Welcome to the 2018-2019 issue of theAsia-Pacific Risk and Insurance Association Newsletter
Letter from the President
by Tim Query, New Mexico State University
Many of you attended the APRIA Annual Conference in Singapore this past August. This meeting
was a joint effort between the Insurance Risk and Finance Research Centre (IRFRC) & APRIA,
with the theme of “A New Risk Management Industry in the Making.” As always, the plenary
speakers and concurrent sessions offered numerous opportunities to learn and to share
information. Old friends caught up at the meeting, and new friendships were forged.

The general focus for 2018-2019 is to build strength through community. Over the last few years,
there has been a greater diversity of experience and expertise among presenters and meeting
attendees than ever before. I feel this is a strength of APRIA, and by increasing our knowledge
pool across disciplines, schools, and borders, we can benefit from and expand upon what others
have already discovered.
One way to accomplish this is through an increase in Institutional Memberships. Institutional
Members can be research institutes, insurance societies, and universities. However, we can andshould broaden this group to include insurance companies and other corporations with interest inareas such as actuarial science, insurance, and risk management. If you have a contact orconnection with someone involved with one of these entities, please reach out to them aboutbecoming an Institutional Member. I am also willing to initiate this effort on your behalf if thatwould be preferable. I have prepared a letter for such a purpose that is available upon request.
-- See you in Seoul!

Congratulations to our 2018 APRIA Conference Award Winners!
The St. John’s University School of Risk Management Award for Best APJRIPaper:“A Markov-Switching Vector Autoregressive Model for Firm-Level Underwriting Data”
by Michael Powers

Harold D. Skipper Award for the Best Conference Paper:“A Bayesian Pricing of Longevity Derivatives with Interest Rate Risks” by Tsuyuki
Kogure and Takahiro Fushimi



APRIA-Kyobo Life Contribution Award: Dr. Basu Sankarshan

We also appreciate the Kyobo Life Travel Scholarships and the Yu Ziyou Memorial
Scholarships provided to junior scholars, doctoral students, and those from developingcountries.

Pictures from the 2018 Conference are available at:
http://web.nbs.ntu.edu.sg/researchcentres/irfrc/irfrc2018/photos/

MARK YOUR CALENDARS!
The 23rd Asia-Pacific Risk and Insurance Association Annual Conference will be held next
year in Seoul, Korea. Korea also hosted the Conference in 2004 and 2012. The dates
for the 2019 Conference are Sunday, July 28 to Wednesday, July 31. It will be co-hosted
by Sejong University and Konkuk University. The Main Hotel will be the Hotel Riviera. Areservation form can be found at the end of this newsletter, and more information about
the hotel can be found at: http://www.hotelriviera.co.kr/eng/index.asp
Secondary hotels are available in the vicinity, and Sejong University will provide a “GuestHouse” for APRIA members as a secondary residence at a cheaper price than the mainhotel. The new Guest House building is being built and should be completed by the endof this year.

Our organizers are working hard to ensure a great conference experience. Stay tuned
for more details as they are finalized. The Call for Papers will be sent out very soon, so
please watch for it and submit your research to be presented at the Conference.

FUTURE APRIA ANNUAL CONFERENCE VENUES:
2020 – New York City, USA (World Risk and Insurance Economics Congress)
2021 - ???

SERVICE OPPORTUNITY
In addition to Institutional Members, our Individual Members, especially from academia,
are the heart and soul of APRIA. Listed below are the current Country Ambassadors.
This was an initiative started a few years ago to increase APRIA membership. CountryAmbassadors act as liaison between APRIA and their home country or country ofresidence. Does your country have an Ambassador? Is your country not listed? If yourcountry is not represented, you are encouraged to volunteer! Send indications of interest
to tquery@nmsu.edu.
Country Ambassadors
Katja Hanewald (UNSW Sydney, Australia)
Bangladesh?
Belgium?
Wei Zheng (Peking University, China)
Germany?
India?
Yehuda Kahane (Tel Aviv University, Israel)
Mariko Nakabayashi (Meiji University, Japan)
Lee Soon-Jae (Sejong University, Korea (South))
Piotr Manikowski (Poznan University, Poland)
Russia?
Sri Lanka?
Switzerland?
Bill Shih-Chieh Chang (National Chengchi University, Taiwan)
Thailand?
Patti Born (Florida State University, USA)
Membership details can be found at:https://www.scicollege.org.sg/APRIA_IIM.asp

APRIA MEMBER ACTIVITIES AND ANNOUNCEMENTS

APRIA Past President and current Board of Governor member Bill Rabel shared someof the activities at the University of Alabama:·Alabama Insurance Day 2018 was held on October 10 and attended by more than
350 executives and professionals. A list of the outstanding speakers and otherfeatures can be found at:
http://www.cvent.com/events/2018-alabama-insurance-day/event-summarydaf0c822cbcc4f97ae41bfff75c44a0a.aspx?dvce=1.
Students played a key role in the event, serving as hosts and introducing thespeakers. Next year’s I-Day will be held on Wednesday, October 16, and all faculty
and full-time students from throughout the world are invited to attend free ofcharge.

·The University of Alabama was designated a Global Center for Insurance
Excellence by the International Insurance Society. Bill Rabel received the award
at the Global Insurance Forum in Berlin (see above photo).

Call for Papers: "Peking University CCISSR Forum·2019"The "Peking University CCISSR Forum 2019", hosted by China Center for Insurance andSocial Security Research (CCISSR) of Peking University, will be held at Peking University(Beijing, China) in mid-April 2019. The annual forum will bring together academic experts,industry elites and senior policymakers in insurance, social security, risk management
and related fields. It provides a platform for sharing ideas, information and research.
We invite theoretical, empirical and policy oriented unpublished research papers (inEnglish or mandarin) related to insurance, social security and risk management to besubmitted to the forum. Please send the paper to ccissr@126.com by e-mail in word orpdf format as attachment no later than March 15th, 2019. We will send a confirmation
email within two working days. If the author failed to receive a confirmation email, please
get in contact with us. We will organize a committee to review the papers anonymously,
and the results will be notified by the end of March, 2019. The authors of the selected
papers will be invited to participate in the forum to present paper. We will also select twooutstanding papers for the “CCISSR Forum Paper of the Year Award”.
Thelink(https://econ.pku.edu.cn/docs/20181109145241251205.docx)

providesatemplate of paper format we suggest. Please limit the length of paper to 15,000 words if
it’s written in mandarin, and 9,000 words if it’s in English. In order to facilitate a smoothreview process, please make sure to submit the paper in accordance with the format
template. Papers presented in the forum will be included in the CCISSR Forum Report,
upon agreement from authors. For more information about the forum, please check ourwebsite (https://econ.pku.edu.cn/ccissr/).

Professor Qixiang Sun (Director of CCISSR) speaking at CCISSR forum 2017

RMI program of Peking University celebrates its 25th anniversary
The Risk Management and Insurance Department of School of Economics, Peking
University celebrated its 25th anniversary on September 15th, 2018.
The Risk Management and Insurance Department of Peking University was officiallyfounded in 1993, and its origin could date back to 1912 as the earliest insurance programin the country. Since its establishment, the program embraces a broad perspective ofinsurance, risk management, actuarial science, and social security. Currently, the RMI
department provides bachelor, master and Ph.D. degree programs, as well as postdoctoral research positions, with roughly 150 students combined.
The RMI program is recognized as a “national higher education specially-designatedprogram” in China. In addition, it is one among the first 20 programs globally to receive
the GCIE (Global Centers of Insurance Excellence) designation issued by International
Insurance Society (IIS).
The China Center for Insurance and Social Security Research (CCISSR) was founded in2003 at Peking University. It assembled an international galaxy of advisors and research
associates, and the CCISSR has conducted 16 outstanding annual conferences whereresearchers, policymakers, and industry leaders have presented and discussed. CCISSR
has also organized more than 130 bi-weekly seminars and dozens of research panel

discussions, undertaken important research projects, and published dozens of insightful
books and reports. Besides, more than 600 “PKU insurance review” articles are publishedsince 2003 in newspaper column, sharing insights on current market issues. CCISSR now
becomes a think-tank for policymakers in related fields in China.
There are 9 full-time faculty members in the RMI department, among them include theprincipal of National Social Science Foundation Key Grant, the principal of Ministry ofEducation Social Science Key Grant, the consulting experts in Critical Issues of China
Insurance Regulatory Committee, the recipient of John Bickley Founder’s Award issued
by IIS, multiple recipients of Shin Research Excellence Award by IIS, and recipient ofNational Insurance Annual Model. Their research receives national and internationalrecognition.
The Risk Management and Insurance Student Club was founded in 2001, and ourstudents won national recognitions such as the best project award in the National
Insurance Product Innovation Competition, and champion of College Student Mock Court
Case. There are over a thousand alumni of RMI program of PKU, providing expertise torisk management and insurance field of China. On the 25th year celebration ceremony,around 150 alumni returned on campus to participate the event. They shared theirvaluable experience on university education and professional development with students,
and donated the "RMI Alumni Scholarships" to the department.

Group photo of faculty and alumni from RMI Department in PK

Board of Governors member Klime Poposki
participated in the 15th Talk on Insurance andRegulation earlier this month. The ICIR “Talks onInsurance and Regulation” event series is a public
event format with the aim to bring together
academics,representatives

frommajor(re)insurance companies, and policy makers todebate on current and future key topics ininsurance and insurance regulation.
The International Center for Insurance Regulation is recognized as a leading scientific institution
fostering independent research of insurance regulation and market solutions to regulatory questions.
ICIR is an integral part of Goethe University in Frankfurt, Germany. The ICIR provides an international
and interdisciplinary platform for scholars, executives of the insurance industry, and policy makers toexchange ideas and shape strategic thinking about the future development of insurance and insurance
regulation.
Dr. Poposki’s presentation provided an overview on the insurance business challenges and theperspectives for six Western Balkan countries (Macedonia, Serbia, Montenegro, Albania, Kosovo andBosnia and Herzegovina) by identifying the key driving factors from the insurance supply and demandside. A special focus was given to the regulatory and supervisory aspects.
(http://www.icir.de/events/talks-on-insurance-and-regulation-toir/15th-talk-on-insurance-and-regulation/)

Tim Query received the 2018 Faculty Award for Outstanding Senior Research from the College ofBusiness at New Mexico State University. Dr. Query also received this award in 2009, making him theonly multiple award winner since its inception in 2004.

Dr. Basu Sankarshan was recognized with the flexible yet strong risk management basis going
APRIA Lifetime Achievement Award at our 2018forward.
Annual Conference. I asked Basu to provide some
additional information that will help APRIAGOALS FOR CURRENT POSITION: Continue tomembers get to know him a little better. – TQ
be an academic in terms of teaching and research.
At the same time through consulting and other

NAME: Sankarshan Basu

engagements work closely with the market
CURRENT JOB TITLE:

Professor, Finance and regulators, financial institutions and policy makers
Accounting Area, Indian Institute of Management including the government to influence policy with
Bangalore, India

respect to financial markets and risk management

Associate Professor, in particular towards ensuring a stable and soundFinance and Accounting Area, Indian Institute of market environment.
PREVIOUS POSITIONS:Management Bangalore, India

CHALLENGES FACING THE INDUSTRY: The

Assistant Professor, Finance and Accounting markets are changing extremely fast – in fact, theArea, Indian Institute of Management Bangalore, rate of change is probably the biggest challenge.
Being ready to accept change is a challenge but toIndia

me being ready and able to accept challenge at theManager, Derivatives Research Group, ICICI Ltd.
Mumbai, India

speed at which it is happening globally is thebiggest challenge in front of us. This is true in all

Lecturer, Department of Actuarial Science, Heriot spheres of life.
Watt University, Edinburgh, UK

FIRST EXPERIENCE IN THE INDUSTRY JOBLecturer, Department of Statistics, London School MARKET: My first experience was managingof Economics and Political Science, London, UK

workmen looking at exports in an automobilecompany. Learnt a lot, in particular to work withManager (Trainee), Exports, TELCO Ltd. India

people on the shop floor who may not be as
INDUSTRY OUTLOOK: The financial industry ischanging

extremely

rapidlyandtherisk

management segment within the financial sector isexperiencing the biggest change in the last 100years. The very base of a successful financial
sector is the risk management set up and theparadigms of risk management are being redraftedby the day to keep pace with the growing set ofchallenges and newer risks. The key to stable andflourishing financial markets will be an active

qualified as you but have years of experience,
which is of tremendous value. From there, I moved
into academics (having completed my Ph.D.) andbecame a full time academic. During this period,
for a brief while, worked in the financial industry
and looked at the challenges facing the industry
from very close quarters. For the past 16 years
have been an academic teaching and researchingon different aspects of financial markets – risk andinsurance in particular. Also been closely involved LOOKING FORWARD TO: Being a part of thein agenda setting in various domains of the policy making and implementation framework offinancial market by being on several policymaking the country and help direct and focus the financial
bodies as well as boards of companies; in market policy going forward for Indian markets toparticular with respect to financial markets, risk start with and then for the emerging markets..
management and market development. It has
been a great journey so far, with an opportunity toFAVOURITE MEAL: All kinds of food, butauthentic spicy Indian food.

view the markets and associated risks from many
BOOK: “Future Shock,” “Julius Caesar – the playdifferent perspectives.

byADVICE: Be open and give value to others

Shakespeare”

AgathaChristie

novels,adventure novels as well as travelogues.

opinion, even if you are to discard the same as it
will give you the understanding of why not to do HOBBIES: Vacations, Cooking and Photography
certain things. Don’t be afraid to fail as that will TV SHOW: Masterchef Australia
teach you what not to repeat. Above all, do network
ON A SATURDAY AFTERNOON: On a long drive
extensively – being good in one’s domain iswith family indulging in photography and coming
important but making sure others know that you
back home to cook dinner for friends and family.
are good is probably more important andnetworking is a sure shot way to achieve that.
Finally, be ready to take risks – go down the path
not tread for the sheer adventure and enthusiasmof it.
OUTSIDE THE INDUSTRY, A DREAM JOB:
Finance Minister of the country.
COLLEGEMAJOR:Statistics.

LookedatApplications of Statistics in Finance as the doctoral
thesisThe Asia-Pacific Journal of Risk and Insurance
welcomes high-quality submissions of papers byacademicians, industry leaders and policymakers.
Papersmayaddress

theoreticalor

appliedproblems in broad environments – social, market,
economic, regulatory/supervisory and local orinternational – affecting risk management andinsurance. Papers covering climate changes,
emerging risks, ERM and other closely related
problems are also welcome.

Manuscripts must not have been published in, or submitted for concurrent review with, another journal,
and are subject to double-blind peer review at the discretion of the Editor. Manuscripts should besubmitted in accordance with the instructions at
http://www.degruyter.com/view/j/apjri
Submission is free if one of the authors is an APRIA member; otherwise, each submission is subject toa fee of U.S. 100 dollars. Successful authors will be required to submit the final versions of their papers
in MS Word, and to assign copyright to the journal’s publisher. All printed of the current year are eligiblefor Best APJRI Paper Award for recognition at the APRIA conference.
Researchers are welcome to join the APJRI’s pool of reviewers by sending the Editor a shortbiographical sketch and indication of relevant areas of expertise.
W. Jean Kwon, Editor
E.A.G. Manton Chair Professor in International Insurance and Risk Management
School of Risk Management, St. John’s University (New York, New York)APJRI@apria.org; KwonW@stjohns.edu

2018-2019 APRIA LEADERSHIP
2018 - 2019 Executive Committee:
President:
Vice President Operations/Finance:
Vice President Programs:

Secretary:
Immediate PastPresident:

Tim QUERY (New Mexico
State University, USA)
Don H. CHANG (KonkukUniversity, Korea)
Joelle H. FONG (NationalUniversity of Singapore,Singapore)
Piotr MANIKOWSKI(Poznan University ofEconomics and Business,Poland)
Mariko NAKABAYASHI(Meiji University, Japan)

2018 - 2019 Board of Governors:
Jing AI (University of HAWAI, USA)
Min-Hua HSIEH (National Chengchi University, Taiwan)
Shigenori ISHIDA (Kansai University, Japan)
Ruo (Alex) JIA (Peking University, China)
Monika KACZALA (Poznan University of Economics, Poland)
Masayasu KANNO (Nihon University, Japan)
Bong-Joo LEE (Seoul National University, Korea)
Sang-Rim LEE (Mokpo National University, Korea)
LI, Chu-Shu (National Kaoshiung Fist University of Science and Technology,Taiwan)
Michael J. MORRISSEY (International Insurance Society, USA)
Klime POPOSKI (University of St. Kliment Ohridski, Macedonia)
William RABEL (University of Alabama, USA)
Yoshihiko SUZAWA (Kyoto Sangyo University, Japan)
Xujin WANG (University of China, China)
Yi YAO (Peking University China, China)

HOTEL RESERVATION REQUEST“APRIA’
TO: RIVIERA HOTEL
Please complete this form and return directly by fax or E-mail to the Riviera hotel
Hotel Manager: Seong Woo, Kim
Fax:+82 2 3438 4169

Tel:+82 2 3438 4320
E-mail: swkim@hotelriviera.co.kr

HOTEL & ROOM TYPE

Special Rate (Single / Double)□ RIVIERA HOTEL

SUPERIOR ROOM

99,000 KRW□ RIVIERA HOTELLUXURY ROOM

120,000 KRW♦ Service charge & tax are included.
♦ The above special rate are breakfast exclusive. (room only)
Breakfast charge is 15,730 KRW (service charge & tax are Included) per person.
Arrival Date:
Estimated Arrival Time:
Departure Date:

Company Name /Country :Family Name:First Name:

Accompanying Person’s Name:
Room Type: Double □Twin □Address:
Phone:

Fax:

E-mail:Special Request:♦ Payment Details: A credit card number is required to guarantee your reservation.
Card:

MASTER □VISA □AMEX □DINERS □OTHER □Name:
Card Number:
Expiry Date:/Signature:♦ Total reserved room night payment inclusive of tax and service charge in case of No show or late cancellation
made 3-days prior to check-in.

♦ Check in Time 14:00

www.hotelriviera.co.kr♦ Check out Time 12:00