my slides for the talk on Global Macroeconomics that I gave to the Society
of Actuaries on October 15th, 2007.
I'd like to hear the thoughts
of an actuary on the company and specifically the items that GeoInvesting points to.
Not exact matches
In the 23rd Actuarial Report
on the Canada Pension Plan (OCA, 2007), the Office
of the Chief
Actuary (OCA) certified that, in spite
of the substantial increase in CPP benefit payments that would result from the retirement
of the baby boom generation, the current legislated contribution rate
of 9.9 per cent for employers and employees combined would be more than enough to pay for benefits through 2075.
Premium rates are currently based
on analysis done by the Chief
Actuary with the underlying economic assumptions provided by the Minister
of Finance.
Beyond that, several insurance companies and the American Academy
of Actuaries have written about the adverse impact
of these plans
on the insurance market and patients.
The federal government and majority
of the provinces would determine the final rate, based
on the Chief
Actuary's recommendations and the outcome
of the public consultations.
Premium rates will continue to be based
on analysis done by the Chief
Actuary with the underlining economic assumptions continued to be provided by the Minister
of Finance.
Brian Graff, CEO
of the American Society
of Pension Professionals and
Actuaries, stated that the White House
on Monday «launched an attack
on advisors and so - called «hidden fees» and «backdoor payments» by moving forward with a regulation that has its own hidden backdoor effect — keeping many Americans from working with the trusted advisor
of their choice, even in the critical decision regarding rollovers from their 401 (k) and 403 (b) plans.»
Life expectancies based
on research and analysis by Fidelity Investments Benefits Consulting group and data from the Society
of Actuaries, 2014.
The panel was led by Ashok Gupta, Fellow
of the Institute and Faculty
of Actuaries and Deputy Chair
of the Bank
of England Working Group
on Procyclicality and Chaired by Stephanie Flanders, former BBC Economics Editor, now Chief Market Strategist for UK and Europe with JP Morgan Asset Management.
The retirement system's
actuary recommended a change based
on a recommendation from Buck Consultants, LLC, as part
of an independent actuarial review which is performed every five years.
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Paul Hamilton, an
actuary and head
of higher education at consultancy Barnett Waddingham, said continuing poor economic conditions, including market uncertainty after Brexit, and people living for longer meant 20 years
of investment returns
on pension funds were currently «missing».
The mortality table preceding the most recent Society
of Actuaries release was based
on data collected from over 20 years ago.
If you don't know what an
actuary is, you probably need to meet one
of the 45 high schoolers graduating from InTech
on Tuesday evening.
On to tonight's first topic: my view on derivatives differs from that of other commentators because I am an actuary (as well as an economist and financial analyst
On to tonight's first topic: my view
on derivatives differs from that of other commentators because I am an actuary (as well as an economist and financial analyst
on derivatives differs from that
of other commentators because I am an
actuary (as well as an economist and financial analyst).
On a different note, much of next week will be devoted to finishing my slides / talk that I will be giving to the Investment Section of the Society of Actuaries at the Annual Meeting on October 15t
On a different note, much
of next week will be devoted to finishing my slides / talk that I will be giving to the Investment Section
of the Society
of Actuaries at the Annual Meeting
on October 15t
on October 15th.
Partially out
of a mistaken belief that the equity premium is large (how much do stocks earn
on average versus cash),
actuaries set earnings rates too high.
But — unless you're an
actuary with lots
of time
on your hands — you're probably not sure how the complicated calculations that determine your pension work.
To get a better idea
of just how many years you — and if you're married, you or your spouse — may spend in retirement based
on your ages and health, I suggest you spend a few minutes with the
Actuaries Longevity Illustrator tool.
Actuaries use mathematics (probability and statistics) to estimate mortality based
on a number
of factors.
(Side note: yes, I know that it is difficult to determine the amount
of risk shed, and different
actuaries might come to different conclusions, but can't we at least agree
on the underlying theory?)
It is similar to the talk I gave to the Society
of Actuaries, but has less background data, and focuses
on how markets are adaptive, how multiple strategies compete for scarce excess returns.
Oddly, once I stopped paying my dues, and thus ceased to be a Fellow, I got more requests to be
on committees, and give talks to the Society
of Actuaries.
At AIG in the early»90s
on the life side, some
of the
actuaries had a phrase «economically rational.»
On one block
of business that was clearly unprofitable, as
actuaries, we thought the dividend scale should be reduced to zero.
From my prior experience as an
actuary, and the time that I spent
on the asset - liability committee
of a small bank, I know that the banking industry is far behind the life insurance industry
on risk control.
Estimate based
on a hypothetical couple retiring in 2017, 65 years old, with life expectancies that align with Society
of Actuaries» RP - 2014 Healthy Annuitant rates with Mortality Improvements Scale MP - 2016.
Life expectancies based
on research and analysis by Fidelity Investments Benefits Consulting group and data from the Society
of Actuaries, 2014.
What they were actually doing was using tables calculated by
actuaries that assigned depreciation based
on the age
of the property alone.
Although term life insurance does provide a guaranteed death benefit for a period
of time, the nerds (
actuaries) at the home offices
of the major insurance companies know very well you will likely never cash in
on the death benefit
of a term life policy.
One last note
of thanks to Early Retirement Now and
Actuary on FIRE, who are doing their own series together
on inflation and investing right now.
Where I have more punch than most pension
actuaries is that I understand the investing side
of pensions, whereas for most
of them, they depend
on others to give them assumptions for investment earnings.
Blueprint Income is a team
of financial experts,
actuaries, and engineers
on a mission to redefine financial security in retirement.
Mortgage insurers do not disclose the details
of this test, although we are told in their financial statements that their
actuary has opined
on the subject.
You can get a more nuanced sense
of how long your savings may need to support you by going to The Longevity Illustrator, a new tool designed by the Society
of Actuaries and American Academy
of Actuaries that estimates your potential lifespan based
on factors such as your age, sex and state
of your health.
Those folks are called «
actuaries,» and it's their job to make those calculations
on behalf
of the insurance company.
The first thing I noticed was aside from the compound interest math, and maybe some bond knowledge, the
actuaries were rather light on investment knowledge, and I would bet that all of them had passed the Society of Actuaries investmen
actuaries were rather light
on investment knowledge, and I would bet that all
of them had passed the Society
of Actuaries investmen
Actuaries investment course.
Accountants get better when they understand what is going
on behind the line items, and maybe a touch
of what the
actuaries are doing (and vice-versa).
I realized that few
actuaries were good with investments (then,
on this side
of the Atlantic), and that most
of the risks that life insurance companies faced were driven by assets, not liabilities (still true for now).
«A modest home with a smaller mortgage allows you to keep your flexibility should one
of you lose your job or become ill, forcing you to live
on less money,» says Malcolm Hamilton, an
actuary with Mercer Human Resource Consulting in Toronto.
Aside from that, I am giving a talk
on the Efficient Markets Hypothesis in New York City
on Wednesday to the Society
of Actuaries.
I wrote as a submission to a Society
of Actuaries request for essays on the topic of Post Retirement Needs And Risk Committee Managing Retirement In Light Of Diverse Risk
of Actuaries request for essays
on the topic
of Post Retirement Needs And Risk Committee Managing Retirement In Light Of Diverse Risk
of Post Retirement Needs And Risk Committee Managing Retirement In Light
Of Diverse Risk
Of Diverse Risks.
According to the list
of the best jobs compiled by Careercast, mathematicians,
actuaries, and computer engineers make more than $ 90,000
on average.
I've talked with a decent number
of health
actuaries on this.
Hamilton, an
actuary with Mercer, pointed out that many
of their biggest assets are things that would not show up
on a traditional balance sheet.
Let me point you to one thing that I have written
on the topic: Society
of Actuaries Presentation.
When I was an
actuary interacting with the investment department inside a life insurance company, one
of the things that I learned early was that there was an inpenetrable jargon
on the part
of the bond investors that neophytes had to learn.