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

About AFRIC

AFRIC has been designed to be a premier Actuarial Science academic conference which will be rotationally hosted across Africa, bringing together academics and practitioners with research interests across all speciality areas of actuarial science, risk management and financial system regulation. Key topical areas including climate extremes, longevity risk, pensions and insurance regulations among others forms part of the AFRIC agenda. AFRIC will bring talent to a talented audience with huge 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 aimed at providing 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 is a Professor of Actuarial Science at the University of Waterloo in Canada. Her research focuses on risk management strategies for long term contingent risks. This work is problem-driven, utilising theory and methodology from financial engineering, statistics, and actuarial science. The bulk of her current research seeks to measure and promote fairness, efficiency and transparency in the design and implementation of insurance and pension risk solutions. Professor Hardy is a Fellow of the Institute of Actuaries and the Society of Actuaries, and a Chartered Enterprise Risk Analyst. She holds A PhD in Actuarial Mathematics from Heriot-Watt University, a BSc in Mathematics, and a Postgraduate Diploma in Mathematics Education both from the University of London.  Mary has won several professional and academic awards which include The 2012 Finlaison Medal of the Institute and Faculty of Actuaries, Distinguished Volunteer Service Award, Society of Actuaries in 2020, The Harold D Skipper Award in 2011 and the Bob Alting von Geusau Prize in 2003.

The award for the 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. Complete paper submissions will automatically be considered for the best paper awards.

Programs

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
  • The conference to include the famous Boma Dinner  ( https://theboma.co.zw/)
  • 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

o   Jennifer Alonso-Garcia – Universite Libre de Bruxelles, Belgium

o   Eric Cheung – UNSW Sydney, Australia

o   Pierre Devolder, UCLouvain, Belgium

o   Ka Chun Cheung, The University of Hong Kong

o   Jan Dhaene – KU Leuven, Belgium

o   Munir Haibu – University of Copenhagen, Denmark

o   Hamza Hanbali – University of Monash, Australia

o   Katja Hanewald – UNSW Sydney, Australia

o   David Landriault, University of Waterloo, Canada

o   Stephane Loisel – Universite Lyon 1, France

o   Anne MacKay, Universite de Sherbrooke, Canada

o   Sure Mataramvura – University of Cape Town, South Africa

o   Xavier Milhaud – Aix-Marseille University, France

o   Gift Muchatibaya – University of Zimbabwe, Zimbabwe

o   Annamaria Olivieri – University of Parma, Italy

o   Jerry Parwada, UNSW Sydney, Australia

o   Colin Ramsay, University of Nebraska-Lincoln, United States of America

o   Ronald Richman, Old Mutual, South Africa

o   Kristina Sendova, Western University, Canada

o   Yang Shen – UNSW Sydney, Australia

o   Michael Sherris – UNSW Sydney, Australia

o   Julien Trufin – Universite Libre de Bruxelles, Belgium

o   Andres Villegas – UNSW Sydney, Australia

o   Bernard Wong – UNSW Sydney, Australia

o   Mengyi Xu, Purdue University, United States of America

o   Jonathan Ziveyi – UNSW Sydney, Australia

Chair:

  • 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

Members: 

  • 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

Abstract submission

Venue

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.

Sponsors

School of Risk and Actuarial Studies, UNSW Sydney

Claxon Actuaries International

Commercial Bank of Zimbabwe (CBZ) Holding Limited

Katholieke Universiteit Leuven

University of Zimbabwe