News and Events
COVID 19 and Insurance
Monday 12th October
A one day event to discuss the global challenges posed by COVID-19 towards Insurance , for more details please click here
Analyzing the shrimp insurance market in Indonesian aquaculture industry
Aug 19-Sept 20
This project was designated to study the feasibility of introducing insurance contracts on shrimp losses in Indonesia , Hirbod Assa is leading the part led by the University on loss risk analysis and insurance design - for more information click here
Leeds-Liverpool Virtual Workshop (Part 3) 25th June 2020
Speakers: Georgios Aivaliotis (University of Leeds) and Ronnie Loeffen (University of Manchester) for more details click here
Leeds-Liverpool Virtual Workshop (Part 2) 4th June 2020
Speakers: Matt Aldridge (University of Leeds) and Ehsan Azmoodeh (University of Liverpool) for more details click here
Leeds-Liverpool Virtual Workshop 13th May 2020
Speakers: Konstantinos Dareiotis (University of Leeds) and Hirbod Assa (University of Liverpool)
For more details click here
Worshipful Company of Actuaries Annual Lecture - Build to Rent - 26th February 2020
Speakers: Miria Whittle and Charlie Hibbert
ATRC Conference 27th & 28th June 2019
Department of Chemistry Donnan Building Gossage Lecture Theatre
PARTY 14th-19th April 2019 (Perspective on Actuarial Risks in Talks of Young researchers)
We had a fantastic conference on current actuarial topics. For more details click here.
Leeds-Liverpool Workshop 14 February 2019
We had a great one day workshop with 6 exciting talks on current actuarial and financial topics. For more details click here
RARE grant special issue in the Annals of Actuarial Science
Our 4 year EU Marie Curie (IRSES) RARE (Risk Analysis, Ruin and Extremes) grant (Dec 2012-2016) has a special issue that has appeared in the Autumn edition of the Annals of Actuarial Science, featuring a foreword written by Paul Embrechts.
Congratulations to 2018 IFAM graduates
Congratulations to the 7 IFAM PhD students who graduated on 20th July 2018. They were Suhang Dai, Norazliani Binti Md Lazam, Poontavika Naka, Lewis Michael Ramsden, Malgorzata Seklecka, Meng Simon Wang and Wei Rock Zhu.
Image: L to R Lewis Ramsden, Wei Zhu and Suhang Dai.
IFAM staff to attend SAFIM 2018
Staff from IFAM have been invited to attend Stochastic Analysis, Financial and Insurance Mathematics (SAFIM 2018) workshop organised by the African Institute for Mathematical Sciences (AIMS), Ghana to be held from 20th to 24th August, 2018 at Tomreik Hotel in Accra, Ghana.
Allotey workshop: connecting Liverpool to Africa through mathematics and data science 14-17 May 2018
IFAM hosted this event dedicated to the memory of Professor Francis Allotey. Professor Francis was well known for the “Allotey Formalism” in X-ray spectroscopy. He obtained his master’s and doctorate degrees from Princeton University and Imperial College London, and he became the first Ghanaian full professor of mathematics at the Kwame Nkrumah University in 1974. He contributed to many international institutions including the Council of the prestigious Abdus Salam Centre since 1996. Among his many achievements for promoting science in Africa is his role in establishing AIMS Ghana in 2012.
During this workshop prominent researchers in mathematics and data science from the African Institute of Mathematical Sciences (AIMS) and the University of Liverpool gave talks on current research topics, with the intent of bringing mathematics and data science at the forefront of the addressing global challenges. The research areas addressed ranged from probability and stochastic analysis, control theory and partial differential equations to theoretical physics and mathematical biology.
IFAM staff benefit from Santander Mobility Award
and his PhD student Lewis Ramsden received funding from the Santander Universities Staff Mobility Awards scheme that enabled them to visit the University of Wroclaw in Poland in June 2017 to collaborate on a research paper on ruin theory with Professor Zbigniew Palmowski and to develop ongoing links with the the University of Wroclaw in financial and actuarial mathematics.
Image: Lewis Ramsden (left) and Dr Apostolos Papaioannou (right) during their research visit to the University of Wroclaw in Poland funded by a Santander Universities Staff Mobility Award
Students benefit from work experience with MAXIS Global Benefits Network
Four of our students have recently benefitted from work experience placements with MAXIS Global Benefits Network.
Tianyuan (Nina) Ni, a postgraduate student supervised by Dr Hirbod Assa has a six month paid internship working as a Project Management Officer under the guidance of Dr Matthias Helmbold, Head of Technical at MAXIS-GBN.
Tianyuan is working on Applying Machine Learning Algorithm on Forecasting Economic Factors. This involves managing a variety of projects for multinational companies to combine local benefits programs into an international pool through reinsurance; analyzing project data and maintain overall statuses, manage all teams to deliver employee benefits and risk management tools to clients and supporting senior managers to analyze the mechanism and performance of different health and wellness programs and solutions.
Undergraduate students Jiarui (Carrie) Cui, Xiaoshuo (Apple) Cui and Yiqiang (Chloe) Lu also obtained two month paid internships as reporting analysts.
Their roles involved working on a project to merge existing separate client data bases onto a new integrated system. The students benefitted greatly in developing data analysis and report creation skills, interacting with a variety of teams within the company which enhanced their understanding of the business.
Exponential Investor highlights IFAM collaboration with Stable
Exponential Investor has recently interviewed Richard Counsell, founder and CEO of Stable, a startup that’s looking to help farmers cope with fluctuating prices. The article (which you can read here) highlights their collaboration with , whose team used machine learning and multiple algorithms to run millions of simulations analysing decades of Government data.
“Stable” is an agricultural insurance that helps a wide range of farming businesses protect themselves from volatile prices and costs. It's all based on public indexes from Government organizations like the AHDB and DEFRA. The reasons Stable is introduced are:
- There is no good market for agricultural insurances on price fluctuations in the UK.
- There are only derivatives on arable in the EU that are not insurance; since insurances are not for speculation (must be issued at an amount for clients) and they have different markets.
- Brexit and the removal of the common agricultural policy can eventually damage livestock businesses in the UK and in particular Wales.
The products that we consider are put and call spreads. In a few papers, Dr. Assa has shown the universal optimality of these type of insurance contracts in many applications. Thus, we needed to work with these contracts and find the two optimal retention levels so that they can fairly manage the risk of clients and make the investment profitable. In this project, we needed to consider two ends of a new market, demand and supply sides. The demand for insurance is made by risk-averse farmers and farm-product consumers who are looking for better utility and the supply side consists of investors who invest in this business and issue insurance for making a higher profit. On one hand, we needed to convince clients that our product is a good enough product to manage the risk of volatile prices and on the other hand we needed to convince investors that there is a portfolio of the products that pay enough profit. To achieve this, we controlled key performance indicators according to market demand and supply and filtered the simulated products to achieve the optimal ones. We are now monitoring the performance indicators in our dashboard at real time on a daily basis; some of the key indicators are: Return over investment, Loss ratio, Exercised ratio, Farmer lose frequency, Investor lose frequency and Positive ROI ratios.
Stochastic Optimal Control and Applications (SOCA) School with Workshop from 14-18 August, 2017
Organised by Olivier Menoukeu Pamen and AIMS Ghana. This was held at AIMS Ghana main campus, Biriwa, Cape Coast, Ghana.
Concluding international "RARE" conference, July 3-8, 2016. Hôtel Le Majestic, La Baule, France.
Workshop on Stochastic Analysis and Applications on March 1, 2016 - with invited speakers from Japan and London (academia and industry).
The WCA lecture from 15:00 to 17:00 on the 9 March 2016 (Venue: Lecture theatre 2 Life Sciences Building)
With an invited speaker from academia, the Institute and Faculty of Actuaries representatives and invited practitioners.
Evaluation of risk: How much is too much? - a Science and Society Lecture.
The 2015 International Congress on Insurance: Mathematics and Economics (IME) June 24-26, University of Liverpool
The 2015 PARTY (Perspectives on Actuarial Risks in Talks by Young researchers) on Risk Analysis, Ruin and Extremes (RARE) January 11-16, Liverpool, UK.
Workshop: summer research internships, December 8th, 2014
Second International Conference on Vulnerability and Risk Analysis and Management and Sixth International Symposium on Uncertainty Modelling and Analysis - 13th - 16th July 2014, Liverpool
ASCE-ICVRAM-ISUMA provides a multi-disciplinary forum for the exchange of knowledge and expertise, in the Quantification, Mitigation and Management of Risk and Uncertainty, and in Decision Making.
The event is aimed at specialised and synergetic developments in both theory and practice. See www.icvram2014.org. The institute is involved in organising two of the Mini-Symposia:
- Control Theory of Uncertain Systems and its Application
- Actuarial and Financial Risk Theory with Applications
Workshop: Collaboration with Insurance Industry - 16th September 2013
A pilot programme linking MSc dissertations with industry questions is under way. Much headway has been made in classical collective risk models since Lundberg 1903. Joseph Lo (Aspen) and Corina Constantinescu (Institute for Financial and Actuarial Mathematics, University of Liverpool) are leading a team of students to explore whether these models can answer general insurance risk management questions.
Workshop: Actuarial & Financial Mathematics: Theory & Applications, 6-7 June 2013
It aims at initiating collaborative research (between mathematicians, actuaries, bankers, quants and economists) focused on the multi-disciplinary and overlapping set of fields which involves disciplines such as: Financial and Actuarial Mathematics, Economics and Econometrics.
LMS-EPSRC Spring School on Common Themes in Financial and Actuarial Mathematics - 15-19 April 2013, University of Liverpool
This international course is targeted at PhD students and young researchers in financial and actuarial mathematics as well as probability, stochastic analysis and partial differential equations.
Perspectives on Actuarial Risks in Talks of Young Researchers (PARTY) 2013, 28th January – 1st February
This international workshop is targeted to young researchers working on current actuarial science topics. It focuses on two main areas of research of today’s insurance risk:
- Longevity Risk
- Risk Theory