Marina Mandarin Hotel Singapore

ORGANISERS:

CONFERENCE PARTNER: CONFERENCE SPONSOR:

WELCOME MESSAGE

It is with great pleasure that the Program Committee welcomes you to the 2018 Joint IRFRC & APRIA

Conference to be held on 29 July – 1 August 2018 in Singapore.

This is the first time Nanyang Technological University’s Insurance Risk and Finance Research Centre (IRFRC) and the Asia-Pacific Risk and Insurance Association (APRIA) combine two prominent annual conferences into one to maximize the participation by academics and professionals from the region and globally. The theme this year is A New Risk Management Industry in the Making.

At this Conference, we will have about 120 researchers from 18 countries to present research papers on topics such as cyber risk, longevity and mortality risk, longevity risk, insurance economics, insurance law & regulation, catastrophic risks, enterprise risk management, health insurance, agricultural and environmental risk, insurance investment, banking and credit risk, corporate governance, regulation and public policy, social insurance, and insurance education/pedagogical issues.

The success of this conference depends on both the industry and academia coming together and addressing the myriad of challenges facing society today. We are confident that you will enjoy the conference, and we look forward to seeing you in Singapore.

Sincerely,

Professor Shaun Wang, Director, Insurance Risk and Finance Research Centre, NBS Co-chair, The Joint NTU IRFRC-APRIA Program Committee

GENERAL INFORMATION

Conference Venue Marina Mandarin Singapore 6 Raffles Boulevard Marina Square Singapore 039594 T: (65) 6845 1167 F: (65) 6845 1167 Website: https://www.meritushotels.com/en/marina-mandarin-singapore/index.html Name Badges Please wear your name badge to all meetings and events. Meeting Locations 1) Leo & Capricorn Ballrooms (Level 1, Marina Mandarin Hotel) 2) Vanda 3 & 4 (Level 6, Marina Mandarin Hotel) 3) NTU Alumni House: #02-27/28 Marina Square Shopping Mall (5 mins walk)

Lunch 1) Leo & Capricorn Ballrooms Foyer (Level 1, Marina Mandarin Hotel)

Coffee Breaks 1) Leo & Capricorn Ballrooms Foyer (Level 1, Marina Mandarin Hotel) 2) NTU Alumni House: #02-27/28 Marina Square Shopping Mall (5 mins walk)

Meeting Room Plans

Ground Floor

Level 6

Directions from Marina Mandarin to NTU Alumni House:

1. Take the lift to the 4th Floor. 2. Walk down the flight of stairs indicated by the sign “Marina Square Shopping Mall” 3. Take the path situated between American Tourister (#03-110) and Sperry (#03-111) 4. Turn left and walk straight until you see Sennheiser (#03-123) 5. Turn right and walk until you see Gu Thai Noodles café (#03-131) 6. Take the escalator to the 2nd Floor 7. Take an U-turn and turn left to NTU Alumni House

Alternatively,

If you are inside Marina Square shopping mall, walk towards the Central Atrium located at Level 2 and enter the Red Zone (refer to black arrow on the map above). Tenants to look out for include Pylones, Running Lab, Owndays, Pororo Park (indoor playground).

KEY SPEAKERS

Robert Kennedy Dean, Nanyang Business School (NBS)

Robert (Bob) Kennedy is the Dean at Nanyang Business School at NTU Singapore. He assumed office on January 1, 2018. He comes to NTU from the Ivey Business School in Canada, where he has been Dean and the Tapp Chaired Professor since 2013. Under his leadership, the school increased research output by more than 30% per faculty member and improved its global rankings. The school was twice ranked as the top “international” programme in the BusinessWeek MBA rankings (2014 and 2015), and improved its FT Research rank from 44th to 26th. Bob is a well-known scholar, speaker and educator. His research focuses on business strategy and policy issues in developing countries and has been widely published in leading economics and strategy journals. He has authored more than 120 articles, chapters, notes, and case studies on emerging market issues. From 2002 to 2016, his teaching materials were used at every one of Business Week’s top 25 U.S. business schools. Before joining Ivey, Bob served as the Tom Lantos Professor of Business Administration at Michigan’s Ross School of Business – where he led the school’s international programmes. He was also Executive Director of the William Davidson Institute. Prior to Ross, Bob was an Assistant, and then an Associate, Professor at Harvard Business School. Prior to his academic career, Bob worked as both a strategy consultant (late 1980s), and as a partner in a Private Equity firm in Poland from 1991 to 1995. He has completed projects in more than 25 countries. Bob holds BA degrees in Economics and Political Science from Stanford University, an MSM in Management from MIT, and a PhD in Business Economics from Harvard University.

Ian Johnston Chief Executive, Dubai Financial Services Authority (DFSA)

Eric Pooi Managing Director, SCOR Asia Pacific

Mr Ian Johnston was appointed Chief Executive of the DFSA in June 2012. Mr Johnston joined the DFSA in November 2006, as a Managing Director heading the Policy and Legal Services Division. Mr Johnston was admitted to practice law in Australia in the early 1980’s and spent most of his career in the private sector. He held a number of senior positions within the financial sector and was the CEO of one of Australia’s major trustee companies. In 1999, Mr Johnston moved into regulation joining the Australian Securities and Investments Commission where he became Executive Director, Financial Services regulation, and spent several terms as an Acting Commissioner. In 2005, he took up a position as a Special Advisor with the Hong Kong Securities and Futures Commission. Mr Johnston is a past Chairman of the Joint Forum, which comprises representatives of the major international regulatory standard-setters (IOSCO, IAIS and the Basel Committee). In November 2013, he was elected to the Steering Group of IOSCO’s Growth and Emerging Markets Committee. He is also a member of the Financial Stability and Technical Committee of the IAIS, the global standard-setting body for insurance regulation, and was a member of the Board of Directors of the Financial Planning Standards Board from 2011 – 2016.

Eric Pooi, 48, is a Chartered Accountant with ISCA Singapore and an Associate in Risk Management with AICPCU. Having begun his career in auditing after graduating from Nanyang Technological University (Accountancy), he has been predominantly in the insurance industry (New Reinsurance, Gerling Global Re, Revios Re & SCOR) for over 22 years, covering captive insurance, P&C Reinsurance, Composite and Life Reinsurance. Over the course of his career, he has taken on several roles ranging from CFO, COO, HR, IT and Administration. He is currently the appointed as the Managing Director for SCOR Asia Pacific, Chief Executive for SCOR Global Life Singapore Branch, as well as the Chief Representative for SCOR Global Life, Taipei Representative Office.

John Chen President, Swiss Re China

Phelim Boyle Professor, Lazaridis School of Business, Wilfrid Laurier University, Canada

John Chen is appointed as Member of the Asia Management Team, President of Swiss Re China, effective 1June 2016. He also takes up the position of General Manager of Beijing Branch. John has about 20 years of experience primarily working in the insurance industry in both China and overseas. Prior to joining Swiss Re, John was the Chief Actuarial Officer & Member of the Executive Committee of PICC P&C from 2007 to March 2016. He took the responsibility for product development, pricing strategy and significant involvement in the company's strategic decision-making processes. Before that, he was General Manager of Product Development for PICC P&C and has worked for PICC P&C for about 11 years in total. John also served on the Solvency Standard Board and other working committees of the China Insurance Regulatory Commission, including involvement in the development of C-ROSS standards in China. Before PICC P&C, John worked with Deloitte/Finity Consulting as Senior Consultant based in Sydney for about two years, responsible for consulting assignments in innovative pricing methods, customer insights analysis, predictive modelling, risk margin evaluation and capital modelling. He also spent some years with CGU Insurance (part of IAG) based in Melbourne and with Airbus Industries based in Beijing/Toulouse. John holds a PHD in Econometrics from Monash University, Australia and a BSc in Applied Maths from Tsinghua University, China.

Phelim Boyle uses mathematical models and quantitative methods to solve problems in the fields of finance and insurance. During his career he has made significant contributions to quantitative finance. His ideas have helped transform how actuaries measure and manage financial risk. Together with his co-authors Brennan and Schwartz he introduced option pricing techniques to price and hedge equity linked insurance contracts. He also pioneered the use of Monte Carlo methods in finance and with David Emanuel introduced Asian options. He has been a professor at the University of British Columbia and the University of Waterloo and has spent time at the University of California Berkeley and the University of Tokyo. Boyle has won several awards and prizes for his research contributions. These include the Centennial Gold Medal of the International Actuarial Association (1995) and the International Financial Engineer of the Year (2005). In 2008, he was awarded a Gold Medal from the Institute of Actuaries in the UK for his research work.

Andreas Richter Head, Institute For Risk Management and Insurance, LMU Munich, Germany

Yimin Yang Senior Director, Protiviti, United States

Andreas Richter is Director of the Institute for Risk Management and Insurance, Director of the Munich Risk and Insurance Center (MRIC), and holds the Chair in Risk and Insurance at Ludwig-Maximilians-Universitaet (LMU) in Munich, Germany. Currently, he is also a vice dean of the Munich School of Management at LMU Munich, where he served as dean from 2011 through 2013. Prior to joining the faculty at LMU in 2006, Andreas held positions at Illinois State University and the University of Hamburg, and in 1999 visited the University of Pennsylvania as a postdoctoral fellow. He earned his Ph.D. (1998) and his Habilitation (2002) from the University of Hamburg.

Andreas's main research interests are in insurance economics, behavioral insurance, the economic analysis of law, and the management of catastrophic risks. He is a Past President of the American Risk and Insurance Association (ARIA) and serves on the Board of Directors of the European Group of Risk and Insurance Economists (EGRIE). Andreas Richter is a member of the Editorial Boards of the Journal of Risk and Insurance, the Geneva Risk and Insurance Review, the Geneva Papers on Risk and Insurance and the Journal of Insurance Issues. He has published in journals including the European Economic Review, Journal of Health Economics, Journal of Risk and Uncertainty, Journal of Risk and Insurance, International Review of Law and Economics, Insurance: Mathematics and Economics and Risk Analysis. His research has been recognized with a number of awards, including the Ernst Meyer Prize of the Geneva Association.

Andreas serves on various advisory boards, including those of the German Federal Financial Supervisory Authority (BaFin) and the Risk and Insurance Research Center at National Chengchi University (Taiwan). He has acted as an advisor and guest lecturer at the Chinese-German University College (CDHK) at Tongji University in Shanghai.

Yimin Yang has over 20 years of experience in financial risk management, including heading quantitative analytics for PNC Financial Services Group and SunTrust Banks where he developed enterprise-wide methodologies, techniques and applications for risk analytics and business development. His risk management expertise covers credit, market and Anti-money laundering areas. Currently he is the Senior Director at Protiviti (the 6th largest risk management consulting firm in USA, inheriting former Arthur Andersen Consulting) and the first person to serve this leadership role for the company. He is responsible for risk analytics, quantitative modeling, AI/machine learning, and capital management.

Dr. Yang holds a Bachelor’s degree from Peking University and a Ph.D. from University of Chicago. He was a tenure-track assistant professor at University of Minnesota, Morris and served advisory roles to several financial engineering programs in US and China. He also holds a Master degree in computer information networking from Carnegie Mellon University and a Master degree from Chinese Academy of Sciences.

Theme: A New Risk Management Industry in the Making

Programme At A Glance

Day 1 : Monday 30 July 2018 8:00-8:50 Registration & Welcome Marina Mandarin Ballroom

8:50-9:20

Marina Mandarin Ballroom Opening Ceremony Chairperson: Professor Shaun Wang, Director of IRFRC, Nanyang Business School Welcome Address Professor Robert Kennedy, Dean of Nanyang Business School

9:20-10:30

Plenary Session 1: Marina Mandarin Ballroom Regulation, the 4th Industrial Revolution and Asia's Insurance Development

Keynote speaker: Mr. Ian Johnston, CEO of Dubai Financial Services Authority (9:20-10:00)

Keynote speaker: Dr. John Chen, President of Swiss Re China (10:00-10:30)

10.30-10:50 Refreshment Break

Plenary Session 2: Marina Mandarin Ballroom How Can We Achieve Closer Industry-Academic Collaboration?

Moderator: Professor Shaun Wang, Director of IRFRC, Nanyang Business School

Panelists: Professor Don Chang, Konkuk University, South Korea

10:50-12:00 Professor Wai-sum Chan, The Chinese University of Hong Kong, Hong Kong

Professor Michael Powers, Tsinghua University, China

Dr Vincent Lepez, Deputy CEO, SCOR Global Life Asia Pacific, Singapore

Mr Khoo Kay Hwee, Chief Risk Officer, AIA, Singapore Ms. Julie Cain, Sr. Strategic Advisor, ETS, USA

12:00-13:20 SCOR Lunch: Speech by Eric Pooi and award of SCOR Actuarial Prize

13:30-14:05

Plenary Session 3: Marina Mandarin Ballroom Quantification of Risk Rating Systems by Dr. Yimin Yang, Protivity, USA

14:25-15:55

Concurrent Sessions 1 1A: Cyber Risk Marina Mandarin Ballroom Level 1 1B: Longevity 1 Vanda 3, Marina Mandarin Hotel Level 6 1C: Insurance Economics 1 Vanda 4, Marina Mandarin Hotel Level 6 1D: Catastrophe Basil 1+2, NTU Alumni House 1E: Risk Management 1 Basil 3, NTU Alumni House 1F: Health Insurance Saffron Room, NTU Alumni House

15:55-16:15 Refreshment Break

16:15-17:45

Concurrent Sessions 2 2A: Statistics 1 Marina Mandarin Ballroom Level 1 2B: Insurance Market 1 Vanda 3, Marina Mandarin Hotel Level 6 2C: Agricultural/Environmental Vanda 4, Marina Mandarin Hotel Level 6 2D: Regulation 1 Basil 1+2, NTU Alumni House 2E: Internal Capital Market Basil 3, NTU Alumni House 2F: Valuation 1 Saffron Room, NTU Alumni House

17:45-18:15 APRIA General Meeting Marina Mandarin Ballroom Level 1

18:45-21:00 Buffet Dinner overlooking Singapore Skyline Marina Mandarin Hotel Level 5

Day 2 : Tuesday 31 July 2018

8:45-9:00

Society of Actuaries Perspectives Marina Mandarin Ballroom Level 1 Ms. Wai Ling Yung, Asia Pacific Lead, Society of Actuaries, Hong Kong

9:00-9:35

Plenary Session 4: Marina Mandarin Ballroom Level 1 Lessons Learned from Ponzi Schemes by Prof. Phelim Boyle, Wilfrid Laurier University, Canada

9:35-10:10

Plenary Session 5: Marina Mandarin Ballroom Level 1 Behavioral Insurance by Prof. Andreas Richter, LMU Munich, Germany

10:10-10:30 Refreshment Break

10:30-12:00

Concurrent Sessions 3 3A: Statistics 2 Marina Mandarin Ballroom Level 1 3B: Information Asymmetry Vanda 3, Marina Mandarin Hotel Level 6 3C: Tort Reform Vanda 4, Marina Mandarin Hotel Level 6 3D: Regulation 2 Basil 1+2, NTU Alumni House 3E: Managerial Issues Basil 3, NTU Alumni House

12:20-13:40 APRIA President Lunch Marina Mandarin Ballroom

14:00-15:30

Concurrent Sessions 4 4A: Valuations 2 Marina Mandarin Ballroom Level 1 4B: Insurance Economics 2 Vanda 3, Marina Mandarin Hotel Level 6 4C: Retirement 1 Vanda 4, Marina Mandarin Hotel Level 6 4D: Insurer Operation 1 Basil 1+2, NTU Alumni House 4E: Banking/Credit Basil 3, NTU Alumni House 4F: Investment 1 Saffron Room, NTU Alumni House

15:30-15:50 Refreshment Break

15:50-17:50

Concurrent Sessions 5 5A: Risk Theory 1 Marina Mandarin Ballroom Level 1 5B: Actuarial Pricing Vanda 3, Marina Mandarin Hotel Level 6 5C: Retirement 2 Vanda 4, Marina Mandarin Hotel Level 6 5D: Non-Life Insurance Basil 1+2, NTU Alumni House 5E: Risk Management 2 Basil 3, NTU Alumni House 5F: Investment 2 Saffron Room, NTU Alumni House

Day 3 : Wednesday 1 August 2018

8:30-10:00

Concurrent Sessions 6 6A: Risk Theory 2 Basil 1, NTU Alumni House 6B: Insurance Market 2 Basil 2, NTU Alumni House 6C: Insurer Operation 2 Basil 3, NTU Alumni House 6D: Risk Management 3 Saffron Room, NTU Alumni House

10:00-10:20 Refreshment Break

10:20-11:50

Concurrent Sessions 7 7A: Longevity/Health Basil 1, NTU Alumni House 7B: Underwriting Basil 2, NTU Alumni House 7C: Regulation/Insurer Operation Basil 3, NTU Alumni House 7D: Investment/Capital Management Saffron Room, NTU Alumni House

30th Jul 2018 1A Cyber Risk Marina Mandarin Ballroom, Level 1 (Monday) Moderator: W. Jean Kwon, St John’s University 14:25 – 14:55 IRFRC Cyber Risk Project Gabriel Toh, Nanyang Technological University Discussant: Julie Cain, ETS 14:55 – 15:25 What is the impact of successful cyberattacks on target firms? Shinichi Kamiya, Nanyang Technological University Jun-koo Kang, Nanyang Technological University Jungmin Kim, Hong Kong Polytechnic University Andreas Milidonis, University of Cyprus René Stulz, Ohio State University Discussant: Kwangmin Jung, University of St. Gallen 15:25 – 15:55 Demand for cyber-insurance: Interdependency, ambiguity-aversion and loss-aversion Kwangmin Jung, University of St. Gallen Martin Eling, University of St. Gallen Discussant: Shinichi Kamiya, Nanyang Technological University

1B Longevity 1 Vanda 3, Marina Mandarin Hotel Level 6 Moderator: Michael R. Powers, Tsinghua University

14:25 – 14:55 Constructing Out-of-the-Money Longevity Hedges Using Parametric Mortality Indexes Johnny Siu-Hang Li, University of Melbourne and University of Waterloo Jackie Li, Macquarie University and University of Waterloo Uditha Balasooriya, Nanyang Technological University Kenneth Q. Zhou, University of Waterloo Discussant: Chen Ling, Georgia State University

Concurrent Sessions I

14:55 – 15:25 Demand for annuities and long-term care insurance with recursive utility: Impact of housing Mengyi Xu, UNSW Sydney Jennifer Alonso-Garcia, UNSW Sydney Michael Sherris, UNSW Sydney Adam W. Shao, UNSW Sydney Discussant: Peter Vekas, Corvinus University of Budapest

15:25 – 15:55 Forecasting Chinese mortality in a multi-population context Pintao Lyu, Tilberg University Hong Li, University of Manitoba Yang Lu, University Paris 13(North) Discussant: Jingong Zhang, Nanyang Technological University

1C Insurance Economics 1 Vanda 4, Marina Mandarin Hotel Level 6 Moderator: Fujii Yoichiro, Osaka Sangyo University

14:25 – 14:55 Risk Exchange under EUUP Hideki Iwaki, Kyoto Sangyo University Discussant: Martin Bieler, University of St. Gallen 14:55 – 15:25 Monopoly, heterogeneous beliefs and imperfect information: The insurance market Michiko Ogaku, Nagasaki University Discussant: Jiahua Xu, University of St. Gallen

15:25 – 15:55 Should We Do More When We Know Less? Optimal Risk Reduction under Technological Uncertainty Lu Li, Ludwig-Maximilians-Universitaet Munich Richard Peter, University of Iowa Discussant: Yoichiro Fujii, Osaka Sangyo University

1D Catastrophe Basil 1+2, NTU Alumni House Moderator: Morton Lane, University of Illinois at Urbana Champaign

14:25 – 14:55 Catastrophe Insurance, Government as Reinsurer and Insurers’ Risk-Taking Investment Hanyang Wang, Peking University Jieyu Lin, Tsinghua University Discussant: Shigenori Ishida, Kansai University

14:55 – 15:25 Ideal Community Networks for Vulnerable Groups during a Disaster Shigenori Ishida, Kansai University Discussant: Hanyang Wang, Peking University

15:25 – 15:55 How Does Climate Risk Affect Catastrophe Bond Prices in the Primary and Secondary Markets? Min-Teh Yu, China University of Technology and National Chiao Tung University Chia-Chien Chang, National Kaohsiung University of Applied Science Hwei-Lin Chuang, National Tsing Hua University Yang Zhao, National Chiao Tung University Discussant: Morton Lane, University of Illinois at Urbana Champaign

1E Risk Management 1 Basil 3, NTU Alumni House Moderator: Chang Dong-Han, KonKuk University

14:25 – 14:55 Determinants of Derivatives Use: Evidence from Small and Medium Enterprises Yoshihiro Asai, Meiji University Discussant: Vivian Tai, National Chi Nan University 14:55 – 15:25 The Drivers and Value of Enterprise Risk Management: Evidence from ERM Ratings Philipp Lechner, Friedrich-Alexander-University Alexander Bohnert, Friedrich-Alexander-University Nadine Gatzert, Friedrich-Alexander-University Robert E. Hoyt, University of Georgia Discussant: Yoshihiro Asai, Meiji University

15:25 – 15:55 Enterprise Risk Management, Financial Reporting and Firm Operations Siwei Gao, Eastern Kentucky University Tom Hsiao-Tang Hsu, University of Louisiana at Lafayette Fang-Chun Liu, Stevens Institute of Technology Discussant: Chang Dong-Han, KonKuk University

1F Health Insurance 1 Saffron Room, NTU Alumni House Moderator: Piotr Manikowski, Poznan University of Economics and Business 14:25 – 14:55 Private Health Insurance Demand In China: Considering The Nonlinear Impact Of Income Guochen Pan, Wuhan University Lu Chi, Wuhan University Discussant: Piotr Manikowski, Poznan University of Economics and Business 14:55 – 15:25 Study of international tax policies on health insurance Shanhe Chen, Central University of Finance and Economics Discussant: Yuan Du, Temple University 15:25 – 15:55 An Empirical Study on a Simple `Health Age` and Medical Costs: On new Insurance products under asymmetric information Shinichi Yamamoto, Ritsumeikan University Yoshimitsu Takamatsu, Japan Medical Data Center Takau Yoneyama, Tokyo Keizai University Takashi Tanaka, Japan Medical Data Center Discussant: Chu-Shiu Li, National Kaohsiung University of Science and Technology

30th Jul 2018 2A Statistics 1 Marina Mandarin Ballroom, Level 1 (Monday) Moderator: Gary Venter, University of New South Wales 16:15 – 16:45 Feature selection for continuous aggregate response and its application to auto insurance data Jongwoo Song, Ewha Womans University Suyeon Kang, Ewha Womans University Discussant: Ching-Syang Yue, National Chengchi University 16:45 – 17:15 A Covariate Shift Adaptation for Predicting Health Care Costs: An Application to Japanese Health Insurance Associations Data Atsuyuki Kogure, Tokyo Keizai University

Shinichi Kamiya, Nanyang Technological University Discussant: Chunli Cheng, Sun Yat Sen University 17:15 – 17:45 A Markov-Switching Vector Autoregressive Model for Firm-Level Underwriting Data Michael R. Powers, Tsinghua University Frank Y.Feng, Tsinghua University Discussant: Gary Venter, University of New South Wales

2B Insurance Market 1 Vanda 3, Marina Mandarin Hotel Level 6 Moderator: Guochen Pan, Wuhan University

16:15 – 16:45 Factors widening the gap between hypothetical and actual choices: Empirical evidence from Japan’s life insurance market Yoichiro Fujii, Osaka Sangyo University Noriko Inakura, Osaka Sangyo University Discussant: Rasheed Tiamiyu, The Polytechnic, Ibadan Nigeria

16:45 – 17:15 Insurance Development Prospects in Different Regions of China Shunyao Wang, Central University of Finance and Economics Discussant: Xiao Wang, Central University of Finance and Economics

Concurrent Sessions 2

17:15 – 17:45 Is There Market Discipline in Life Insurance Industry? Evidence of Consumer’s Reaction to Insurer’s Risk in Taiwan Tsai-Jyh Chen, National Chengchi University Discussant: Rama Seth, Copenhagen Business School

2C Agricultural / Environmental Vanda 4, Marina Mandarin, Level 6 Moderator: Wenjun Zhu, Nanyang Technological University

16:15 – 16:45 Managing the Volatility Risk of Renewable Energy: A study of Weather Index Insurance for Taiwan Offshore Wind Farms Bill Chang Shih-Chieh, National Chengchi University Jeff Liao, National Chengchi University Discussant: Wang Ren, Hunan University of Commerce

16:45 – 17:15 Morbidity & Mortality Analysis and Premium Rating from Cattle Insurance: An Experience From the Indian Market Steward Doss, National Insurance Academy

Shalini Pathak Tiwari, National Insurance Academy

Discussant: Wenjun Zhu, Nanyang Technological University 17:15 – 17:45 Analysis of Spatiotemporal Pattern and the Influential factors of Chinese Agricultural Insurance Based on Provincial Point Wang Ren, Human University of Commerce Pan Pan, Hunan Normal University Discussant: Bill Chang, National Chengchi University

2D Regulation 1 Basil 1+2, NTU Alumni House Moderator: David Eckles, University of Georgia

16:15 – 16:45 Risk aggregation in non-life insurance: Standard models vs internal models Kwangmin Jung, University of St.Gallen Martin Eling, University of St.Gallen Discussant: Junhao Liu, University of Wisconsin-Madison

16:45 – 17:15 Do Solvency Capital Requirements Reduce Systemic Risk? —Evidence from the U.S and European Union Shuyan Liu, Peking University

Hua Chen, Temple University Ruo Jia, Peking University

Discussant: Sheng-Chang Peng, Ming Chuan University 17:15 – 17:45 Surrender Contagion in Life Insurance: Modelling and Valuation Christian Hilpert, Sun Yat Sen University Chunli Cheng, Sun Yat Sen University Aidin Miri Lavasani, Hamburg University Mick Schaefer, Hamburg University Discussant:

2E Internal Capital Market Basil 3, NTU Alumni House Moderator: Pingyi Lou, Nanyang Technological University

16:15 – 16:45 Internal Capital Markets and Organizational Forms Jing Rong Goh, Nanyang Technological University Shinichi Kamiya, Nanyang Technological University Pingyi Luo, Nanyang Technological University Discussant: Xiaoyi Li, National Chengchi University

16:45 – 17:15 The Determinants of Internal Capital Provision and Receipt via Internal Capital Markets Activities: Evidence from the Intra-Group Reinsurance Activities of the U.S. Non-Life Insurance Industry Ching-Yuan Hsiao, National Chengchi University

Yuan-Ming Shiu, National Chengchi University

Discussant: Cen Ming, Central University of Finance and Economics 17:15 – 17:45 Multipoint Competition, Subunit Strength, and Resource Allocation: Evidence from the Insurance Industry

Jifeng Yu, University of Nebraska-Lincoln Jun Xia, University of Texas at Dallas Yijia Lin, University of Nebraska-Lincoln Discussant: Pingyi Lou, Nanyang Technological University

2F Valuation 1 Saffron Room, NTU Alumni House Moderator: Mengyi Xu, UNSW Sydney

16:15 – 16:45 Saving Face: A Solution to the Hidden Crisis for Life Insurance Policyholders Jiahua Xu, University of St. Gallen Alexander Braun, University of St. Gallen Lauren H. Cohen, Harvard Business Schoool Christopher J. Malloy, Harvard Business School Discussant: Che-Pin Chen, National Chengchi University

16:45 – 17:15 The Valuation of Reverse Mortgages under Real Estate Systematic Risk Pu Ming, Southwestern University of Finance and Economics

Gang-Zhi Fan, Guangzhou Higher Education Mega Center Chunsheng Ban, Ohio State University

Discussant: Dong-Hwa Lee, Kyung Hee University 17:15 – 17:45 The Combined Risk of Liquidity and Lapse in Life Insurance

Hsiaoyin Chang, University of St. Gallen Hato Schmeiser, University of St. Gallen Discussant: Mengyi Xu, UNSW Sydney

31st Jul 2018 3A Statistics 2 Marina Mandarin Ballroom, Level 1 (Tuesday) Moderator: Atsuyuki Kogure, Tokyo Keizai University

10:30 – 11:00 A Spatial Cluster Modification of the Lee- Carter Model Ching-Syang Yue, National Chengchi University Yin-Yee Leong, Feng Chia University Discussant: Jongwoo Song, Ewha Womans University

11:00 – 11:30 Surrender Risk and Mortality: The Impact of a Population-wide Health Shock on Life Insurance Chunli Cheng, Sun Yat Sen University

Discussant: Michael R. Powers, Tsinghua University 11.30 – 12:00 Regularized Regression for Reserving and Mortality Models

Gary Venter, University of New South Wales Discussant: Atsuyuki Kogure, Tokyo Keizai University

3B Information Asymmetry Vanda 3, Marina Mandarin Hotel Level 6 Moderator: Tsai-Jyh Chen, National Chengchi University

10:30 – 11:00 Testing for information asymmetry in liability coverage in China’s automobile insurance market Yi Yao, Peking University Yinglu Deng, Tsinghua University Hao Zheng, Peking University Discussant: Tsai-Jyh Chen, National Chengchi University

11:00 – 11:30 Disentangling Adverse Selection and Moral Hazard: Evidence from China’s Automobile Insurance Market

Juan Zhang, Temple University

Discussant: Ho Chia-Ling, Tamkang University

Concurrent Sessions 3

11:30 – 12:00 Adverse Selection: Evidence from Commercial Surgery and Hospitalization Health Insurance Ho Chia-Ling, Tamkang University Gene C. Lai, University of North Carolina

Discussant: Yi Yao, Peking University

3C Tort Reform Vanda 4, Marina Mandarin, Level 6 Moderator: Jeffrey Stempel, University of Nevada Las Vegas

10:30 – 11:00 The Affordable Care Act and Tort Reforms: Joint Impacts on Medical Malpractice Insurance Industry Jingshu Luo, Temple University Discussant: Soon-Jae Lee, Sejong University

11:00 – 11:30 Does Tort Reform Affect Insurance Pricing Dynamics? Xuesong You, Temple University

Discussant: Jian Zhang, Temple University 11:30 – 12:00 The Impact of Tort Reform on U.S Medical Malpractice Insurance Market Entry and Exit Behavior

Yu Fang, Temple University Discussant: Jeffrey Stempel, University of Nevada Las Vegas

3D Regulation 2 Basil 1+2, NTU Alumni House Moderator: Shuyan Liu, Peking University

10:30 – 11:00 Pricing Deregulation and Price Competition in Taiwan’s Automobile Insurance Market Sheng-Chang Peng, Ming Chuan University Chu-Shiu Li, National Kaohsiung First University of Science and Technology Discussant: Shuyan Liu, Peking University

11:00 – 11:30 Comparative Research on Internet Insurance Supervision Mode and Reference Experience Zhe Sun, Central University of Finance and Economics

Discussant: Zou Kunru, Nanyang Technological University

11:30 – 12:00 Regulatory Compliance Costs of Form Regulation Junhao Liu, University of Wisconsin-Madison J. Tyler Leverty, University of Wisconsin-Madison

Discussant: Florian Klein, University of St. Gallen

3E Managerial Issues Basil 3, NTU Alumni House Moderator: Pingyi Lou, Nanyang Technological University

10:30 – 11:00 Is the Purchase Behaviour of Directors’ and Officers’ Liability Insurance Informative? Vivian Jeng, National Chengchi University Yao-Min Chiang, National Taiwan University Discussant: Xue Dong, Central University of Finance and Economics

11:00 – 11:30 Accounting Discretion and Loss Reserve Discounting: Evidence from Canada David Eckles, University of Georgia Evan M. Eastman, Florida State University Mary Kelly, Wilfrid Laurier University

Discussant: Pingyi Lou, Nanyang Technological University 11:30 – 12:00 Background of Independent Directors and Insurance Company Performance

Shunyao Wang, Central University of Finance and Economics Discussant: Haehean Park, SWUFE (Southwestern University of Finance and Economics)

31st Jul 2018 4A Valuation 2 Marina Mandarin Ballroom, Level 1 (Tuesday) Moderator: Min-Teh Yu, China University of Technology and National Chiao Tung University

14:00 – 14:30 Fair Valuation of Insurance Liabilities and Hedge Strategies – Merging Valuation Approach and IFRS 17 Che-Pin Chen, National Chengchi University Ming-Hua Hsieh, National Chengchi University Discussant: Pu Ming, Southwestern University of Finance and Economics

14:30 – 15:00 Refining the Current Premium of Deposit Insurance Based on An Option Pricing Model Dong-Hwa Lee, Kyung Hee University Jun-Hee An, Kyung Hee University

Discussant: Hsiaoyin Chang, University of St. Gallen 15:00 – 15:30 Using Stochastic Programming to Underwrite a Portfolio of Insurance Linked Securities

Morton Lane, University of Illinois at Urbana Champaign Discussant: Min-Teh Yu, China University of Technology and National Chiao Tung University

4B Insurance Economics 2 Vanda 3, Marina Mandarin Level 6 Moderator: Hideki Iwaki, Kyoto Sangyo University

14:00 – 14:30 Intertemporal Prevention and Saving: Promotion for Self-Reliance Yoichiro Fujii, Osaka Sangyo University Mahito Okura, Doshisha Women’s College of Liberal Arts Yusuke Osaki, Waseda University Discussant: Lu Li, Ludwig-Maximilians-Universitaet Munich

14:30 – 15:00 Beyond Nudging: Boosting Insurance Consumer Decision-Making through Gamification Martin Bieler, University of St. Gallen Peter Maas, University of St. Gallen

Discussant: Michiko Ogaku, Nagasaki University

Concurrent Sessions 4

15:00 – 15:30 Pricing Life: A Market-Consistent Econometric Model for Senior Settlements Jiahua Xu, University of St. Gallen Alexander Braun, University of St. Gallen

Discussant: Hideki Iwaki, Kyoto Sangyo University

4C Retirement 1 Vanda 4, Marina Mandarin Level 6 Moderator: Wenjun Zhu, Nanyang Technological University

14:00 – 14:30 Functional Division of Public and Private Insurance in the Retirement Security System: Utility Effect of Cross-Subsidy and Expense Loadings Yoshihiko Suzawa, Kyoto Sangyo University Discussant: Yuchen Feng, Peking University

14:30 – 15:00 Does expected replacement rate at retirement affect the consumption of the unretired? Evidence from China Youji Lv, Peking University

Wei Zheng, Peking University Ruo Jia, Peking University

Discussant: Changsoo Lee, Soonsil University 15:00 – 15:30 A Reverse Mortgage or An Annuity Product? Analysis of Money’s Worth Ratio Considering the Value of Living

Jun-Hee An, Tilberg University Dong-Hwa Lee, Kyung Hee University Joo-Ho Sung, Kyung Hee University

Discussant: Junhao Liu, University of Wisconsin-Madison

4D Insurer Operation 1 Basil 1+2, NTU Alumni House Moderator: Sojung Park, Seoul National University

14:00 – 14:30 Explaining Pricing Power in Insurance Markets Abdul Latif Alhassan, University of Cape Town Nicholas Biekpe, University of Cape Town Discussant: Steward Doss, National Insurance Academy

14:30 – 15:00 Allocating Overseas: Risk Assessment of Currency Hedging in Taiwan Life Insurance Industry Bill Chang Shih-Chieh, National Chengchi University

Yen-Kuan Lee, National Chengchi University

Discussant: Azegami Hideto, Toyo Gakuen University 15:00 – 15:30 Insurer Risk and Performance During the 2007-2008 Financial Crisis: The Role of Monitoring Institutional Ownership

Yayuan Ren, Illinois State University Yuluen Ma, University of North Texas

Discussant: Juan Zhang, Temple University

4E Banking / Credit Basil 3, NTU Alumni House Moderator: Yasushi Yoshida, Tokyo Keizai University

14:00 – 14:30 Estimating the Recovery Rates for Unsecured Loans to Small Sized Firms Yusuke Hikidera, Japan Finance Corporation Masahiro Toshiro, Japan Finance Corporation Masao Tasaki, Japan Finance Corporation Norio Hibiki, Keio University Discussant: Masayasu Kanno, Nihon University

14:30 – 15:00 Credit rating migration risk and interconnectedness in a corporate lending network Masayasu Kanno, Nihon University

Discussant: Norio Hibiki, Keio University 15:00 – 15:30 Borrower`s Net Yield in Long-Term Mortgage Loans

Seungryul Ma, Housing Urban Finance Institute Hongjoo Jung, Sungkyunkwan University

Discussant: Yasushi Yoshida, Tokyo Keizai University

4F Investment 1 Saffron Room, NTU Alumni House Moderator: David Eckles, University of Georgia

14:00 – 14:30 The Value of Financial Flexibility: Evidence from Corporate Pension Plans in Japan Noriyoshi Yanase, Tokyo University of Science Shingo Goto, The University of Rhode Island Discussant: David Eckles, University of Georgia

14:30 – 15:00 Value Investing with Quality in the US Public Insurance Companies Sampan Nettayanun, Naresuan University Peerapong Dhangwatnotai, Chulalongkorn University

Discussant: Vivian Jeng, National Chengchi University 15:00 – 15:30 Derivatives Hedging, Risk Appetite, and Managerial Compensation in U.S. Property-Liability Insurance firms

Ho Chia-Ling, Tamkang University Sangyong Han, East Stroudsburg University Gene C. Lai, University of North Carolina

Discussant: Shunyao Wang, Central University of Finance and Economics

31st Jul 2018 5A Risk Theory 1 Marina Mandarin Ballroom, Level 1 (Tuesday) Moderator: Jingong Zhang, Nanyang Technological University 15:50 – 16:20 An Evaluation of the New Japanese Bonus-Malus System with No-claim and Claimed Subclasses Mahito Okura, Doshisha Women's College of Liberal Arts Takuya Yoshizawa, Kyoto Sangyo University Motohiro Sakaki, Kobe University Discussant: Florian Klein, University of St. Gallen 16:20 – 16:50 Does hunger for bonus drives the dependence between claim frequency and severity? Sojung Park, Seoul National University Joseph H.T. Kim, Yonsei University Jae Youn Ahn, Ewha Womans University Discussant: Mahito Okura, Doshisha Women's College of Liberal Arts 16:50 – 17:20 Optimal Risk Pools under Changing Volatility and Heterogeneous Risk Classes Florian Klein, University of St.Gallen Hato Schmeiser, University of St.Gallen Discussant: Sojung Park, Seoul National University

5B Actuarial Pricing Vanda 3, Marina Mandarin Level 6 Moderator: Masayasu Kanno, Nihon University

15:50 – 16:20 The Graphical Explanation of the Balance Principle of a Retrospectively-Rated Policy Pricing Xiaoxuan (Sherwin) Li, China Re P&C

Discussant: Yosuke Fujisawa, Swiss Reinsurance Company

Concurrent Sessions 5

16:20 – 16:50 The Decision-Making Actuarial Pricing Model Based on Expected Utility Theory and Prospect Theory Kai Chen, Peking University Discussant: Jiahua Xu, University of St. Gallen 16:50 – 17:20 Pricing Two-Asset Alternating Barrier Options with Icicles and their variations Seongjoo Song, Korea University Hangsuck Lee, Sungkyunkwan University Eunchae Kim, Sungkyunkwan University Discussant: Puneet Prakash, Missouri State University 17:20 – 17:50 Risk-Based Pricing for Insuring Flood Losses in the US Puneet Prakash, Missouri State University Cedric Mbanga, Missouri State University Discussant: Kai Chen, Peking University

5C Retirement 2 Vanda 4, Marina Mandarin, Level 6 Moderator: Yoshihiko Suzawa, Kyoto Sangyo University

15:50 – 16:20 Can Reverse Mortgages improve welfare?- Based on the Resident Intertemporal Optimization Model under Life Cycle Framework Yuchen Feng, Peking University Xue Dong, Central University of Finance and Economics Discussant: Yoshihiko Suzawa, Kyoto Sangyo University

16:20 – 16:50 Risk Evaluation of a Life Annuity Product Considering Both of Customers’ Need and Insurance Companys’ Concern Changsoo Lee, Soongsil University Seongmin Kim, Soongsil University

Discussant: Youji Lv, Peking University

16:50 – 17:20 Medicaid and Long-Term Care: Do Eligibility Rules Impact Asset Holdings? Junhao Liu, University of Wisconsin-Madison Anita Mukherjee, University of Wisconsin-Madison

Discussant: Jun-Hee An, Kyung Hee University

5D Non-Life Insurance Basil 1+2, NTU Alumni House Moderator: Shanhe Chen, Central University of Finance and Economics 15:50 – 16:20 Hard Battles over Soft Law: The Substantive and Political Implications of the Controversy Surrounding the American Law Institute Restatement of the Law of Liability Insurance Jeffrey Stempel, University of Nevada Las Vegas Discussant: Yu Fang, Temple University

16:20 – 16:50 Do Hand-held Cellphones Bans Improve Road Safety? Evidence from Auto Insurance Market Yuan Du, Temple University

Discussant: Shanhe Chen, Central University of Finance and Economics 16:50 – 17:20 Relationships Between Vehicle Characteristics and Automobile Physical Damage Insurance Claims

Chu-Shiu Li, National Kaohsiung University of Science and Technology Wei-Jin Wu, National Kaohsiung University of Science and Technology Sheng-Chang Peng, Ming Chuan University

Discussant: Shinichi Yamamoto, Ritsumeikan University

5E Risk Management 2 Basil 3, NTU Alumni House Moderator: Madhu Acharyaa, Glasgow Caledonian University [London Campus]

15:50 – 16:20 The Characteristics of S&P 500 Companies with Captive Insurance Subsidiaries Mu-Sheng Chang, California State University, Northridge Discussant: Philipp Lechner, Friedrich-Alexander-University

16:20 – 16:50 Peer Effect in Corporate Risk Management: Evidence from Reinsurance Utilization in the U.S. Property-Casualty Insurance Industry Jingshu Luo, Temple University Hua Chen, Temple University Discussant: Siwei Gao, Eastern Kentucky University

16:50 – 17:20 Measuring the Value Creation by Enterprise Risk Management for insurance Companies: Does Non-Financial Performance Matter?

Madhu Acharyaa, Glasgow Caledonian University [London Campus] Oradee Akkarapattanakoon, University of Southampton

Discussant: Yoshihiro Asai, Meiji University

5F Investment 2 Saffron Room, NTU Alumni House Moderator: Noriyoshi Yanase, Tokyo University of Science

15:50 – 16:20 Social Responsibility and financial performance of insurance enterprises – based on life insurance and property insurance company`s difference analysis Xue Dong, Central University of Finance and Economics Discussant: Noriyoshi Yanase, Tokyo University of Science

16:20 – 16:50 Disclosure Actions and Stock Market Reaction Following the Great East Japan Earthquake Yasushi Yoshida, Tokyo Keizai University Masashi Okumura, Waseda University

Discussant: Sampan Netttayanun, Naresuan University 16:50 – 17:20 CO2 Emissions and the Pricing of Climate Risk

Haehean Park, SWUFE (Southwestern University of Finance and Economics) Jongmoo Jay Choi, Temple University Hoje Jo, Santa Clara University

Discussant: Liu Bing, Central University of Finance and Economics

1st Aug 2018 6A Risk Theory 2 Basil 1, NTU Alumni House (Wednesday) Moderator: Jing Rong Goh, Nanyang Technological University 08:30 – 09:00 Optimal Investment and Premium Control for an Insurance Company with Ambiguity Liu Bing, Central University of Finance and Economics Ming Zhou, Central University of Finance and Economics Peng Li, Nanjing University of Finance and Economics Discussant: Kwangmin Jung, University of St. Gallen 09:00 – 09:30 Asset Liability Management Model with Decision Support System for Life Insurance Companies: Computational Results Sankarshan Basu, Indian Institute of Management Bangalore Goutam Dutta, Indian Institute of Management Ahmedabad Harish V. Rao, International Management Institute, New Delhi Manoj Kr. Tiwari, Indian Institute of Technology, Kharagpur Discussant: Zhe Sun, Central University of Finance and Economics 09:30 – 10:00 Missing the Point? How State Contribution Concerning Policyholders’ Damage Affects the Performance of Insurer and Policyholders Florian Klein, University of St.Gallen Discussant: Jing Rong Goh, Nanyang Technological University

6B Insurance Market 2 Basil 2, NTU Alumni House Moderator: Fujii Yoichiro, Osaka Sangyo University

08:30 – 09:00 War, A Threat To Insurance Business, Orientation Of Heads Of Countries To Imbibe Absolute Peace As A Panacea.

Rasheed Tiamiyu, The Polytechnic, Ibadan Nigeria

Concurrent Sessions 6

09:00 – 09:30 Research on the Development Strategy of Internet Insurance for the People`s Insurance Company of China Limited Xiao Wang, Central University of Finance and Economics Discussant: Shunyao Wang, Central University of Finance and Economics 09:30 – 10:00 Determinants of Life Insurance Consumption in the BRIC Nations Rama Seth, Copenhagen Business School Saurav Roychoudhury, Capital University Discussant: Tsai-Jyh Chen, National Chengchi University

6C Regulation / Insurer Operation Basil 3, NTU Alumni House Moderator: Yayuan Ren, Illinois State University

08:30 – 09:00 Professional Qualities of Successful Agents in Insurance Business in India –Validity through Canonical Discriminant Function Model Shalini Tiwari, National Insurance Academy Steward Doss, National Insurance Academy Discussant: Abdul Latif Alhassan, University of Cape Town 09:00 – 09:30 Life Insurance Company as an Amicable Shareholder of Regional Banks Azegami Hideto, Toyo Gakuen University Discussant: Bill Chang Shih-Chieh, National Chengchi University 09:30 – 10:00 Assessing Impact of Efficiency on Solvency: An Analysis of Indian Insurers Subir Sen, Indian Institute of Technology Roorkee Discussant: Yayuan Ren, Illinois State University

6D Risk Management 3 Saffron Room, NTU Alumni House Moderator: Mu-Sheng Chang, California State University, Northridge

08:30 – 09:00 Does Local Religiosity Matter for Corporate Risk Management? Vivian Tai, National Chi Nan University Yi-Hsun, Lai, National Yunlin University of Science and Technology Discussant: D Amulyamala, Jawaharlal Nehru Technological University 09:00 – 09:30 The use of Catastrophic Bonds to optimise of Insurers’ Solvency, Capital Structure and Cost of Capital – an empirical study Madhu Acharyya, Glasgow Caledonian University [London Campus] Stanley Mutenga, Starz Risk Solutions Djamel Belaziz, Glasgow Caledonian University Discussant: Mu-Sheng Chang, California State University, Northridge 09:30 – 10:00 Integrated Risk Management for The Fourth Industrial Revolution: Focused on Korean Insurance Industy Chang Dong-Han, KonKuk University Jong Hyun Park, KonKuk University Discussant: Jingshu Luo, Temple University

1st Aug 2018 7A Longevity/Health Basil 1, NTU Alumni House (Wednesday) Moderator: Johnny Siu-Hang Li, University of Melbourne and University of Waterloo 10:20 – 10:50 Statistical Inference For Lee-Carter Mortality Model And Corresponding Forecasts Chen Ling, Georgia State University Qing Liu, Jiangxi University of Finance and Economics Liang Peng, Georgia State University Discussant: Johnny Siu-Hang Li, University of Melbourne and University of Waterloo 10:50 – 11:20 Longevity risk of pension annuities in the Generalized Age-Period-Cohort model Peter Vekas, Corvinus University of Budapest Discussant: Pintao Lyu, Tilberg University 11:20 – 11:50 Health Risks - A Japanese Perspective (representing The Institute of Actuaries of Japan) Keita Kakiuchi, Swiss Reinsurance Company Discussant: Xiaoxuan (Sherwin) Li, China Re P&C

7B Underwriting Basil 2, NTU Alumni House Moderator: Yi Yao, Peking University

10:20 – 10:50 Analyzing Demand for Private Health Insurance for the Elderly in Korea Soon-Jae Lee, Sejong University DaeHwan Kim, Dong-A University Sungho Kang, Korea Insurance Research Institute Discussant: Jingshu Luo, Temple University 10:50 – 11:20 The Effect of Tort Reform on Single-state Insurance Companies Jian Zhang, Temple University Martin Grace, Temple University Discussant: Juan Zhang, Temple University

Concurrent Sessions 7

11:20 – 11:50 Deviation Cycle as a Method of Determining of Underwriting Cycles – the case of Poland Piotr Manikowski, Poznan University of Economics and Business Discussant: Ho Chia-Ling, Tamkang University

7C Regulation / Insurer Operation Basil 3, NTU Alumni House Moderator: Mahito Okura, Doshisha Women's College of Liberal Arts

10:20 – 10:50 Research on separated and integrated insurance supervision —Model selection based on China`s Insurance Market Qi Qi, Central University of Finance and Economics Discussant: Xuesong You, Temple University 10:50 – 11:20 A critical analysis of risk-based capital standards framework proposals for Indian life insurance industry D Amulyamala, Jawaharlal Nehru Technological University Discussant: Qi Qi, Central University of Finance and Economics 11:20 – 11:50 Globalization Strategy and Operational Performance of Life Insurance Companies Tsai-Jyh Chen, National Chengchi University Winston Shiu, National Chengchi University Discussant: Yu Fang, Temple University

7D Investment / Capital Management Saffron Room, NTU Alumni House Moderator: Jifeng Yu, University of Nebraska-Lincoln

10:20 – 10:50 A Research on Investing in Elderly Care Community with Life Insurance Funds in China Based on SWOT Analysis Cen Ming, Central University of Finance and Economics

Discussant: Ching-Yuan Hsiao, National Chengchi University 10:50 – 11:20 Improving Performance of Non-Insurance Companies with Insurance Companies Jing Rong Goh, Nanyang Technological University Discussant: Subir Sen, Indian Institute of Technology Roorkee

11:20 – 11:50 Target capital structure deviation and reinsurance Xiaoyi Li, National Chengchi University Yung-Ming Shiu, National Chengchi University Discussant: Jifeng Yu, University of Nebraska-Lincoln

ORGANIZING COMMITTEE & CONFERENCE TEAM

1) Joint IRFRC-APRIA Annual Organizing Committee: • Shaun Wang, Co-chair • Don Chang, Co-chair • Shinichi Kamiya, Co-chair • Valerie De Souza • Jana • Gabriel Toh • Bailey Yeung • Wenjun Zhu

2) SCOR Actuarial Prize Committee • Michel Dacorogna, Chair • Wai-Sum Chan • Marie Kratz • Ciyu Nie • Shaun Wang • Wenjun Zhu

ABOUT US

INSURANCE RISK AND FINANCE RESEARCH CENTRE (IRFRC)

The Centre is established at the Nanyang Business School (NBS), Nanyang Technological University, Singapore. It aims to promote insurance and insurance related risk research in the Asia Pacific. It is seen as a key foundation to establishing dialogue between the industry, regulators and institutions, and sharing critical knowledge to facilitate the growing role of the insurance industry in the economic development of the region.

History of the Centre Jan 2010 Initiation discussions between the SCOR Chairman and the then Managing Director of the MAS June 2010 Project Study commenced July 2010 University partners shortlisted Oct 2010 Draft Terms of Reference with selected partner NBS Dec 2010 Agreement in principle between NBS and SCOR Mar 2011 Formal Launch of the Centre Current Research

Cyber Risk Management (CyRiM) Project • This project is supported by MAS and the insurance industry (including SCOR, AON, MSIG, Lloyd’s, Trans Re) • Combined funding of 7 million SGD over 3 years from April 1, 2016 to March 31, 2019 • Main goal is to develop cyber loss data and analytics, and study economic aspects of cyber security • Launching ceremony was on May 16, 2016

Longevity Risk

• The purpose of this research is to increase the information content in mortality projection in order to enhance the forecasting performance, and to deal with further technical problems in hedging longevity risk using parametric mortality indexes.

NANYANG BUSINESS SCHOOL The Nanyang Business School (NBS) is a leading business school committed to nurturing leaders for a sustainable world through academically rigorous curricula that are relevant to business practice. NBS is one of Asia's largest business schools, offering a comprehensive array of undergraduate and graduate programmes in accountancy and business. The Nanyang MBA is its flagship programme and has been consistently ranked among the best in the Asia-Pacific by both The Financial Times and The Economist. Drawing on a 50-year heritage of educating the region's business leaders, NBS provides an outstanding learning environment with state-of-the-art facilities and world-class research centres. NBS is the first business school in Singapore, and the third in Asia, to attain both the European Quality Improvement System and Association of Advance Collegiate Schools of Business (AACSB) accreditations. To leverage the strengths of world-class institutions, NBS has established strategic partnerships with the business schools of many internationally renowned universities. These include the Massachusetts Institute of Technology (MIT); Carnegie Mellon University; Cornell University; University of California, Berkeley; University of Illinois at Urbana-Champaign; Essec Business School; University of St Gallen; Waseda University; and the Shanghai Jiaotong University. For more information, please visit www.nbs.ntu.edu.sg NANYANG TECHNOLOGICAL UNIVERSITY A research-intensive university, Nanyang Technological University (NTU) has 33,000 undergraduate and postgraduate students in the four colleges of Engineering, Business, Science, and Humanities, Arts & Social Sciences. In 2013, NTU will enrol the first batch of students at its new medical school, the Lee Kong Chian School of Medicine, which is set up jointly with Imperial College London. NTU is also home to four world-class autonomous institutes – the National Institute of Education, S Rajaratnam School of International Studies, Earth Observatory of Singapore, and Singapore Centre on Environmental Life Sciences Engineering – and various leading research centres such as the Nanyang Environment & Water Research Institute (NEWRI) and Energy Research Institute @ NTU (ERI@N). A fast-growing university with an international outlook, NTU is putting its global stamp on Five Peaks of Excellence: Sustainable Earth, Future Healthcare, New Media, New Silk Road, and Innovation Asia. NTU has a satellite campus in Singapore’s science and tech hub, one-north, and is setting up a campus in Novena, Singapore’s medical district. It will also have its first campus in China, the NTU Tianjin College, in 2013. For more information, please visit www.ntu.edu.sg

THE ASIA-PACIFIC RISK AND INSURANCE ASSOCIATION (APRIA)

The Asia-Pacific Risk and Insurance Association (APRIA) was created in 1997 to provide a means for all persons and entities with an interest in risk management, insurance, actuarial science, and related areas to share ideas and to engage in collaborative research for the ultimate benefit of the insurance industry.

APRIA is international, drawing members from throughout the world, but particularly from Asia-Pacific countries. The Association invites participation from all countries’ academics, executives, researchers, and government leaders willing to share ideas and to engage in collaborative research for the ultimate benefit of the insurance industry. APRIA offers individual membership as well as Institutional Membership. APRIA members come from countries in Asia-Pacific, Africa, Europe and North America.

CONFERENCE PARTNER

A TIER 1 REINSURER

SCOR, the 4th largest reinsurer in the world, provides insurance companies with a diversified and innovative range of solutions and services to control and manage risk. Using its experience and expertise (“The Art & Science of Risk”), SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – in Life & Health insurance (longevity, mortality, LTC, etc.) as well as in P&C insurance (natural catastrophes, agriculture, industry, transport, engineering, etc.).

SCOR's aim, as an independent global reinsurance company, is to develop its Life and P&C business lines, to provide its clients with a broad range of innovative reinsurance solutions and to pursue an underwriting policy founded on profitability, supported by effective risk management and a cautious investment policy, in order to offer its clients an optimum level of security and to create value for its shareholders.

The IRFRC was founded in March 2011 in partnership with SCOR. SCOR provides annual funding for several research projects and support the annual insurance and risk management conference. Current research projects include: Cyber Risk Management (CyRiM) Project This project is supported by Monetary Authority of Singapore and the insurance industry (including SCOR, AON, MSIG, Lloyd’s, Trans Re), with combined funding of 7 million SGD over 3 years from April 2016 to March 2019. Its main goal is to develop cyber loss data and analytics, and study economic aspects of cyber security Longevity Risk (supported by SCOR) The purpose of this research is to increase the information content in mortality projection in order to enhance the forecasting performance, and to deal with further technical problems in hedging longevity risk using parametric mortality indexes.

CONFERENCE SPONSOR

The actuarial profession in North America began in the early 19th century. It grew from the principles used in mid-17th century Europe. By the last decade of the 19th century, there were less than 100 North American actuaries. But the numbers increased with each passing year.

The Society of Actuaries (SOA) traces its roots to the Actuarial Society of America. It was formed by a select group of chief actuaries at established life insurance companies. In 1909, actuaries at newer life insurance companies formed the American Institute of Actuaries. In 1949, these two groups merged to form what is now the Society of Actuaries.

With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 30,000 actuaries as members. Through education and research, the SOA advances actuaries as leaders in measuring and managing risk to improve financial outcomes for individuals, organizations, and the public.

CONTACT US

Insurance Risk and Finance Research Centre (IRFRC) Nanyang Business School Nanyang Technological University 50 Nanyang Avenue S4-B1B-21 Singapore 639798

Email: d-irfrc@ntu.edu.sg