Steven Haberman

Steven Haberman is Professor of Actuarial Science. Between 2002 and 2015, he held a number of senior leadership positions within Cass, having been Deputy Dean and Director from 2002 to 2012 and then Dean up until 2015. Prior to this, he was Dean of the School of Mathematics from 1995 to 2002.

He graduated from the University of Cambridge with a first class BA in Mathematics. He obtained a PhD and DSc in Actuarial Science from City University. After a 2-year period at Prudential Assurance as an actuarial trainee, he moved to City University in 1974 to take up a post as the first Lecturer in Actuarial Science. He also worked on a part-time basis for about 20 years at the Government Actuary's Department in London. In March 2016, he was appointed as an Associate Director of the Actuarial Research Centre set up by the Institute and Faculty of Actuaries.

He has taught a wide range of actuarial subjects at BSc and MSc level and successfully supervised 28 doctoral students. He has been an external examiner for PhDs at the Universities of Heriot Watt, Delft, the Sorbonne and Stockholm. He has given talks at many universities including: Amsterdam, Barcelona, Brussels (ULB), Budapest, Cairo, Cologne, Delft, Haifa, Kyoto, Lisbon (UTL), Ljubljana, Lyon, Milan (Universita Cattolica), Montreal (UQAM), Naples, Parma, Rio de Janeiro (COPPEAD), Rome (La Sapienza), Salerno, Sofia, Stockholm, Tilburg, Tokyo, Trieste, Valencia, Verona, Warsaw, York (Toronto). Recent consultancies have included Swiss Reinsurance and Deutsche Bank. He is a Fellow of the Institute of Actuaries, Royal Statistical Society and Institute of Mathematics and its Applications. He is an Honorary Socio Correspondente of the Istituto Italiano degli Attuari.

He has published over 140 refereed academic papers and 5 co-authored books viz "Pensions: The Problems of Today and Tomorrow", "History of Actuarial Science", "Modern Actuarial Theory and Practice" (2nd edition in 2005), "Actuarial Models for Disability Insurance", "Modelling Longevity Dynamics for Pensions and Annuity Business". He was a Founding Editor of the "Journal of Pension Economics and Finance" from 2002 to 2015 and is a member of the Editorial Boards of "Lifetime Data Analysis" and "Decisions in Economics and Finance". He was a member of the Council of the Institute of Actuaries for 11 years and was a member the Financial Reporting Council's Board for Actuarial Standards from its inception until 2012. He is currently a member of Legal & General's Longevity Science Panel and a member of the Community Statistics Management Committee of the Institute for Jewish Policy Research.

Qualifications

• MA, University of Cambridge, United Kingdom
• PhD, City, University of London, United Kingdom
• DSc, City, University of London, United Kingdom

Fellowships

Honorary Research Fellow in Epidemiology, Charing Cross Hospital Medical School, Sep 1977 – Aug 1982

Memberships of Professional Organisations

• Chair in Actuarial Science, Belgian Actuarial Association, Jan – Dec 2013
• Trustee of Pension Fund, Royal Statistical Society, 2004 – 2005
• Honorary Member, Italian Institute of Actuaries, Sep 2000 – present
• Elected member of Council, Institute of Actuaries, 1993 – 1998
• Elected member of Council, Institute of Actuaries, 1986 – 1991
• Fellow, Institute of Mathematics and its Applications, Sep 1982 – present
• Fellow, Royal Statistical Society, Sep 1979 – present
• Fellow, Institute of Actuaries, Sep 1975 – present

Awards

• Society of Actuaries (2004) Awarded research prize
• Institute of Actuaries (1990) Awarded research prize
• Institute of Actuaries (1985) Awarded research prize

Languages

French.

Expertise

Primary Topics

• Actuarial Science
• Actuarial Statistics

Additional Topics

• Life Insurance
• Pension Funds
• Pensions

Research

There are 2 main areas of research activity.

A. Extensions and improvements to Lee-Carter family of statistical models for mortality dynamics and forecasting: - improved simulation methods to allow for dependency - multi-population models for a range of populations or connected sub-populations (e.g. by socio-economic studies, geographic region) - application of principal component techniques to mortality models - introduction of new class of models that focus on the rate of improvement in mortality

This has led to a series of papers in interational journals and a co-authored research monograph. This work is an important for helping insurance companies, reinsurance companies, pension plans and financial markets gain a better understanding of longevity risk and impacts on annuity prices, insurance company reserves and solvency, reinsurance arrangements, longevity swaps and other related transactions.

B. A project that has been completed (and was funded by the ESRC) concerned the calculation of compensation for loss of earnings for personal injury cases and involved the use of multiple state modelling techniques to estimate work-life expectancy.

This work has impacted directly on the UK Courts where the estimates are now included in the Ogden Tables which are officially recogised by the Courts for the purposes of the calculation of compensation claims for loss of earnings.

Research Topics

Mortality modelling

Extensions to Lee-Carter model for mortality dynamics and forecasting

Measurement of longevity basis risk

Pensions

Design of defined contribution pensions plans in both the accumulation and decumulation phases

Annuities

Application of behavioural finance techniques to explain the "annuity puzzle"

Books (6)

• Pitacco, E., Denuit, M., Haberman, S. and Olivieri, A. (2009). Modelling Longevity Dynamics for Pensions and Annuity Business. OUP Oxford. ISBN 978-0-19-954727-2.
• Booth, P., Chadburn, R., Haberman, S., James, D., Khorasanee, Z., Plumb, R. and Rickayzen, B. (2005). Modern Actuarial Theory and Practice. Chapman and Hall/CRC. ISBN 978-1-58488-368-5.
• Haberman, S. and Pitacco, E. (1999). Actuarial Models for Disability Insurance. Boca Rotan: Chapman and Hall/CRC Press.
• Booth, P., Chadburn, R., Cooper, D., Haberman, S. and James, D. (1999). Modern Actuarial Theory and Practice. Boca Raton: Chapman and Hall/CRC Press.
• Haberman, S. and Sibbett, T. (1995). History of Actuarial Science. London: Pickering & Chatto.
• Benjamin, B., Haberman, S., Helowicz, G., Kaye, G. and Wilkie, A.D. (1987). Pensions: The Problems of Today and Tomorrow. London: Allen & Unwin.

Chapters (25)

• Giordano, G., Haberman, S. and Russolillo, M. (2018). Three-way data analysis applied to cause of death mortality trends. In Skiadas, C.H. and Skiadas, C. (Eds.), Demography and Health Issues: Mortality, Population Aging and Data Analysis Springer.
• D'Amato, V., Haberman, S., Piscopo, G. and Russolillo, M. (2014). Alternative assessments of the longevity trends. In Perna, C. and Sibillo, M. (Eds.), Mathematical and Statistical Methods for Actuarial Sciences and Finance (pp. 73–76). ISBN 978-3-319-05014-0.
• Haberman, S. (2014). Actuarial Methods. Wiley StatsRef: Statistics Reference Online John Wiley and Sons. ISBN 978-1-118-44511-2.
• Butt, Z., Haberman, S., Verrall, R. and Wass, V. (2009). Estimating and using work life expectancy in the United Kingdom. In Ward, J. and Thornton, R.J. (Eds.), Personal Injury and Wrongful Death Damages Calculations: A Trans-Atlantic Dialogue (pp. 103–134). USA: Emerald. ISBN 978-1-84855-302-6.
• Ballotta, L. and Haberman, S. (2008). Options and guarantees in life insurance. In Melnick, E. and Everitt, B. (Eds.), Encyclopedia of Quantitative Risk Assessment (pp. 1244–1250). John Wiley & Sons Ltd, Chichester, UK.
• Russolillo, M., Giordano, G. and Haberman, S. (2008). Comparing mortality trends via the Lee Carter method in the framework of multidimensional data analysis. In Perna, C. and Sibillo, M. (Eds.), Mathematical and Statistical Methods for Insurance and Finance Milan: Springer.
• Haberman, S. and Olivieri, A. (2008). Risk Classification in LIfe Insurance. In Everitt, B. and Melnick, E. (Eds.), Encyclopaedia of Quantitative Risk Assessment New York: John Wiley and Sons.
• Haberman, S. and Lim, C.C. (2005). The Relationship between Macroeconomic Variables and Lapsation of Life Insurance: the Malaysian Experience. In Sevic, Z. (Ed.), Accounting and Finance in Transition Volume I (pp. 565–586). Greenwich University Press.
• Ballotta, L. and Haberman, S. (2004). Guaranteed annuity conversion options and their valuation. In Fornero, E. and Luciano, E. (Eds.), Developing an Annuity Market in Europe (pp. 167–198). Edward Elgar Publishing. ISBN 978-1-84376-476-2.
• Haberman, S. and Renshaw, A.E. (1998). Actuarial Applications of Generalized Linear Models. In Hand, D. and Jacka, S. (Eds.), Chapter 3 (pages 41-65) In Statistics in Finance E. Arnold.
• Haberman, S. (1998). Actuarial Models. In Armitage, P. and Colton, T. (Eds.), Encyclopaedia of Biostatistics J Wiley & Sons, New York.
• Haberman, S. and Dufresne, D. (1991). Variability of Pension Contributions and Fund Levels with Random Rates of Return. In Cummins, J.D. and Derrig, R.A. (Eds.), Managing the Insolvency Risk of Insurance Companies. Proceedings of the Second International Conference on Insurance Solvency (pp. 133–145). Springer. ISBN 978-0-7923-9152-4.
• Haberman, S. and Schoenberg, B.S. (1988). Epidemiological considerations in the design of controlled clinical trials. Part II: Methodology. In Capildeo, R. and Orgogozo, J.M. (Eds.), Methods in Clinical Trials in Neurology (pp. 9–28). Springer. ISBN 978-1-349-08945-1.
• Haberman, S. (1986). Improvements in State Pension Rights for Women. Essays in Social Security Economics Selected Papers of a Conference of the International Institute of Management, Wissenschaftszentrum Berlin (pp. 130–165). Springer Verlag. ISBN 978-0-387-16743-5.
• Haberman, S. and Fox, A.J. (1984). Implications of Demographic Changes for the Adult Population (aged 20-59). Demographic Trends in the European Region Health and Social Implications : working Papers, Conclusions and Recommendations of a Technical Meeting, Held in Berne, March 1982, Organized by the Regional Office for Europe of the World Health Organization and the Government of Switzerland. WHO Regional Office for Europe. ISBN 92-890-1108-4.
• Haberman, S., Capildeo, R. and Rose, F.C. (1982). Review of Clinical Trials for Acute Stroke. Advances in Stroke Therapy (pp. 53–62). New York: Raven Press (ID). ISBN 978-0-89004-847-4.
• Haberman, S., Capildeo, R. and Rose, F.C. (1982). Risk Factors for Cerebrovascular Disease. In Rose, F.C. (Ed.), Advances in Stroke Therapy (pp. 101–116). New York: Raven Press. ISBN 0-89004-847-9.
• Haberman, S. (1981). Smoking: A Risk Factor for Stroke. Smoking and Arterial Disease (pp. 17–28). Tunbridge Wells: Pitman Medical.
• Haberman, S. and Greenhalgh, R. (1981). Sex Differences in Stroke. Hormones and Vascular Disease (pp. 119–129). Pitman Medical.
• Capildeo, R., Haberman, S. and Rose, F.C. (1981). The Classification of Parkinsonism. In Rose, F.C. and Capildeo, R. (Eds.), Research Progress in Parkinson's Disease (pp. 17–24). Tunbridge Well: Pitman Medical.
• Haberman, S. (1980). A Mathematical Approach to Incidence and Prevalence. Clinical Neuroepidemiology (pp. 9–22). Tunbridge Wells: Pitman Medical.
• Capildeo, R., Haberman, S. and Rose, F.C. (1980). The Classification and Coding of Neurological Disease. In Rose, F.C. (Ed.), Clinical Neuroepidemiology (pp. 28–36). Tunbridge Wells: Pitman Medical.
• Haberman, S., Capildeo, R. and Rose, F.C. (1979). Epididemiological Aspects of Stroke. In Greenhalgh, R. and Rose, F.C. (Eds.), Progress in Stroke Research (pp. 3–14). Tunbridge Wells: Pitman Medica.
• Capildeo, R., Haberman, S. and Rose, F.C. (1979). Towards a Computer-Based Data Bank for Stroke Patients. In Greenhalgh, R. and Rose, F.C. (Eds.), Progress in Stroke Research (pp. 153–158). Tunbridge Wells: Pitman Medical.
• Shang, H. and Haberman, S. Grouped multivariate and functional time series forecasting: an application to annuity pricing. Living to 100 2017 Society of Actuaries.

Subject/Academic Leadership

• September 2002 - present, Cass Business School, City University, Director and Deputy Dean

As Director and Deputy Dean, I have responsibilities for all of the academic activities of the Business School, including teaching and research.

Achievements include:

• strong financial and budgetary controls introduced
• designed and introduced performance-related pay scheme and more effective workload determination scheme for academic staff
• leading academic recruitment campaigns to enhance School’s teaching and research capability – senior professors and young academics hired from top UK and international Schools
• performance management of weaker academic staff
• increased number of research council grant applications and corporate research projects sponsored
• enhanced research standing of School, including targeted investment in research assistants and PhD scholarships for key research groups; and led School to a successful RAE 2008 outcome
• independent reviews of published research in finance consistently place Cass in the top 3 business schools in Europe
• restructured academic committees to deliver quality and improvements to student experience
• enhanced quality of student experience across all degree programmes, as evidenced by consistently high scores in the NSS across all undergraduate degrees
• leading improvements to internal communications within School and development of collegiate working environment
• led enhancing School’s HR policies and processes for academic and professional staff
• led achievement of Investors in People accreditation and 2 reaccreditations; accreditation of School by AACSB; 2 reaccreditations of School by EQUIS for five years; 2 reaccreditations of MBA and MBM programmes by AMBA for five years
• development and dissemination of School strategy with focus on financial services and professional services industries
• leading discussions on impact of Bologna Accord at School level and development of international partnerships strategy now being successfully pursued by School, e.g. Sogang, KAIST; Olin; ESCP; EBS; SMU
• leading partnership strategy involving City-based professional and trade bodies, e.g. CII, CIMA, CISI, ABI, ICAEW, PMI

• 2002 - present, Cass Business School Board of Studies, Research Committee, Teaching & Learning Committee, Prizes Committee, Honorary Visiting Appointments Committee, Chairman

• 2005 - present, Staff Development Group, Chairman

• 2008 - 2009, University Taskforce on Business Education, Chairman

• 1987 - present, Member of Senate

• 1995 - 2002, School of Mathematics, Dean

Achievements include: - established management structure in new University devolved management framework - set up effective quality assurance and course management system with a unitary Board of Studies - successful introduction of new BSc and MSc courses, improvement in quality and quantity of student recruitment at BSc and MSc levels - restructured Mathematics group with early retirement of older, less-research-active academic staff. Recruitment of young academic staff with long term potential - increased number of research council grant applications from School - improvement in RAE scores from 1996 to 2001 - led QAA subject review of School’s course provision in 2000 – score of 23/24 achieved - from 1995 – 2002, turnover increased by 50%; School moved from deficit to profitability level of about 9% of turnover - independent decennial review of published research in 1999 in actuarial science, insurance and risk placed City in top 2 in Europe and top 3 globally; personal research ranking was no 9 globally.

• 1987 - 1995, Department of Actuarial Science and Statistics, Head

• 1979 - 1987, Actuarial Science Group, Head

Key achievements include: - established research programme in actuarial science, with PhD students and external funding from insurance industry and actuarial profession - brought together actuarial and statistics groups, leading to benefits emerging in terms of new research activities and curriculum developments - identified interface between actuarial science and statistics as a major new research area which the Department then exploited successfully - designed and launched first MSc in Actuarial Science in UK - expanded academic staff, recruiting staff with professional experience and research potential - ensured that BSc in Actuarial Science remained up-to-date and ahead of international developments in professional education, through process of continuous improvement.

Editorial Activities (19)

• European Actuarial Journal, Referee, 2011 – present.
• International Journal of Theoretical and Applied Finance, Referee, 2011 – present.
• Lifetime Data Analysis, Associate Editor, 2008 – present.
• Population Research and Policy Review, Referee, 2006 – present.
• Quantitaive Finance, Referee, 2006 – present.
• Decisions in Economics and Finance, Member of Editorial Board, 2005 – present.
• Methodology and Computing in Applied Mathematics, Referee, 2005 – present.
• European Journal of Operational Research, Referee, 2004 – present.
• Journal of Pension Economics and Finance, Editor, 2002 – 2015.
• Pensions, Member of Editorial Board, 2002 – present.
• Population Studies, Referee, 2002 – present.
• ASTIN Bulletin, Referee, 2002 – present.
• Geneva Papers on Risk and Insurance, Referee, 2000 – present.
• Journal of Risk and Insurance, Referee, 2000 – present.
• North American Actuarial Journal, Referee, 1996 – present.
• Journal of Royal Statistical Society Series A, Referee, 1995 – present.
• Journal of Royal Statistical Society Series C, Referee, 1995 – present.
• Insurance: Mathematics and Economics, Referee, 1990 – present.
• Journal of Institute of Actuaries, Referee, 1980 – 1995.