School of Mathematics, Statistics & Actuarial Science

About

Pradip is a Fellow of the Faculty of Actuaries in Scotland; he qualified in 2002. He is also a Fellow of the Institute of Actuaries of India. Pradip's doctoral thesis The impact of multifactorial genetic disorders on long-term Insurance was researched at Heriot-Watt University. His undergraduate and postgraduate studies were in Statistics at the Indian Statistical Institute, Kolkata, India, and he holds a postgraduate diploma in Actuarial Science from Heriot-Watt University.

Pradip joined CASRI in December 2006. He serves on the Research and Enterprise Committee, is the Head of Research for CASRI, and co-ordinates the Actuarial Science seminar programme.

He has worked in the life insurance industry for more than 5 years; his business exposure includes product development, pricing, valuation, financial reporting, and business planning experience with HDFC Standard Life Insurance Company, a joint venture life insurance firm between Standard Life and HDFC, based in Mumbai, India. He has similar UK experience gained with Standard Life in Edinburgh, and has carried out research at the Genetics and Insurance Research Centre at Heriot-Watt University, Edinburgh.

Together with Guy Thomas, Pradip runs the blog Loss Coverage - why insurance works better with some adverse selection.

Contact Information

Address

Room 258

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Publications

Also view these in the Kent Academic Repository

Article
Hao, M. et al. (2018). Insurance loss coverage and social welfare. Scandinavian Actuarial Journal [Online]. Available at: https://doi.org/10.1080/03461238.2018.1513865.
Hao, M. et al. (2017). Insurance loss coverage and demand elasticities. Insurance: Mathematics and Economics [Online] 79:15-25. Available at: https://doi.org/10.1016/j.insmatheco.2017.12.002.
Hao, M. et al. (2016). Insurance loss coverage under restricted risk classification: The case of iso-elastic demand. ASTIN Bulletin [Online] 46:265-291. Available at: http://dx.doi.org/10.1017/asb.2016.6.
Yang, W. and Tapadar, P. (2015). Role of the Pension Protection Fund in financial risk management of UK defined benefit pension sector: a multi-period economic capital study. Annals of Actuarial Science [Online] 9:134-166. Available at: http://dx.doi.org/10.1017/S1748499514000256.
Porteous, B., Tapadar, P. and Yang, W. (2012). Economic capital for defined benefit pension schemes: An application to the UK Universities Superannuation Scheme. Journal of Pension Economics and Finance [Online] 11:471-499. Available at: http://dx.doi.org/10.1017/S1474747212000029.
Tapadar, P. and Macdonald, A. (2010). Multifactorial Genetic Disorders and Adverse Selection: Epidemiology Meets Economics. Journal of Risk and Insurance [Online] 77:155-182. Available at: http://dx.doi.org/10.1111/j.1539-6975.2009.01342.x.
Porteous, B. and Tapadar, P. (2008). Asset Allocation to Optimise Life Insurance Annuity Firm Economic Capital and Risk Adjusted Performance. Annals of Actuarial Science [Online] 3:187-214. Available at: http://dx.doi.org/10.1017/S1748499500000506.
Porteous, B. and Tapadar, P. (2008). The Impact of Capital Structure on Economic Capital and Risk Adjusted Performance. ASTIN Bulletin [Online] 38:341-380. Available at: http://dx.doi.org/10.2143/AST.38.1.2030416.
Macdonald, A., Pritchard, D. and Tapadar, P. (2006). The Impact of Multifactorial Genetic Disorders on Critical Illness Insurance: A Simulation Study Based on UK Biobank. ASTIN Bulletin [Online] 36:311-346. Available at: http://dx.doi.org/10.2143/AST.36.2.2017924.
Monograph
Tapadar, P. and Thomas, R. (2017). Appetite for selection. The Institute and Faculty of Actuaries. Available at: http://www.theactuary.com/features/2017/05/appetite-for-adverse-selection/.
Tapadar, P. and Thomas, R. (2017). Why insurance works better with some adverse selection. The Institute of Actuaries of India. Available at: http://www.actuariesindia.org/downloads/souvenir/2017/ActuaryIndiaJuly2017.pdf.
Srinivasan, V. and Tapadar, P. (2008). Economic Capital - A Unifying Approach. Incisive Financial Publishing Limited.
Tapadar, P. and Porteous, B. (2006). Economic Capital and Financial Risk Management for Financial Services Firms and Conglomerates. The Institute of Actuaries of India.
Conference or workshop item
Tapadar, P. and Thomas, R. (2018). Why insurance works better with some adverse selection. in: International Congress of Actuaries.
Chatterjee, I. et al. (2018). When is utilitarian welfare higher under insurance risk pooling? in: Mathematical and Statistical Methods for Actuarial Sciences and Finance (MAF 2018). Springer, pp. 219-223. Available at: https://doi.org/10.1007/978-3-319-89824-7_40.
Tapadar, P. (2016). Risk assessment of UK DB pension schemes. in: CASRI Seminar.
Tapadar, P. (2016). Adverse selection and loss coverage in insurance markets. in: CASRI Seminar.
Tapadar, P. (2016). Risk assessment of UK DB pension schemes. in: University of Waterloo workshop.
Tapadar, P. (2016). Insurance Risk Classification: How much is socially optimal? in: Heriot-Watt University Seminar Series.
Tapadar, P. (2015). Insurance Risk Classification: How much is socially optimal? in: Lecture at Indian Statistical Institute.
Tapadar, P. (2015). Role of the Pension Protection Fund in financial risk management of UK defined benefit pension sector: a multi-period economic capital study. in: International Actuarial Association Colloquium.. Available at: http://www.actuaries.org/oslo2015/presentations/PBSS-Tapadar&al-P.pdf.
Tapadar, P. (2015). Why Adverse Selection Need Not Be Adverse. in: Actuarial Teachers' and Researchers' Conference.
Hao, M., Tapadar, P. and Thomas, R. (2015). Loss coverage in insurance markets: why adverse selection is not always a bad thing. in: International Actuarial Association Colloquium.. Available at: http://www.actuaries.org/oslo2015/papers/IAALS-Hao&Tapadar&Thomas.pdf.
Tapadar, P. (2014). An Economic Capital study of the Pension Protection Fund and UK's Defined Benefit Pension Sector. in: Actuarial Teachers and Researchers Conference.. Available at: http://www.maths.ed.ac.uk/assets/images/atrc2014/08_Pradip_Tapadar_301114.pdf.
Tapadar, P. (2012). Genetic Testing, Insurance Underwriting and Adverse Selection. in: 14th Global Conference of Actuaries.
Tapadar, P. (2012). Actuarial Education and Examinations. in: 14th Global Conference of Actuaries.
Tapadar, P. (2011). Financial Risk Management of Pension Schemes - An Economic Capital Approach. in: Queen's University Management School Seminar Series.
Tapadar, P. (2011). Economic Capital and Financial Risk Management. in: 13th Global Conference of Actuaries.. Available at: http://www.actuariesindia.org/events/global-conference-of-actuaries/details/8-13th-gca.html.
Tapadar, P. (2010). Economic Capital - A Unifying Approach. in: International Congress of Actuaries.. Available at: http://www.ica2010.com.
Tapadar, P. (2010). Multifactoral Genetic Disorders and Adverse Selection: Epidemiology Meets Economics. in: Royal Statistical Society Conference.
Tapadar, P. (2009). Asset Allocation to Optimise Life Insurance Annuity Firm Economic Capital and Risk Adjusted Performance. in: Royal Statistical Society Conference.. Available at: http://www.rss.org.uk.
Tapadar, P. (2009). The Impact of Capital Structure on Economic Capital and Risk Adjusted Performance. in: Actuarial Teachers and Researchers Conference.. Available at: http://www.qub.ac.uk/schools/QueensUniversityManagementSchool/ATRC2009/.
Tapadar, P. (2008). The Impact of Asset Allocation on Financial Services Firm Economic Capital and Risk Adjusted Performance. in: Actuarial Teachers and Researchers Conference.
Tapadar, P. (2007). An Introduction to Economic Capital for Financial Services Firms. in: Risk Management & Solvency 2 Conference.
Tapadar, P. and Srinivasan, V. (2007). Economic Capital - A Unifying Approach. in: Action Group for Banking Networking Evening.. Available at: http://www.actuaries.org.uk/members/pages/networking-evening-20071024.
Tapadar, P. and Porteous, B. (2007). Identify, Measure and Manage Multiple, Dependent Risks and Diversification Benefits. in: Risk Management Techniques and Capital Allocation Processes for Insurers.
Tapadar, P. and Porteous, B. (2006). Economic Capital for Financial Services Conglomerates. in: Oxford Workshop on Financial Risk.
Tapadar, P. (2006). The Impact of Multifactorial Genetic Disorders on Critical Illness Insurance: A Simulation Study Based on UK Biobank. in: Young statisticians meeting.
Tapadar, P. and Porteous, B. (2006). Economic Capital for Financial Services Conglomerates. in: Capital and Liability Solutions for Life Insurers.
Book
Porteous, B. and Tapadar, P. (2005). Economic Capital and Financial Risk Management for Financial Services Firms and Conglomerates. Palgrave Macmillan.
Other
Tapadar, P. et al. (2017). Actuarial Teachers and Researchers Conference 2017. [N/A]. Available at: https://blogs.kent.ac.uk/atrc/.
Andrews, D. et al. (2014). Does Population Age Structure Affect Asset Values? Can it be Deflationary? [N/A]. Available at: https://uwaterloo.ca/statistics-and-actuarial-science/events/university-waterloo-and-university-kent-invite-you-one-day.
Research report (external)
Andrews, D. et al. (2015). Future Equity Patterns and Baby Boomer Retirements. [Online]. Society of Actuaries. Available at: https://www.soa.org/Research/Research-Projects/Finance-Investment/Future-Equity-Patterns-and-Baby-Boomer-Retirements.aspx#sthash.X9H1Zvuv.dpbs.
Confidential report
Alai, D., Oberoi, J. and Tapadar, P. (2016). Review of a Mortality Projection Model. Not for publication.
Oberoi, J. and Tapadar, P. (2016). International Personal Wealth Flows: A Report on Selected Countries. Not for publication.
Forthcoming
Oberoi, J., Pittea, A. and Tapadar, P. (2018). A graphical model approach to simulating economic variables over long horizons. tbc.
Showing 46 of 53 total publications in KAR. [See all in KAR]
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Research Interests

Economic capital and financial risk management

With the advent of new risk-based regulations for financial services firms, specifically Basel 2 and Basel 3 for banks and Solvency 2 for insurers, there is now a heightened focus on the practical implementation of quantitative risk management techniques for firms and defined benefit pension schemes operating within the financial services sector.

In particular, financial services firms are now expected to self-assess and quantify the amount of capital they need to cover the risks they are running. This self-assessed quantum of capital is commonly termed risk, or economic, capital.

At Kent we are actively involved in developing rigorous risk management techniques to explicitly measure how much risk a firm or pension scheme is taking, holistically, across the entire spectrum of risks it accepts.

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Public policy aspects of risk classification

Restrictions on risk classification can lead to adverse selection, and actuaries usually regard this as a bad thing. However, restrictions do exist in many countries, suggesting that policymakers often perceive some merit in such restrictions. Careful re-examination of the usual actuarial arguments can help to reconcile these observations.

Models of insurance purchasing behaviour under different risk classification regimes can quantify the effects of particular bans, e.g. on insurers’ use of genetic test results, or gender classification in the European Union.

More about this area of research

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Teaching

MA537/MA837: Mathematics of Financial Derivatives
MA923: Introduction to Actuarial Research back to top

Research Supervisees

Graduated PhD students
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School of Mathematics, Statistics and Actuarial Science (SMSAS), Sibson Building, Parkwood Road, Canterbury, CT2 7FS

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Last Updated: 25/09/2018