Articles from:June 2024

  • Congratulations to Pranath Pussella

    Monday, June 24, 2024 | By

    Earlier in June, Pranath Pusella a M.Sc. (Statistics) candidate in the Department of Mathematics and Statistics attended the 2024 Statistical Society of Canada (SSC) annual meeting in St. John’s, Newfoundland and Labrador. Pranath presented his recent work titled Simulation in Cricket: A Machine Learning Approach and was awarded a Honorable Mention for his presentation. The Department of Mathematics and Statistics would like to extend its congratulations
    to Pranath for his significant achievement at the conference.

    Below: An image of Pranath and his poster from the conference.

    Congratulations Pranath!

  • Congratulations to Dorothy Levay

    Wednesday, June 19, 2024 | By

    The Department of Mathematics and Statistics would like to congratulate Dorothy Levay, Instructor and Manager of Academic Support, who is the recipient of the 2024 Faculty of Mathematics and Science’s Distinguished Staff Award. Dorothy was recognized for her exceptional service beyond expected duties to enrich the experience of students across campus and her essential role in maintaining the operations of the department amid a period of great transition.

    Further details, including the recipients of other awardees given out by the Dean of the Faculty of Mathematics and Science this year, can be found in this Brock News Article.

    Congratulations Dorothy!

  • Siqin Zhao Masters Project Presentation Friday, June 14, 3:00 PM.

    Wednesday, June 05, 2024 | By

    Siqin Zhao, a Master of Science candidate in the Department of Mathematics and Statistics, will present their Masters Research Project (STAT 5P99) titled Review of Lapse and Reentry Behavior and Its
    Impact on the Design of Variable Annuities on Friday, June 14, 2024 from 3:00 pm – 4:00 pm online on Microsoft Teams.

    Students (both graduate and undergraduate) as well as other members of the Brock Community are invited to attend. If you are interested in the presentation, please contact Neil Marshall at [email protected] for a link to the Team.

    Abstract: This project explores the role of Variable Annuities (VAs) and Registered Index-Linked Annuities (RILAs) within contemporary financial planning, emphasizing how they adapt to evolving market conditions. A comprehensive analysis of these products is provided, including their protective mechanisms, pricing models, and risk characteristics, to explain why they effectively meet investor needs. The evolution from traditional annuities to VAs is traced, and the further development of RILAs from VAs is discussed. The study particularly focuses on the behavior of policyholders who often choose to surrender their policies for more favorable options, thereby maximizing their benefits. Through qualitative and quantitative analysis, the paper illustrates how these products respond to market developments.

    Keywords: Variable Annuities, Registered Index-Linked Annuities, Policyholder Behavior, Insurance Product Design

  • Chuyun Guo Masters Project Presentation Thursday, June 13, 2:00 PM.

    Wednesday, June 05, 2024 | By

    Chuyun Guo, a Master of Science candidate in the Department of Mathematics and Statistics, will present her Masters Research Project (STAT 5P99) titled A Review of Life Insurance’s Secondary Market on Thursday, June 13, 2024 from 2:00 pm – 3:00 pm online on Microsoft Teams.

    Students (both graduate and undergraduate) as well as other members of the Brock Community are invited to attend. If you are interested in the presentation, please contact Neil Marshall at [email protected] for a link to the Team.

    Abstract: The secondary market for life insurance policies emerged to provide financial relief for terminally ill patients through viatical settlements. It has expanded over time to include life settlements for seniors and individuals with chronic conditions, driven by demographic shifts and increased life expectancy. This market now plays a crucial role in financial planning, allowing policyholders to sell their life insurance policies for more than the cash surrender value. The study examines the historical evolution of the secondary market, the types of transactions, and the market dynamics. It explores the benefits and challenges for policyholders, insurance companies, and investors. While the market offers enhanced liquidity and fair compensation for policyholders, it also requires insurers to adjust premium structures and manage adverse selection. Investors gain high returns and diversification but face longevity risk, return volatility, and regulatory changes. The study highlights the complexities of asymmetric information and emphasizes the need for sophisticated actuarial models and robust regulatory frameworks to ensure market stability and sustainability.

    Keywords: The Secondary Market for Life Insurance Policies, Life Settlement, Viatical Settlement, Asymmetric Information, Adverse Selection