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The Actuary The magazine of the Institute & Faculty of Actuaries
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Faculty fellow scoops two research awards

Faculty of Actuaries fellow Andrew Cairns has been awarded two prizes for his 2006 paper entitled Pricing death: Frameworks for the valuation and securitisation of mortality risk.

In October, the Actuarial Foundation awarded the Heriot-Watt University academic the David Garrick Halmstad prize for the paper. The prize, awarded annually, is considered one of the most prestigious awards in actuarial science.

Professor Cairns was also honoured by the International Actuarial Association with the Bob Alting von Geusau prize. The award-winning paper sets out methods for calculating the risk implications of changing longevity for mortality-linked financial contracts such as pensions and insurance.

Professor Cairns is well known for his research in financial risk management for pension plans and life insurers, and holds the position of professor of financial mathematics in the department of actuarial mathematics and statistics at Heriot-Watt.

In the field of financial mathematics, he has developed a new model for bond-price dynamics for use in the measurement and management of long-term interest-rate risks in pensions and life insurance. More recently, he has been working on the modelling of longevity risk.