Welcome to the Department of Statistics and Actuarial Science

The Department of Statistics and Actuarial Science is among the top academic units for statistical and actuarial science in the world and is home to about 50 research active full-time faculty working in diverse and exciting areas. The Department is also home to around 1000 undergraduate students and about 175 graduate students in programs including Actuarial Science, Biostatistics, Quantitative Finance, Statistics, and Statistics-Computing.

Aerial View of MC & M3

We are located on University of Waterloo main campus, which is located at the heart of Canada's Technology Triangle about 100 kilometres west of Toronto.

  1. July 19, 2019READI set to produce 745 graduates in actuarial science to help insure a sinking Jakarta
    Actuarial Students in Indonesia

    The University of Waterloo and the Risk Managment, Economic Sustainability, and Actuarial Science Development in Indonesia (READI) are planning to graduate 745 actuarial science students in Indonesia by 2021.  These students will hopefully improve the already growing insurance industry in Indonesia by adding a fresh perspective on changing risk mitigation in a world of unpredictable risks. 

    This cohert of students could not come at a better time. Jakarta, Indonesia's capital, is currently sinking at an alarming rate as rising sea levels are threating the city, while many of it's inhabitants are uninsured.   

    Read the full story on WIRED's website.

  2. June 20, 2019READI project gets set to go on co-op education in Indonesia
    Representatives from Indonesia's education ministry, Global Affairs Canada and the READI project

    The Risk Management, Economic Sustainability and Actuarial Science (READI) Project has helped launch a government initiative launched in April that regulates the implementation of co-operative education in Indonesia.

    This initiative is part of the work that READI, housed in Waterloo’s Department of Statistics and Actuarial Science, has been undertaking in Indonesia.

    Read the full article on the Daily Bulletin

  3. June 19, 2019Congratulations Chao Qi (George) Li, winner of the 2019 Samuel Eckler Medal in Actuarial Science
    Eckler Winner - Chao Qi (George) Li

    The Department of Statistics and Actuarial Science is pleased to announce Chao Qi (George) Li as the winner of the Samuel Eckler Medal in Actuarial Science.

    Award description: 

    This prize was established to recognize the contribution of Samuel Eckler to the actuarial profession and is provided by Eckler Partners. The medal, which is cast in gold, is awarded each year to the outstanding graduating student in Honours Actuarial Science.

    "In addition to his outstanding performance in actuarial science, George demonstrated great potential in statistics, his performance in my upper year biostatistics course was phenomenal!"

    LEILEI Zeng, Associate Professor, Department of Statistics and Actuarial Science

Read all news
  1. July 22, 2019Department seminar by Daniel Bauer, University of Wisconsin-Madison, School of Business

    Negative Marginal Option Values: The Interaction of Frictions and Option Exercise in Variable Annuities

    Market frictions can affect option exercise, which in turn affects the value of a marginal option to the writer—and may even yield negative marginal option values. We demonstrate the relevance of this mechanism in the context of variable annuities with popular withdrawal guarantees, both theoretically and empirically. More precisely, we show that in the presence of income and capital gains taxation for the policyholder, adding on a common death benefit option—allowing to continue the withdrawal guarantee in case of death—changes the policy- holder’s optimal withdrawal behavior. As a consequence, the total value of the contract from the perspective of the insurer may decrease, i.e. the marginal option value is negative. This explains the common practice of including death benefit options without additional charges in these products.

  2. Aug. 13, 2019Department seminar by Dr. Pavel Krupskiy, University of Melbourne

    Spatial Cauchy processes with local tail dependence

    We study a class of models for spatial data obtained using Cauchy convolution processes with random indicator kernel functions. We show that the resulting spatial processes have some appealing dependence properties including tail dependence at smaller distances and asymptotic independence at larger distances. We derive extreme-value limits of these processes and consider some interesting special cases. We show that estimation is feasible in high dimensions and the proposed class of models allows for a wide range of dependence structures.

  3. Sep. 26, 2019David Sprott Distinguished Lecture by Hans Föllmer, Humboldt University Berlin

    Hans Föllmer

    Humboldt University Berlin

    Date: Thursday September 26, 2019

    Title: TBD

    Location: TBD

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Meet our people

Johnny Li

Johnny Li


Contact Information:
Johnny Li

Research interests

Professor Li's research interests encompass the fields of stochastic mortality modeling, longevity risk securitization and financial risk management. In particular, he focuses on the technical issues entailed in the development of markets for longevity risk transfers, the measurement of uncertainty involved in estimating future mortality, and the demographic and financial risks associated with products such as reverse mortgages. He also works in the area of actuarial applications in law courts.