Professional Development

Seminar for the Appointed Actuary

Metro Toronto Convention Centre, South Building

September 22-23, 2014


Monday, September 22, 2014

07:45–17:30  Registration and CIA Information Desk

07:45–08:45  Hot Buffet Breakfast

08:45–10:15  Joint Session

Session 1 (Joint) • Investments – More than Fixed Assets!
Ralph Ovsec (FCIA), vice-president and chief actuary, Foresters
Peter Cuthbert*, senior vice-president, investments, Fiera Properties
Charles Gilbert (FCIA), president, Nexus Risk Management
Heather Mason-Wood*, vice-president, Canso Investment Counsel

As actuaries, most of us are quite comfortable with the features and valuation of fixed income assets, and can readily use the information on a portfolio for our needs, such as discounting and adverse scenarios.  But there are other types of assets out there, some with features that are more complex to handle. How do we address categories such as real estate, equities, and preferred shares? This session will present and contrast various asset categories, discuss their main attributes, and demystify the handling of them.

10:15–10:30  Refreshment Break

10:30–12:00  Concurrent Sessions

Session 2 (P&C) • Economic Capital Modelling and Insurance Risk – the IBC Handbook
Bill Weiland (FCIA), principal, Eckler
Satnam MacLean, senior manager, actuarial and insurance services, Deloitte
Ryan Michel*, senior vice-president and chief risk officer, Allstate Insurance Company 

In 2010, the Insurance Bureau of Canada (IBC) established the Property and Casualty Minimum Capital Test Advisory Committee Industry Working Group. One of the group’s primary objectives is to develop educational material related to economic capital models (ECMs) for Canadian P&C (re)insurers that are developing or seeking to develop an ECM (also referred to as an internal model) for use in decision making and establishing required EC. For the past two years, efforts have been directed at development of The Handbook on Economic Capital Modelling. The group has focused on principles-based educational material that acknowledges the need for flexibility as a result of the diversity of insurers’ structures and the continued development of EC modelling itself. This session will discuss the progress to date, key content of the handbook, and the group’s expectations.

Session 3 (Life) • CLIFR Update
Rebecca Rycroft (FCIA), principal, Oliver Wyman
Alexis Gerbeau (FCIA), associate vice-president, actuarial finance and modelling, corporate
actuarial, Standard Life

Rebecca Rycroft

Committee on Life Insurance Financial Reporting (CLIFR) representatives will provide updates on various topics, including economic assumption and mortality improvement developments, as well as the fall guidance note.

12:15–14:00  Luncheon with Keynote Speaker

Dr. Greg Wells
 Dr. Greg Wells has spent over a decade working as a scientist at the extreme limits of human performance and health with the Canadian Olympic team and at the Hospital for Sick Children. He has identified a number of key skills and techniques that athletes and people faced with health challenges use to perform under pressure and improve their health despite tremendous odds. These are the same skills and techniques that anyone can use in their daily lives to perform better at work, have more energy throughout their days, and improve their health. In this high-content and inspiring keynote presentation, participants will learn the strategies that elite performers use to lead a world-class life.

14:15–15:45  Concurrent Sessions

Session 4 (P&C) • Enhancing One’s Thinking When Performing or Reviewing a Reserve Analysis
Ming Zhang*, senior manager, reserving, Aviva Canada
Nathalie Bégin  (FCIA), senior consultant, Towers Watson
Jennifer Cheslawski Balester*, actuarial, rewards, and analytics, Deloitte Consulting

Claims reserves are the most relevant item of the balance sheet of a P&C insurer. Reserving techniques are evolving at an increasing speed in response to the desire for greater transparency from boards and senior management, and the changing solvency regulatory environment around the world. Estimating claims reserves, variability, and the capital adequacy implication continues to be a challenge, and getting it right is key to the success of an insurance company.

This session is directed at practising actuaries in reserving and decision-making roles with the goal of introducing tools for, firstly, performing or reviewing a reserve analysis, and secondly, going beyond the numbers in identifying trends and extracting strategic advantage from the reserve analysis.

Session 5 (Life) • Longevity Perspectives  
George Graziani (FCIA), senior vice-president, Swiss Re Life and Health Canada
George Graziani
Larry Madge (FCIA), senior vice president and chief actuary, Sun Life Financial
Peter Nakada*, managing director, RMS Liferisks  

The increases in longevity have drawn attention to the management of longevity risk among pension funds, life insurers, and health insurers. New product offerings increasingly help consumers address longevity concerns, for which insurers require new approaches to mitigate that risk. Governments face the challenge of financing an aging population with longer life spans, and providing an environment conducive to private market solutions. With the financial problems of social security systems, the shift from defined benefit to defined contributions, and the demographic changes happening worldwide, longevity risk and related (re)insurance and capital market solutions have grown increasingly important in recent years. This session will investigate the risk, its key drivers, and practical solutions.

15:45–16:00  Refreshment Break

16:00–17:30  Concurrent Sessions

Session 6 (P&C) • The PCFRC: Past, Present, and Future
Julie-Linda Laforce (FCIA), consulting actuary, Axxima
Sarah Bhanji (FCIA), RBC Insurance
Raul Martin (FCIA), consulting actuary, J.S. Cheng and Partners

The P&C Financial Reporting Committee (PCFRC) will discuss its current projects and solicit potential ideas for future initiatives, demystify the approximations used with premium liabilities assumptions and discounting, and interact with members on various questions.

Session 7 (Life) • International Landscape – IFRS and IAIS BCR Overview
Micheline Dionne (FCIA), senior vice-president and chief actuary, RGA, and Chair, International Relations Council
Gordon Creber (FCIA), GGY
Micheline Dionne 
Ralph Ovsec (FCIA), vice-president and chief actuary, Foresters
Lesley Thomson (FCIA), vice-president, actuary, Sun Life Financial

This session will include International Financial Reporting Standards (IFRS) updates involving international progress, a discussion about creating the statement of Comprehensive Income under IFRS 4, and an update on the Basic Capital Requirement (BCR) guidance issued by the International Association of Insurance Supervisors (IAIS) together with comments provided by the CIA.

17:30–19:00  Delegates’ Networking Reception

Tuesday, September 23, 2014

07:45–15:00  Registration and CIA Information Desk

07:45–08:45  Hot Buffet Breakfast – General

08:45–10:00  Joint Session

Session 8 (Joint) • Presenting to the Board – Secrets for Success
Ruth Brothers*, managing director, RHB Associates
Garry MacNicholas (FCIA), executive vice-president, actuarial and risk, Great-West Lifeco
Gil Palter*, co-chair of the Aurigen Group and co-founder of EdgeStone Capital Partners

This plenary session will provide you with practical and useful techniques for delivering information to boards and other executive audiences who need to make critical decisions based on your valuable insight. Learn how to deliver clear and impactful messages and hear from prominent board members about what they value most and what to avoid in your next presentation. 

10:00–10:30  Refreshment Break

10:30–12:00  Concurrent Sessions

Session 9 (Life) • Judgment in Actuarial Valuation Practice
Marc-André Giguère (FCIA), Ernst and Young
Marco Fillion (FCIA), partner, PricewaterhouseCoopers
Marc-André Giguère
Hélène Pouliot (FCIA), Canadian leader, risk consulting services and software, Towers Watson

This session will cover considerations for actuarial judgment in valuations and how these considerations apply in practice to various product types.

Session 10 (P&C) • Dynamically Adjusting for Auto Reform
Lisa Guglietti (FCIA), vice-president, corporate actuarial services, The Co-operators
Cosimo Pantaleo (FCIA), Ernst and Young
Lisa Yeung (FCIA), partner, PricewaterhouseCoopers

With each legislated auto change a new challenge emerges for insurers and their actuaries. The nature of the changes will determine the scale and complexity of the effort required to adjust past and/or future policy liabilities. This session will explore the recent changes in Ontario auto as well as in other jurisdictions. The panel will discuss approaches to dynamically adjusting for auto reform and how to alter them over time and incorporate emerging experience.

12:00–13:15  Luncheon with Keynote speaker

13:30–15:00  Concurrent Sessions

Session 11 (Life) • Updates from the Research Committee
Dave Dickson (FCIA)
Dave Dickson
Johnny Lam (FCIA), director, individual reinsurance pricing management, Munich Re
Benoit Miclette (FCIA), vice-president, living benefits, RGA
Peter Snyder (FCIA), director, NAVA experience studies and sensitivities, Sun Life Financial

Representatives from the Research Committee will provide an overview of how the CIA’s research works, along with updates from various subcommittees, including experience studies.

Session 12 (P&C) • Catastrophe Model Updates: Impact on the Reinsurance Programs 
Marie-Eve Nadeau (FCIA), assistant vice-president, reinsurances, JLT Towers Re
Charles Cervinka (ACIA), reinsurance senior analyst, TD Insurance
Brandon Katz*, catastrophe risk modelling consultant, JLT Towers Re
Dr. Kirsten Orwig*, specialist, atmospheric perils, Swiss Re

This session will present the most recent changes to catastrophe models and their impact on the buying decisions of Canadian insurers and their risk management policies. It will also provide an update on current reinsurance market conditions and insight on how catastrophe models and regulatory changes will affect the upcoming renewal season.


*Not a member of the CIA. 


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