It is fitting that Panama, a “bridge” between the Atlantic Ocean and Caribbean Sea on the east and the Pacific Ocean on the west, hosted the 2017 ASTIN Colloquium as the mission of ASTIN and the ASTIN Colloquium is to bridge the theoretical and practical non-life (property-casualty) actuarial sciences.
ASTIN, the section for Actuarial STudies In Non-life insurance, was organized in 1957 as the first Section of the International Actuarial Association (IAA). ASTIN is a membership organization formed to further research and education in non-life insurance. Historically, ASTIN has contributed to research and education by publishing the prestigious ASTIN Bulletin and holding annual colloquia.
Working Parties Drive Journal Content
Recently, the ASTIN Bulletin has expanded its focus beyond the theoretical aspects of non-life insurance to include research on the practical aspects of insurance, in particular through its working parties.
It is ASTIN members who propose and champion these working parties, which welcome everyone, including CAS members. The CAS supports ASTIN by publicizing these opportunities to its members.
Past working parties have published top-quality, highly practical reports, including one on reserving best practices around the world and another from ASTIN’s Working Party on Individual Claim Development with Machine Learning, which was released in November 2017.
Join ASTIN!
ASTIN’s goal is to be a bridge between academics and practicing actuaries with enhanced practical research and continuing education — a goal quite complementary to that of the CAS.
ASTIN members are active partners with the CAS in continuing education for members of both our organizations, particularly in Europe.
Annual dues are CAD50.00 and include the following membership benefits:
- Discounted registration at the ASTIN Colloquia.
- Free print copy and online access to the ASTIN Bulletin.
- Free access to all ASTIN webinars.
- Opportunity to champion an ASTIN Working Party.
- Possibility to disseminate your findings on the ASTIN network and beyond.
- Conditional access to bursaries and financing.
- Opportunities to train colleagues in actuarially less actuarially developed regions.
ASTIN’s current research and education efforts emphasize practicality and application, two things that often speak to us as members of the CAS.
If you count yourself amongst that group, consider joining the worldwide ASTIN community and actively participate in fostering meaningful actuarial research and developments.
Visit https://www.actuaries.org/merchandise/section/ to join and for more information.
ASTIN Colloquium Focuses on Practice
The Asociación Centroamericana de Actuarios (Central American Actuaries Association) organized the 2017 ASTIN Colloquium. In addition to providing more practical sessions, the Associación recognized a basic need for education in non-life actuarial science for those practicing in Latin America. Consequently, in addition to the usual plenary and parallel sessions, this colloquium introduced a series of workshops: four-hour sessions focused not only on basics such as reserving and pricing, but also on ERM, derivative pricing, reinsurance, Markov chain Monte Carlo methods, bonus-malus (experience rating), solvency/capital modeling, term structures and longevity.
These workshops marked a significant break from past colloquia that had a more academic flavor. For example, session moderators described applications of subject matter presented in parallel sessions. Although a first-time effort, practical applications will continue to be emphasized in future colloquia. As a result of these changes and the sessions’ increased relevance, the workshops were very well received by attendees.
Outside of colloquia, ASTIN has also been presenting webinars related to non-life insurance. Topics have included the U.S. National Flood Insurance Program, professionalism, reserves and law, workers’ compensation and prescription drugs. Given this subject matter, it would benefit both ASTIN and the CAS to team up on some of these offerings and continue developing these topics.
With the recent and ongoing changes, ASTIN is now much more focused on practical research and education, continuing to build the bridge between theory and practice in non-life actuarial science that its members have been seeking. The changes also reinforce ASTIN’s commitment to improving the skills of its members.
Roger Hayne, FCAS, MAAA, Ph.D., is a consulting actuary for Milliman, Inc.
