The Actuarial Foundation supports Research through a number of Awards, Prizes & Competitions. This section provides overview information on current programs, in addition to past recipients and infromation on how to apply.
James C.H. Anderson Memorial Prizes
ERM Research Excellence Award in Memory of Hubert Mueller
David Garrick Halmstad Prize
John Hanson Memorial Prize
Everett Curtis Huntington Prize
Individual Grants Competition
Wynn Kent Public Communication Award
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In coordination with friends and former associates of the late James Charles Henry Anderson, Research Committee of TAF signed an agreement in late 1995 to establish a memorial fund for awards and grants for achievements reflecting innovative, and even iconoclastic, ideas by individuals that reflect the values and leadership that were associated with Mr. Anderson during his lifetime.
The Memorial embraces the concept of rewarding, on an international basis, achievements by individuals in fields related to financial and actuarial matters, especially those of an innovative visionary and iconoclastic nature.
Funds will be used to:
- Commission papers or other work in actuarial or related fields identified by the AERF Committee as needing study
- Provide rewards for the best papers submitted to the AERF Committee in response to Calls for Papers on designated topics
- Provide awards for excellence of papers or for other achievements relating to financial or actuarial matters.
Stochastic Modeling Published
In June 2010, The International Actuarial Association published Stochastic Modeling — Theory and Reality from an Actuarial Perspective. The Foundation, along with five other actuarial organizations, supported the development of this publication with a $20,000 contribution. Click here for more information.
Past Award Recipients
Bowles Symposium 2007 - $10,000
Living to 100 Symposium 2007 - $20,000
Educational Monograph on the Topic of Stochastic Processes and Modeling in Financial Reporting and Capital Assessment - $20,000
Living to 100 Symposium 2011- $25,000
Outstanding Contribution to the Actuarial Profession
Hans Buhlmann was awarded the James C. H. Anderson Memorial award for outstanding contribution to the actuarial profession during the last 50 years. The prize, a one-time $10,000 scholarship, has been awarded in Buhlmann's name to his alma mater, University of Zurich. The institution will select the scholarship recipient subject to guidelines on the nature and scope of studies to be funded. The award was presented at the Society of Actuaries 50th Anniversary Celebration and Annual Meeting.
Edoh Afambo, a Ph.D. candidate in the Department of Risk Management and Insurance at Georgia State University, was awarded Anderson Memorial Fellowships for the 2000-01 and 2001-02 academic years. Each $12,000 Fellowship award is in recognition of Mr. Afamboâs past achievements and future ambitions.
Outstanding Papers at ICA
At First Prize and two second prizes were awarded for outstanding papers prepared for the 27th International Congress of Actuaries (ICA), held in Cancun, Mexico on 17-22 March.
The First Prize of $10,000 (U.S.) was awarded to Victor Manuel Jimenez Escobar (Mexico) for his paper "Testing the Stability of the Components Explaining Changes of the Yield Curve in Mexico: A Principal Component Analysis Approach."
Second prizes of $5,000 (U.S.) each were presented to Andrew Wise, Andrew Barnes and Andrew Reid (United Kingdom) for their paper "Risk Sharing in Employer Pension Provision" and to Javier Guitierrez Garcia and Jesus Alan Elizondo Flores (Mexico) for their paper"Credit Risk: The Actuarial Value."
Copies of the papers are available on the web site of the ICA at www.ica2002.com.
The Actuarial Foundation presents an award for the best overall paper submitted in response to a Call for Papers, issued in conjunction with the ERM Symposium. This award recognizes significant contributions to the growing body of ERM knowledge and research. A representative of The Actuarial Foundation will present the Award and $5,000 prize at the annual ERM Symposium.
Hubert Mueller (1960-2009) raised awareness of the importance of ERM across the insurance industry and promoted the role of actuaries in ERM. He was instrumental in founding the Joint Risk Management Section and was one of the first actuaries to receive the CERA designation. He is remembered as a great role model and friend.
The ERM Research Excellence Award in Memory of Hubert Mueller is funded by contributions from Hubert's colleagues and friends throughout the insurance industry, as well as by Towers Watson . Contributions in memory of Hubert Mueller may be made through The Actuarial Foundation, either online or via mail.
|Year of Award||Recipients||Title of Paper and Reference|
|2010||Neil M. Bodoff, FCAS, MAAA||
"Discarding Risk Avoidance and Embracing Risk Optimization: Managing Reinsurance Credit Risk"
|2009||B. John Manistre, FSA, FCIA, MAAA||
"A Risk Management Tool for Long Liabilities: The Static Control Model"
|2008||B. John Manistre, FSA, FCIA, MAAA||“A Practical Concept of Tail Correlation"|
of North Carolina State University
|“Information Conveyed in Hiring Announcements of Senior Executives Overseeing Enterprise-Wide Risk Management Processes”|
|2006||William Panning||“Managing the Invisible: Measuring Risk, Managing Capital, Maximizing Value”|
The David Garrick Halmstad prize is given annually for actuarial research in memory of David Halmstad, an Associate of the Society, for his significant contributions to actuarial science and research. Funds for the prize were contributed in Mr. Halmstad's memory by his friends and colleagues. The Actuarial Foundation continues to support the prize in his memory.
To select the best paper on actuarial research published each year, a committee of the Society's Education and Research Section examines major English language actuarial journals, nominates outstanding papers, reviews the selected articles, and votes for the best paper. The results of these proceedings are submitted to the Research Committee of TAF for the final selection. This award follows the year of publication rather than the actual calendar year.
|Year of Publication||Author(s)||Title of Paper and Reference|
|"Coherent Multiperiod Risk Adjusted Values and Bellman’s Principle"|
|2006||David Blake, PhD, BSC, MSc
Andrew J.G. Cairns, MSC
Kevin Dowd, PhD
|“Pricing Death: Frameworks for the Valuation and Securitization of Mortality Risk” Published in Astin Bulletin, Vol. 36, no1, 2006, pp. 79-120|
|2005||Geoffrey H. Hancock
|Variance of the CTE Estimator|
|“Reinsurance Arrangements Maximizing Insurer’s Survival Probability,” Journal of Risk and Insurance, Vol. 71, 421-435|
|2003||A. S. Macdonald, BSc, PhD, FFA
H. R. Waters, DPhil, FIA, FFA
C. T.Wekwete, BSc,MSc, PhD
|"The Genetics of Breast and Ovarian Cancer I: A Model of Family History"
"The Genetics of Breast and Ovarian Cancer II: A Model of Critical Illness Insurance," Scandinavian Actuarial Journal, 1-50
|2002||Dr. Thomas Moller||“On Valuation and Risk Management at the Interface of Insurance and Finance,” British Actuarial Journal, 8, IV, pp. 787–827|
||Dr. Martin Schweizer||“From Actuarial to Financial Valuation Principles,” Insurance: Mathematics and Economics, 2001, Volume 28, Issue 1, pp. 31–47|
|2000||Hans U. Gerber, Ph.D., A.S.A.
Elias S.W. Shiu, Ph.D., A.S.A.
|"Investing for Retirement: Optimal Capital Growth and Dynamic Asset Allocation," NAAJ, April 2000, Vol. 4, No. 1, pp. 42-62|
|1999||Uwe Schmock||"Estimating the Value of the Wincat Coupons of the Winterthur Insurance Convertible Bond: A Study of the Model Risk," ASTIN Bulletin, Vol. 29, No. 1, 1999, pp. 101-163|
|1998||Hans U. Gerber, Ph.D., A.S.A.
Elias S. W. Shiu, Ph.D., A.S.A.
|"On the Time Value of Ruin," NAAJ, January 1998, Vol. 2, No.1, pp. 48-78
"Pricing Perpetual Options for Jump Processes," NAAJ, July 1998, Vol. 2, No. 3, pp. 101-112
|1997||Edward W. Frees, Ph.D., F.S.A.
Yueh-Chuan King, Ph.D.
Marjorie Rosenberg, Ph.D., F.S.A.
Virginia Young, Ph.D., F.S.A.
Siu-Wai Lai, Ph.D., A.S.A.
|"Forecasting Social Security Actuarial Assumptions," NAAJ, October 1997, Vol. 1, No. 4, pp. 49-82|
|1996||Edward W. Frees, Ph.D., F.S.A.
Jacques Carriere, Ph.D., F.S.A.
Emiliano Valdez, Ph.D., F.S.A.
|"Annuity Valuation with Dependent and Mortality," Journal of Risk and Insurance, June 1996, Vol. 63, No. 2, pp. 229-261|
|1995||Gregory C. Taylor, Ph.D., FIA., F.I.A.A.||"An Equilibrium Model of Insurance Pricing and Capitalization," Journal of Risk and Insurance, Sept 1995, Vol. 62, No. 3, pp.409-446|
|1994||Hans U. Gerber, Ph.D., A.S.A.
Elias S. W. Shiu, Ph.D., A.S.A
|"Martingale Approach to Pricing Perpetual American Opions," ASTIN Bulletin, Vol. 24, 1994, pp. 195-220
"Option Pricing by Esscher Transforms," TSA, Vol. XLVI, 1994, pp. 99-140
|1993||Knut K. Aase||"Equililbrium in a Reinsurance Syndicate: Existence, Uniqueness and Characterization," ASTIN Bulletin, Vol. 23, no. 2, 1993, pp. 185-211
"Premiums in a Dynamic Model of a Reinsurance Market," Scandinavian Actuarial Journal, 1993, pp. 134-160
|1992||James A. Tilley, Ph.D., F.S.A.||"An Actuarial Laymen's Guide to Building Stochastic Interest Rate Generators," TSA, Vol. XLIV, 1992, pp. 509-538|
|1991||Patrick L. Brockett, Ph.D.||"Information Theoretic Approach to Actuarial Science: A Unification and Extension of Relevant Theory and Application," TSA, Vol. XLIII, 1991, pp. 73-114|
|1990||Edward W. Frees, Ph.D., F.S.A.||"Stochastic Life Contingencies with Solvency Considerations," TSA, Vol. XLII, 1990, pp. 91-129|
|1989||Hal W. Pederson,
Elias S.W. Shiu, Ph.D., A.S.A.
A. Eric Thorlacius, F.S.A.
|"Arbitage-Free Pricing of Interest-Rate Contingent Claims," TSA, Vol. XLI, 1989, pp. 231-265|
|1988||Henrik Ramlau-Hansen||"The Emergence of Profit in Life Insurance," Insurance: Mathematics and Economics, Vol. 7, 1988, pp. 225-236|
|1987||F. Delbaen and J. Haezendonck||"Classical Risk Theory in an Economic Environment," Insurance: Mathematics and Economics, Vol. 6, 1987, pp. 85-16|
|C.D. Daykin, G.D. Bernstein
S.M. Coutts, E.R.F. Devitt
G.B. Hey, D.I.W. Reynolds
|"Assessing the Solvency and Financial Strength of a General Insurance Company," Journal of the Institute of Actuaries, Vol. 114, Pt. 2, 1987, pp. 227-309|
|1986||Ragnar Norberg||"A Contribution to Modeling of INBR Claims," Scandinavian Actuarial Journal, No. 3-4, 1986, pp. 155-203|
|1985||Robert P. Clancy, F.S.A.||"Options on Bonds and Applications to Product Pricing," TSA, Vol. XXXVII, 1985, pp. 97-151|
|1984||James D. Broffitt, Ph.D., A.S.A||"Maximum Likelihood Alternatives to Actuarial Estimators of Mortality Rates," TSA, Vol. XXXVI, 1984, pp. 77-142|
|1983||Anders Martin-Lof||"Premium Control in an Insurance System, An Approach Sharing Feedback and Persisting," Scandinavian Actuarial Journal, No. 1, 1983, pp. 1-27|
|1982||L.A. Balzer, Ph.D.||"Control of Insurance Systems with Delayed Profit/Loss Sharing Feedback and Persisting Unpredicted Claims," Journal of the Institute of Actuaries, Vol. 109, 1982, pp. 285-313|
|1981||Newton L. Bowers, Jr., F.S.A.
James C. Hickman, Ph.D., F.S.A.
Cecil J. Nesbitt, Ph.D., F.S.A.
|"Dynamics of Pension Funding: Contribution Theory," TSA, Vol. XXXI, 1979, pp. 93-119|
|1980||William S. Jewell, Ph.D||"Models in Insurance: Paradigms, Puzzles, Communications, and Revolutions," Transactions, 21st International Congress of Actuaries, Zurich, June 19, 1980, Vol. S, pp. 87-130|
|1979||James C. Hickman, Ph.D., F.S.A.
Robert B. Miller, Ph.D.
|"Bayesian Bivariate Graduation and Forecasting," ARCH, 1979.3, pp. 99-136|
|1978||Phelim P. Boyle, Ph.D., F.C.I.A.||"Immunization Under Stochastic Models of the Term Structure," Journal of the Institute of Actuaries, Vol. 105, Pt. II, 1978, pp. 177-187. Also ARCH, 1980.1, pp. 19-29|
The John Hanson Memorial Prize is awarded for the best paper on an employee benefits topic. Submissions are judged on appropriateness of subject material, timeliness of topic, originality and practical application to employee benefits. Nominations and submissions are open and not limited to U.S. actuaries. The author does not need to be a member of the Conference. The prize consists of a cash award, meeting registration fee waiver for the Conference’s Annual Meeting at the time the prize is presented along with a recognition plaque. Submission deadline is March 15 each year.
|Year of Award||Author(s)||Title of Paper and Reference|
|2010||David MacLennan, ASA, EA
||"Benefit Adjustments for Multiple Annuity Starting Dates"|
|2009||Jeremy Gold, FSA, MAAA, FCA, CERA and Gordon Latter, FSA||"The Case for Marking Public Pension Plan Liabilities to Market"|
|Jonathan Barry Forman, J.D. and Yung-Ping (Bing) Chen, Ph.D.||"Optimal Retirement Age"|
|2008||Aaron Meder, FSA, EA and Renato Staub, Ph.D.
||“Linking Pension Liabilities to Assets” Published October 2007 issue of the Actuarial Practice Forum (APF)|
|2007||Donald E. Fuerst, EA, FSA, MAAA||"Risk Allocation in Retirement Plans: A Better Solution"|
|2006||Jeremy Gold, FSA, Ph.D.||"Retirement Benefits, Economic and Accounting: Moral Hazard and Frail Benefit Designs"|
|2004||Tony Day||"Financial Economics and Actuarial Practice," The Proceedings, Vol. LIV|
|Edward E. Burrows, M.S.P.A., M.A.A.A., E.A.||"Fixing the Pension Plan Funding Rules," The Proceedings, Vol. LIV|
|2000||Robert L. Brown, A.C.A.S., F.C.I.A., F.S.A||"Impacts on Economic Security Programs of Rapidly Shifting Demographics," The Proceedings, Vol. XLIX|
||Robert J. Rietz, E.A., F.C.A., F.S.A., M.A.A.A||"Early Retirement Subsidies: A Plan Design Whose Time Has Passed?," The Proceedings, Vol. XLIX|
|1992||E. Paul Barnhart, F.S.A., M.A.A.A.||"1991 Long Term Care Continuance Tables," The Proceedings, Vol. XLI|
|1991||Daniel F. McGinn, E.A., F.C.A., F.S.A.||"Multiemployer Retirement Plans in the 1990s," The Proceedings, Vol. LX|
|1987||William H. Blake, E.A., F.C.A., F.S.A., M.A.A.A.||"1985 Disability Study," The Proceedings, Vol. XXXVI|
The Everett Curtis Huntington Prize is awarded to the best research paper receiving Associateship or Fellowship credit under the Society of Actuaires educational program for research papers. The prize was established by Curtis E. Huntington to honor his father, Everett Curtis Huntington, a Fellow of the Society who was an actuary at State Mutual Life Assurance Company of America from 1938 until his death in 1971, to make the research paper option for credit as attractive as possible to potential researchers, and to encourage the submission of additional papers under this option.
The prize, which comprises a cash award of $1,000 and a plaque, is awarded under the administration of the Research Committee of TAF.
With the changes in the examination system effective January 1, 2000, the research paper option is no longer available. The Research Committee of TAF is considering other criteria for future awards.
|Year of Award||Author(s)||Title of Paper and Reference|
|2000||Hsiu-An Lin, Ph.D., A.S.A.||"A Co-Integrated Multivariate Time Series Model fdor the Economic Assumptions of the OASDI Trust Funds," ARCH 2000.2, pp. 349-399|
|1999||Dorothy L. Andrews, A.S.A., M.A.A.A.||"Simplified Cash Flow Testing of Traditional Participating Whole
Life Insurance" ARCH 1996.2, pp. 65-178
|1995||Gary Parker, Ph.D., A.S.A.||"Stochastic Analysis of the Interaction between Investment and Insurance Risks" ARCH 1995.2, pp. 179-224|
|1992||Gordon E. Willmot, F.S.A., F.C.I.A.||"A Queueing Theoretic Approach to Analysis of the Claims Payment Process," TSA XLII (1990), pp. 447-497|
|1992||B. John Manistre, F.S.A., F.C.I.A.
|"Some Simple Models of Investment Risk," ARCH 1990.2, pp. 101-177|
Individuals or organizations interested in seeking a research grant should begin the process with a brief letter of intent outlining the nature of the research project, a rough estimate of the funding requirements, the anticipated distribution of results and the qualifications of the applicant(s). Such letters should be as brief as possible (under two pages generally) while covering all of the points listed. Letters of intent are due in October.
The Research Committees will respond to these initial letters in November. At that time, application forms will be distributed to researchers who are invited to submit proposals for funding consideration. The deadline for submitting formal applications is January and grant awards will be announced in March.
The Wynn Kent Public Communication Award is awarded to recognize an actuary who has contributed to the public awareness of financial risk and the work product of the actuarial profession to the public in the fields of life, health, casualty, pension and/or in other related areas. The intent of this award is to encourage actuaries to engage in activities that highlight the actuarial profession’s role in financial security issues benefiting the public.
|Year of Award||Recipient|
|2010||John M. Bertko, FSA, MAAA|
|2009||Vince Amoroso, FSA, EA, FCA|
|2008||Ronald Gebhardtsbauer, FSA, EA, MAAA, MSPA, FCA|
|2007||A. Haeworth Robertson, FSA, MAAA|
|2006||Anna M. Rappaport, FSA, MAAA|