gic brochure 2012

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Resorts World Sentosa, Singapore

4 th General Insurance Conference31 May - 1 June 2012

2011 was a mixed year for the general insurance industry in the region.While Singapore motor insurers made their first profit in several years,the unprecedented scale of natural catastrophes in Asia has generallymeant losses for much of the rest of the industry.

It is now more important than ever that general insurance professionalsin the region are aware of the issues and trends facing the industry. Theconference this year includes a good mix of speakers covering bothtechnical and non-technical subjects by actuaries and other insuranceprofessionals. Session topics include: Motor Pricing, CatastropheModelling, Technical and Professional topics as well as a discussion ontrends in international capital requirements.

While the conference would be most beneficial to members of theSingapore Actuarial Society and actuaries working in the region, theconference is also open to all other general insurance professionals.There is a good mix of technical and non-technical papers so anyone withan interest in General Insurance issues in the region will benefit fromattending.

The Monetary Authority of Singapore (MAS) administers FinancialTraining Scheme (FTS) grants to financial sector organisations thatsponsor eligible Singapore based participants to training programmesthat meet qua lifying criteria. For more details, please visitwww.mas.gov.sg or contact the MAS via [email protected] .
http://www.mas.gov.sg/mailto:[email protected]://www.mas.gov.sg/mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]://www.mas.gov.sg/http://www.mas.gov.sg/http://www.mas.gov.sg/http://www.mas.gov.sg/http://www.mas.gov.sg/http://www.mas.gov.sg/http://www.mas.gov.sg/


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GENERAL INSURANCE CONFERENCE

REGISTRATION FORM

DATE : 31 May - 1 June 2012 VENUE : Resorts World Sentosa

Aquarius Rooms 1-3,Level 1 Resorts World Convention Centre

PERSONAL PARTICULARS Name : Contact No. :

Position : Email address :

Company :

Address :

Member Membership Class : [ ] SAS Membership No.: [ ] Non Member

Name on Badge:

REGISTRATION FEES (please )

Registration fee includes: handout materials, refreshments, lunch and dinner.

PAYMENT METHOD (please ) [ ] - I enclose a Singapore Dollar Cheque / International Bank Draft payable to Singapore Actuarial Society.

Cheque/Draft No.:

Please send cheque payment to:Singapore Actuarial Society81 Clemenceau Avenue#04-15/16 UE SQUARE, Suite 06Singapore 239917

[ ] - Delegates may pay by telegraphic transfer into the account of the Singapore Actuarial Society.

Singapore Actuarial Societys banking details are : Account Name : Singapore Actuarial SocietyBank Code : 7171Branch Code : 001Account Code : 001-019506-9Swift-Code : DBSSSGSG

(Please note that all bank charges are to be paid by the sender)

Dietary preference [ ] Halal [ ] Vegetarian [ ] No preference

Will you be attending lunch on Thursday 31 May 2012? [ ] Yes [ ] No Will you be attending lunch on Friday 1 June 2012 ? [ ] Yes [ ] No

Will you be attending the gala dinner, including activities and lucky door prizes, on 31 May 2012?[ ] Yes [ ] No(please )

Signature & Date :

Early Bird Registration and Payment(by 18 May 2012)

Standard Registration(by 28 May 2012)

SAS-Member- Fellow or Associate- Ordinary- Student

[ ] SGD 500.00[ ] SGD 400.00[ ] SGD 25.00

[ ] SGD 600.00[ ] SGD 500.00

(first 20 registrations only)

Non-Member [ ] SGD 600.00 [ ] SGD 700.00

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SPONSORSA special thank-you to our sponsors this year:

- Aon Benfield: Main Sponsor - IPS Group: Exclusive Recruitment firm sponsor and sponsor of the pre -dinner drinks on Thursday night

- ACR,KPMG, MSIG, RMS and Swiss Re

LANGUAGEThe Seminar is conducted in English.

TIMINGRegistration will commence each day at 8:15am with the conference to start at 9am and finish at 6pm. Dinner on the Thursday willcommence at 7pm with drinks from 6:30pm.

CANCELLATION POLICYAll cancellations should be made by sending an email to [email protected]. An acknowledgement of the cancellation will beemailed to you. No refunds will be made for cancellation after 27th May 2012.

The Society reserves the right to cancel the seminar if conditions warrant. In the event of such cancellation, registration fees will berefunded in full. We are not responsible for any discounted airfares or hotel penalties that a delegate may incur due to cancellation.

CPD (CONTINUING PROFESSIONAL DEVELOPMENT)This event does count towards CPD.

WEATHER AND ATTIREThe average temperature in Singapore is around 25 to 30 degrees Celsius. Business casual attire is recommended for the seminar.

VISA REQUIREMENT Please check with your travel agent.

HOTEL RESERVATIONSThe Resorts World Sentosa, Singapore has provided a limited number of deluxe rooms at a special conference rate. If you would likemore information or to make a reservation, please email [email protected] to express your interest as rooms are strictly limitedand will be allocated in order of interest.

Resorts World Sentosa39 Artillery Avenue, SentosaSingapore 099958T : 6577 8888 F : 6577 7770 www.rwsentosa.com

For more information on the conference and registration, please contact:Ms Patsy Lau at (65) 96477577 or email at [email protected] .

GENERAL INSURANCE CONFERENCE DATE: 31 st May 1st June 2012 VENUE: Resorts World Sentosa

MISCELLANEOUS

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mailto:[email protected]:[email protected]:[email protected]:[email protected]


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Opening Keynote AddressGaelle Olivier, CEO AXA Asia General Insurance

Global Advances in PricingPeter Lee, Towers Watson

Predictive models are being used everywhere you look. In this presentation, Peter will share with us the recentglobal advances in pricing, as well as the problem with prediction. The presentation will cover the followingareas:- Algorithms and rise of the machine- Predictive modeling & algorithms in General Insurance

Developments in Motor Insurance Opportunities & Threats in AsiaRoshan Perera , NMG ConsultingThis presentation will focus on the Motor insurance product and how it is evolving around the world. FromTelematics in South Africa, to Aggregators in the UK, to On the spot claims settlement in Sri Lanka, thispresentation examines how Motor insurance has become increasingly commoditised and what insurers aredoing to survive in these extremely competitive markets.We will consider the opportunities and threats that insurance companies in Asia face in underwritingcomprehensive and third party Motor insurance policies and the extent to which statistical techniques includingpredictive modelling are being utilised to identify profitable segments within Motor portfolios.

Trends in Singapore Motor Claims - SAS Working PartyFrederic Weber, Chair of Working Party

The purpose of the working party is to better understand the recent trends in motor insurance in Singaporesuch as claims inflation, frequency and severity by loss type, costs of spare part etc. This will be an update onthe progress of the working party to-date and plans for the future.

The Changing Landscape in Motor Insurance Business in Asia: A Snapshot of Innovations and Developments Adrian Cheung, Direct Asia & Jack Jiang, Milliman

This presentation will look at the development in the motor market in Asia; Challenges for Actuaries and

potential future developments by looking at developments in other parts of the world. It will also examine someof the recent developments in the motor insurance market in Asia and the implications for actuaries.

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GENERAL INSURANCE CONFERENCEDATE: 31 st May 1st June 2012 VENUE: Resorts World Sentosa

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Motor Insurance in MalaysiaGary Hoo, JPWall Consulting

This presentation will give an overview of the Motor insurance claims experience in Malaysia in recent years,the problems and solutions that have been discussed and proposed (whether implemented or not), along withthe thoughts on how to move towards detariffication in 2016 and the crucial role of general insurance actuariesin the entire process, starting now.

Technical Issues - SAS Working PartyColin Priest, Chair of Working Party

The working party is exploring ideas about fitting the tail of severity distributions. This will include: Whymaximum likelihood estimates underestimate the risk, How to allow for parameter risk, How to allow for modelrisk, and Creating an Excel tool for SAS members to use

Stochastic Claims ReservingKelvin Hii, NMG, Actuarial Society of Malaysia

This presentation demonstrates how to implement stochastic methods for claims reserving and rate making inspreadsheet. It is intended to be a tutorial and teaching paper for practicing actuaries working in generalinsurance area especially in Asia region.The presentation will cover step by step demonstration on how to implement in spreadsheet the Mack Method,

Bootstrap Method and Over Dispersion Poisson (ODP) Method for Stochastic Claims Reserving using the famous1981 to 1990 USA Automatic Facultative General Liability data, and the Generalized Linear Model (GLM),

essentially ODP, Method for Rate Making using Malaysian Motor Data.

Locations Matter Xavier Conort, Gear Analytics

Locations matter. True for real estate, species distribution and also insurance!

The presentation will review 3 techniques to incorporate geo spatial effects in one's predictive model. The 2 firsttechniques were recently presented in CAS seminars by Guszcza (CAS Annual Meeting, 2011) and Sengupta (CASRatemaking & Product Management Seminar,2010). Guszcza proposed to incorporate geo-spatial smoothingwith Generalized Additive Models while Sengupta shows that Simultaneous Autoregressive (SAR) Error Modelsproduce better accuracy.

Using the same data as Guzscza and Sengupta (the California Housing), we will show that a Machine Learningtechnique, called Boosted Regression Trees (BRTs, also called Gradient Boosting Machine) provides comparableresults to SAR with less modelling efforts and higher performance can be achieved by modelling BRTs on SARsresiduals.

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Thailand Flood ExperiencePhilip Lui & Verne Baker, DeloitteThis presentation will cover mainly the reserving side, in particular:

Impact of the event to insurance market

Unfolding of the event and practical / logistical issuesReserving issues such as data limitations, approach and methodologies, key observations, reinsurance

responses; Lessons for the future.

Catastrophe Risk Assessment in Asia Current Trends to Future SolutionsMrs. Roopa Joshi, MS Frontier

The presentation will briefly discuss the current trends in catastrophe modeling in Asia with respect to modelavailability. It will re- look at 2011s cat events and what message they give to our industry with a special focuson Flood risk and losses. The presentation will look at the future course of action that will help the industry sail

through similar or even bigger catastrophes we are sitting on.Broadly, the presentation will address on Cat Risk Assessment in Asia Modeled vs. Un-Modeled Perils;Cat Events 2011; Impact of Catastrophes on Asian Industry with a special focus on Flood Risk; Whats storedmore for Asia in terms of Nat Cat Risk ; Future Solutions with the Industry.

Weather based triggersPane Stojanovski, RMSThis paper relates to issues and solutions for designing weather based parametric triggers for agriculturalinsurance in Asia.

Singapore Stress Test SAS Working PartyMatthew Maguire, Chair of Working Party This session will explore the objectives of the Stress Test exercise with reference to the views of the currentcertifying actuaries, the MAS and international practice.


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Liability Valuation Guidance Note SAS Working PartyWilliam Song, Chair of Working Party The MAS has issued a Circular to the principal officers of general insurers and reinsurers in March 2011. TheCircular highlights some common areas of shortcomings and better practices in preparation of actuarial

investigation reports for general insurance businesses.This presentation will focus on the findings from the MAS Circular and response from Approved Actuaries;Possible areas of improvement in actuarial reserving and reporting; A comparison of the existing standard andguidance on reserving in Singapore to their counterparts in other markets such as Australia; Potential challengesfaced by Approved Actuaries in addressing MAS requirements this may be in the form of a survey onApproved Actuaries

The objective of this presentation is to stimulate some debate amongst the profession on the general standardof actuarial reporting and communication in the area of liability valuation, which helps to identify areas of potential improvement.

Reinsurance as capital - how do you optimise its structure?Hussain Ahmad & Michael Fung, Towers WatsonWith the advent of Risk Based Capital, buying reinsurance as a tool to manage capital is becoming moreprevalent among insurers. Actuaries involved in capital and reinsurance buying are often asked to optimise theirfirm's reinsurance structure. Can reinsurance optimisation really be achieved? What are the issues that neededto be considered when optimising reinsurance?

This session discusses the many issues faced by company when optimising their reinsurance structure and howactuaries prepare for some of the challenges and add value to their company.

Strategic Asset Management and OptimisationCraig Turnbull, Barrie & Hibbert This presentation will discuss strategic asset management, asset-liability modelling and asset allocationoptimisation in the context of general insurance.

The presentation will consider two key aspects of asset management analysis that can be impacted by generalinsurance liabilities: liability-driven investment objectives (for example, reflecting the accounting treatment of general insurance business); and liability-driven investment risk metrics (reflecting the key risk characteristics of general insurance liabilities and their complex links with economic and financial market variables). These effectswill be analysed using case studies and modelling examples.


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Black Swan ScenariosDavid Maneval, Aon Benfield The future of risk is like an iceberg. What we see before our naked eyes is only part of the story. In fact, we aremost vulnerable to risks we didnt prepare for. So, how do we navigate the risks which lie beyond? The

presentation will look at the need to routinely monitor emerging risks to identify potential hazards.

ERMRaymond Cheung, ChartisMany ERM presentations today speak a lot on how companies can be empowered to balance risks with rewardsas well as people with processes, yet very few presentations actually show us how the ERM process is actuallybeing implemented in practice. In this presentation, I will attempt to bring the audience through the journey of setting up an ERM framework from scratch in a large and complex organization together with the pains,failures and lessons learnt so far in each of the following ERM processes:Risk Appetite Framework, RiskIdentification, Risk Measurement, Risk Modeling, Risk reporting

KPMG ERM Presentation to be advised John Tan & Martin Noble, KPMGThe regulatory and business drivers of ERM and the implication son the General Insurance sector with both aregional and local perspective.

Solvency II Changing the Landscape of Insurance Asset Strategy Alex Yu-Pei, Aon Benfield

Solvency II changes the way insurers think about risk, capital, volatility and value generation. Under Solvency IIsignificant changes to investment strategy are necessary to achieve an attractive return on equity under theStandard Formula. This study developed a case study of new asset allocation structure for a non-life companyfrom the Solvency II standard formula perspective.

Regulatory Solvency Assessment in the USBob Conger, Past President of the Casualty Actuarial Society, Chair of 2014 International Conference of Actuaries

In the United States, regulators use a multi-faceted approach to evaluating the solvency of general insurancecompanies. The approaches, methods, and tools continue to evolve. US regulators utilize (a) extensive andtransparent disclosure of detailed current and historical financial and related information that is reported inaccordance with specific statutory requirements; (b) risk-based capital calculations; (c) regulatory financialexaminations. Increasingly, regulators will be examining the company's own ERM evaluation and quantificationof its key risks, and its ability to respond to and withstand those risks.This presentation will outline the US regulatory approach to solvency assessment, with a particular emphasis onbroad concepts that will be of interest to actuaries who serve an internal or external role in analysing risk andsolvency issues for general insurance companies in any country.


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