Actuarial, Finance, Risk and Insurance Congress

Registrations are now open

AFRIC post
  • 23rd-28th
    July 2023
  • 08:00 am - 4:30 pm
  • Victoria Falls
    Elephant Hills Hotel


AFRIC has been designed to be a premier non-profit making Actuarial Science academic conference that will be rotationally hosted across Africa, bringing together academics and practitioners with research interests across all specialty areas of actuarial science, risk management, and financial system regulation.  AFRIC aims to enhance the research culture within Africa's actuarial community. Hence, key topical areas including climate extremes, longevity risk, pensions, and insurance regulations, among others, form part of the AFRIC agenda. AFRIC will bring talent to a talented audience with massive potential of impacting their respective countries and societies. AFRIC is partnering with various universities across Africa and around the globe, actuarial societies, insurance regulators, and financial institutions. Pre-conference workshops will be run at each AFRIC gathering to provide hands-on skills for tackling critical challenges in today’s world.

    • Stochastic models in life and non-life insurance
    • Pensions, financial system and insurance regulation
    • Application of data analytics and machine learning to actuarial science
    • Artificial Intelligence in actuarial applications
    • Peer to peer insurance arrangement
    • Mortality modelling
    • Financial mathematics
    • Financial Institution and insurance risk management
    • Health economics and insurance
    • Longevity risk and retirement planning
    • Optimal control
    • Reinsurance
    • Asset-liability management
    • Climate extreme
    • Application of actuarial techniques in banking

Plenary Speakers

Dr Mudavanhu is the Group CEO and Executive Director of CBZ Holdings. He has many years of experience in the regional and international financial services markets and he brings with him a wealth of knowledge and experience in risk management. He is also a non-Executive Director at the Development Bank of Southern Africa (DBSA). Dr Mudavanhu received his Doctorate in Mathematics from the University of Washington (USA) and a Masters degree in Financial Engineering from the University of California at Berkeley (USA). Upon completion of his studies, he joined American International Group (AIG) in New York as a Senior Risk Analytics Associate. Following his time at AIG, Blessing joined Bank of America Merrill Lynch as Director in Global Risk Management encompassing New York City, London, Mexico City and Sao Paulo.

In 2010 he joined African Banking Corporation (BancABC) as Group Chief Risk Officer and served as Acting Group Chief Executive Officer for 2 years. BancABC had operations in Botswana, Mozambique, Tanzania, Zambia, Zimbabwe and a minority interest in a large Nigerian Bank. He left BancABC in January 2017 to set up Dura Capital LLC in Johannesburg. Dr Mudavanhu was Adjunct Professor of Risk Management in the Financial Mathematics Program at Baruch College of The City University of New York. He currently is a Visiting Senior Lecturer in the School of Computer Science and Applied Mathematics as well as a Sessional Lecturer at Wits Business School at the University of The Witwatersrand in Johannesburg. 

Corina Constantinescu is Professor of Mathematics and Director of the Institute for Financial and Actuarial Mathematics, in the Department of Mathematical Sciences, at the University of Liverpool, UK. Prior to being an academic, Corina worked as an actuary and led the life insurance department of one of the first private Romanian insurance companies. Since 2013, together with Professor Severine Arnold of HEC Lausanne, they have been organizing the PARTY conferences for young researchers. During 2013-2016 she coordinated the RARE network, within a four-year EU Framework 7 project, connecting 12 international institutions of great repute, to work on the theoretical side of the analysis of ruin probabilities in case of disasters or extreme shocks for insurance-like risk pools, by the introduction and analysis of new risk measures, and by (asymptotic) quantification of aggregated risk. Since 2018, she is regularly teaching and supervising MSc students from the African Institute of Mathematical Science (AIMS) network. In 2020, she was one of the two academics named on the 100 Women to Watch list of the Cranfield University’s School of Management, as ideally suited to board positions on FTSE 350 companies. Given her practical perspective, many of her papers are published in actuarial journals, however she also publishes in applied probability journals. She serves as associate editor in a number of actuarial journals and is part of the publicity team of Bernoulli Society for Mathematical Statistics and Probability. Her expertise is in analytical methods for deriving exact or asymptotic results for ruin probabilities, with light or heavy-tailed assumptions in complex insurance risk models. Some of her more recent research interests are around fair insurance pricing when gender is not considered a factor, as well as financial inclusion, specifically fair pricing and regulation of microfinance and microinsurance practices. She spends her sabbatical year, 2022-23, as visiting scholar within the Social Finance Programme of the International Labour Organization - the United Nations agency for the world of work.

Marjorie serves an independent non-executive director in the financial services sector. She is also a trustee of two social justice non-for-profit organisations active in Southern Africa. In 2022, she was appointed as an external member of the Prudential Regulation Committee of the Bank of England. Marjorie is a regular keynote speaker on topics such as ‘Purpose and Meaning: the Keys to Life’ and the Unlimited Power of Your Potential’. Through her work as a leadership and life coach she demonstrates her passion for personal growth. She is also an advocate for diversity, equity and inclusion. She is a Past President of the Institute and Faculty of Actuaries (IFoA) and was the first person of colour to hold office in the organisation’s 160 years and also its youngest. Her prior roles include being a member of the Group Executive Committee of Liberty Group in South Africa, playing the role of Chief Strategist and Chief Risk Officer of Old Mutual’s African Operations. Marjorie trained as an actuary and holds a Sloan Master of Leadership and Strategy from the London Business School.

Moshe Arye Milevsky is a tenured professor, published author and consultant based in Toronto, Canada. He has an M.A. (1992) in Mathematical Statistics, a Ph.D. (1996) in financial economics, and he is a (2002) Fellow of the Fields Institute for Research in Mathematical Sciences. Most recently (2022) he earned an MSc from the Department of History, Classics and Archeology at the University of Edinburgh, Scotland.

He is a world recognized expert on the financial history and economic design of “retirement products” that help consumers manage longevity risk towards the end of the human life-cycle. 

Dr. Milevsky has published 17 books (translated into 6 languages) and has authored over seventy peer-reviewed scholarly articles. His book: King William’s Tontine: Why the Retirement Annuity of the Future Should Resemble Its Past (Cambridge University Press) was granted the Kulp-Wright Book Award from the American Risk and Insurance Association. And, his latest book How to Build a Modern Tontine: Scripts, Tips and Algorithms was published in the summer of 2022.

Mary Hardy is a Professor of Actuarial Science at the University of Waterloo in Canada.  Her research focuses on actuarial risk management, particularly in the context of equity-linked life insurance, and employer sponsored pension plans. Her current research focuses on social impacts of actuarial stewardship. She has written three books and around 80 papers on a range of topics in actuarial and quantitative risk management.

Dr Hardy earned her PhD at Heriot-Watt University, where her supervisor was Dr Howard Waters.  She is a Fellow of the Institute and Faculty of Actuaries, a Fellow of the Society of Actuaries, and a Chartered Enterprise Risk Analyst.

John W. Robinson, FSA, MAAA, FCA (2022-2023)
President and Chair, Society of Actuaries

Robinson recently retired as an actuary with the Minnesota Department of Commerce, where he was responsible for reviewing the actuarial components of the annual statements of the life insurance companies domiciled in Minnesota, and for providing actuarial support in the reviews of life insurance and annuity product filings. He also represented Minnesota on various committees with the National Association of Insurance Commissioners (NAIC). His prior actuarial roles were in OPEB valuations, life insurance, and pensions.

Robinson previously served as a member of the SOA Board of Directors. He volunteers regularly as an SOA exam grader and with the SOA’s Diversity, Equity and Inclusion Committee, and the Diversity, Equity and Inclusion Research Advisory Committee. Robinson previously served as president of the International Association of Black Actuaries (IABA). He holds a B.Sc. (Special) in Mathematics from the University of the West Indies, Jamaica, an M.S. in Statistics from the University of Delaware, and an M.S. in Statistics from Florida State University.

Roseanne is Health Policy Actuary at Discovery Health and also adjunct professor in the School of Statistics and Actuarial Science at the University of the Witwatersrand, Johannesburg.  She was President of the Actuarial Society of South Africa in 2016/17 and President of the International Actuarial Association in 2022.  She is currently chairing the IAA Strategic Planning Committee in her role as immediate past president and also serves on the education committee.  Roseanne’s areas of practice have been healthcare and employee benefits as well as education. She also has a keen interest in promoting diversity in the actuarial profession and supporting public interest initiatives.

Awards for best PhD Student Presenters

AFRIC will run a dedicated session for doctoral students with each accepted submission assigned a discussant who is a subject matter expert. PhD students who submit complete or close to complete working papers will be considered for best paper awards, thanks to AFRIC sponsor, KU Leuven, who have provided financial support for this initiative. The Doctoral student session is aimed at increasing networking opportunities for early career researchers with experts within their research domain. Doctoral students are highly encouraged to submit either complete/ semi-complete working papers, abstracts or research proposals for their research agenda. 


The prize is open only to Doctoral students who will be attending and presenting at AFRIC in Victoria Falls. To be eligible, one must be currently enrolled at any recognised university.

Entry Requirements

  • A complete paper submission accepted into the AFRIC program will automatically be considered for the best paper awards.
  • The paper must not have been published previously or have been accepted for publication.


Quality, in terms of

  • Originality
  • Significant contribution to literature
  • Well-written.


The Doctoral Session will be chaired by a judging panel consisting of seasoned academics who will rank all submissions and the corresponding presentations. Three prizes will be awarded as follows:

  1. The best paper award - €500. 
  2. First runner up - €300. 
  3. Second runner up – €200.

Program Overview

  • Session  

    Afternoon and Evening

    Registration and welcome reception

  • Session  


    Registration and AFRIC Launch

    Morning and Afternoon

    Pre-conference workshop on data analytics


    Roundtable discussion

  • Session  


    Plenary talk

    Morning and afternoon

    Contributed talks and roundtable discussions


    Sunset cruise in Zambezi River – Game Viewing (suggested activity offered by the Zambezi Explorer

  • Session  


    Plenary talk and roundtable discussions


    Actuarial teaching session and PhD Forum


    Boma Gala Dinner (tickets for sale for delegates and guests here)

  • Session  


    Plenary talks and Roundtable discussions


    Conference Excursion – village tour (tickets for sale for delegates and guests here)



  • Session  

    Morning and afternoon

    Plenary and contributed talks


    Roundtable discussions and closing remarks

Accommodation and Activities

We have negotiated an accommodation rate with Elephant Hills hotel at US$130 per night bed and breakfast (US$160 for a double room) over the duration of the conference. Reservations are limited and you are encouraged to RSVP early. For accommodation reservations, please contact Elephant Hills Hotel directly with the discount code “AFRIC 2023” on The email must be addressed to the Assistant Banqueting Manager, Ms. Eunice Zemba.

Victoria Falls is rich in nature and cultural activities. Information on self-funded excursions and activities can be found here

Contact Sun Leisure for updated costs and dates -


Confirmed dates: 23rd - 28th of July 2023

  • Welcome reception and registration on the 23rd of July
  • Pre-conference practitioner inclined workshop on the 24th of July – full day data analytics / machine learning 1st part focusing on theory and then the second part on applications to various business lines.
  • PhD Forum - TBA.
  • Conference talks to run from the Tuesday the 25th – Friday the 28th of July.
  • Conference delegates are invited to register for the famous Boma Dinner through the conference registration page.
  • There will be a traditional village tour excursion which will take you through a typical day to day like in the village from meal preparations to chores around the homesteads.   
  • Other key highlights include the majestic Victoria Falls (Mosi-oa-Tunya), day and night game drives, bungy jumping, elephant encounters, among others

Committee/ Speakers

  • Jennifer Alonso-Garcia – Universite Libre de Bruxelles, Belgium
  • Eric Cheung – UNSW Sydney, Australia
  • Pierre Devolder, UCLouvain, Belgium
  • Ka Chun Cheung, The University of Hong Kong
  • Jan Dhaene – KU Leuven, Belgium
  • Munir Haibu – University of Copenhagen, Denmark
  • Hamza Hanbali – University of Monash, Australia
  • Katja Hanewald – UNSW Sydney, Australia
  • David Landriault, University of Waterloo, Canada
  • Stephane Loisel – Universite Lyon 1, France
  • Anne MacKay, Universite de Sherbrooke, Canada
  • Sure Mataramvura – University of Cape Town, South Africa
  • Xavier Milhaud – Aix-Marseille University, France
  • Gift Muchatibaya – University of Zimbabwe, Zimbabwe
  • Annamaria Olivieri – University of Parma, Italy
  • Jerry Parwada, UNSW Sydney, Australia
  • Colin Ramsay, University of Nebraska-Lincoln, United States of America
  • Ronald Richman, Old Mutual, South Africa
  • Kristina Sendova, Western University, Canada
  • Yang Shen – UNSW Sydney, Australia
  • Michael Sherris – UNSW Sydney, Australia
  • Julien Trufin – Universite Libre de Bruxelles, Belgium
  • Andres Villegas – UNSW Sydney, Australia
  • Bernard Wong – UNSW Sydney, Australia
  • Mengyi Xu, Purdue University, United States of America
  • Jonathan Ziveyi – UNSW Sydney, Australia
  • Yi Lu – Simon Fraser University, Canada


  • Gift Muchatibaya (Co-Chair, local) – University of Zimbabwe, Zimbabwe
  • Jonathan Ziveyi (Co-Chair) – UNSW Sydney, Australia
  • Blessing Mudavanhu (Co-Chair) – Commercial Bank of Zimbabwe
  • Mike Tichareva (Co-Chair, Industry Engagement) – National Standard Finance Africa


  • Jennifer Alonso-Garcia – Universite Libre de Bruxelles, Belgium
  • Jan Dhaene – KU Leuven, Belgium
  • Munir Haibu – University of Copenhagen, Denmark
  • Hamza Hanbali – University of Monash, Australia
  • Salvatory Kessy – UNSW Sydney, Australia
  • Martin Le Doux Mbele Bidima, University of Yaounde 1, Cameroon
  • Sure Mataramvura – University of Cape Town, South Africa
  • Lynette Nyaradzai Tasaranarwo, National Social Security Authority, Zimbabwe
  • Chessman Wekwete- Hanover Re, Sydney Australia
  • Andres Villegas– UNSW Sydney, Australia
  • Simba Takawira – Nedbank, South Africa
  • Jerry Parwada – UNSW Sydney, Australia

Abstract submission


Elephant Hills Hotel - Victoria

  • The organisers have negotiated a special conference rate of US$130 per night (bed and breakfast) with Elephant Hills Hotel for the duration of the conference. Reservations are limited and you are encouraged to RSVP early. We will be providing a reservation code shortly.
  • The conference organisers will make arrangement for airport transfers with Elephant Hills Hotel. Full details will be provided shortly.
  • Other accommodation options in Victoria Falls are as follows:
  • The Victoria Falls Hotel
  • A’Zambezi River Lodge

Travelling to Victoria Falls

  • A number of airlines have connecting flights to Victoria Falls International Airport such as British Airways, Ethiopian Airlines and Emirates. You are encouraged to book your flights in advance as the conference time coincides with a peak season in Victoria Falls with high volumes of tourists visiting the resort.
  • Things to do in Victoria Falls, see here.


Platinum Sponsors

Commercial Bank of Zimbabwe (CBZ) Holdings Limited

Gold Sponsors

School of Risk and Actuarial Studies, UNSW Sydney

IFID Centre

Silver Sponsors

Department of Econometrics and Business Statistics, Monash University

Claxon Actuaries International

University of Zimbabwe

Bronze Sponsor

Society of Actuaries

Institute and Faculty of Actuaries

International Actuarial Association

PhD Forum and Best Paper Awards Sponsor

Katholleke Universiteit Leuven