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The Actuary The magazine of the Institute & Faculty of Actuaries
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British Actuarial Journal (BAJ) Vol 8 Part V

The latest BAJ (Volume 8 Part V) is currently being mailed to members and subscribers. This edition contains a lot of general information, as well as sessional meeting and submitted papers.The guest editorial for this part is written by Greg Taylor, an actuary who has achieved a career balance between academia and practice, and has a distinctive view on the process by which actuarial science and practice develops.

The 2002 Staple Inn Reading, ‘Why arbitrate?’ was presented by Anthony Butcher QC last June; for those who missed it, there’s a transcript in BAJ 8.V.

Sessional meetings papers and discussions in this edition include the Faculty discussion of ‘A review of policyholders’ reasonable expectations’ by Shelley, Arnold, and Needleman, and the discussion which took place in Dublin last May of ‘Corporate diversity and the provision of financial services’ by Guijarro and Hare. Both of these debates are of essential interest to UK life actuaries; the first covering the urgent re-evaluation of the PRE concept in the light of recent court judgments, and the latter considering the future of the mutual concept in insurance. Also included is the Institute discussion from April 2002 of ‘Family fortunes, a guide to saving for retirement’ by Cooper. Another lively discussion this, including a variety of views from left to right, and from actuary to psychologist.

‘Natural catastrophe probable maximum loss’ by Gordon Woo provides some science to support the determination of PMLs, and relates the calculation to the developing theory of risk measures and coherence. Also in this issue is the latest paper in the series on the FTSE indices ‘Notes on the FTSE all-world index series: constituent changes in 2001’ by Brumwell.

Other general information in this edition include president’s awards and citations for new honorary fellows of the Institute of Actuaries. With the Faculty of Actuaries and Institute of Actuaries ‘General information’ you can fill idle moments trying to see membership trends – for example, you can track the proportions of women students (from about 20% in 1986 to 30% in 2001) and fellows (from about 3% in 1986 to 14% in 2001) over the past 15 or so years for the Institute (the Faculty’s information on women members is only available from 1996 or so).,