Croatian Actuarial Association (CAA - HAD)
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1 Croatian Actuarial Association (CAA - HAD) Tatjana Racic - Zlibar President of the Supervisory Board Croatian Actuarial Association 1 October 2011 Presidents' Forum, Zagreb 1
2 Croatian Insurance Market STATE INSURER CROATIA OSIGURANJE, 1 STATE REINSURER AND SEVERAL BRANCHES OF OTHER INSURANCE COMPANIES FROM EX YUGOSLAVIA 25 PRIVATE AND 2 MAINLY STATE OWNED INSURERS & REINSURER COMPOSITE 10 37% REINSURANCE 1 4% 0% NON-LIFE 10 37% 1 October 2011 Presidents' Forum, Zagreb 2 LIFE 6 22%
3 Croatian Insurance Market except financial crisis effect steadily growing but crisis continues in ,57% 2,68% 2,68% 2,68% 2,69% 2,78% 2,86% 2,88% 2,83% 2,86% 2,79% Insurance premiums total* Insurance density (HRK per capita) Insurance penetration (GWP as % of the GDP) *) Figures in m. HRK **) GDP- for 2010 estimated 1 = 7,28 HRK (2010) 1 October 2011 Presidents' Forum, Zagreb 3
4 Croatian Actuarial Association CAA HAD = HRVATSKO AKTUARSKO DRUŠTVO PROFESSIONAL ASSOCIATION FOUNDED GOALS: promotion, development and marketing of actuarial science promotion, development and marketing of actuarial profession promotion of practical application of actuarial science promotion of professional development and education of actuaries FULL MEMBER OF INTERNATIONAL ACTUARIAL ASSOCIATION (6/2005, PREVIOUSLY ASSOCIATE MEMBER SINCE 6/1998.) OBSERVER MEMBER OF GROUPE CONSULTATIF (10/1999) (European Union actuarial consultative group) 1 October 2011 Presidents' Forum, Zagreb 4
5 Croatian Actuarial Association ARTICLES OF ASSOCIATION (1996, AMENDED 2003) CODE OF CONDUCT (2002, AMENDED 2008) DISCIPLINARY PROCEDURES (2002, AMENDED 2008) GOOD COOPERATION WITH: MINISTRY OF FINANCE CROATIAN FINANCIAL SERVICES SUPERVISORY AGENCY CROATIAN INSURANCE BUREAU ACTUARY INTRODUCED IN NATIONAL CLASSIFICATION OF PROFESSIONS (1998) BASIC AND ADVANCED COURSES IN ACTUARIAL MATHEMATICS ( ) ACTUARIAL MATHEMATICS Postgraduate Specialist Masters Degree ofirst offered in January 2003 (23), repeated every 2 years (25-30 students) odepartment of Mathematics Zagreb University in cooperation with CAA 1 October 2011 Presidents' Forum, Zagreb 5
6 Actuarial Education GCEA IAA POSTGRADUATE ACTUARIAL EDUCATION + 4 ADDITIONAL EXAMS STAGE 0: PRELIMINARY STAGE 1. Mathematics 2. Probability and Statistics 3. Stochastic Processes 4. Computing Probability and Mathematical Statistics Probability and Mathematical Statistics Stohastic Modelling 5. Economics Economics Economics 6. Accounting and Financial Reports 7. Structures and Legislative Instruments of the European Union 8. Communication Skills 9. Language Skills 1 October 2011 Presidents' Forum, Zagreb 6
7 Actuarial Education (cont.) GCEA STAGE 1: ACTUARIAL FOUNDATION STAGE IAA POSTGRADUATE ACTUARIAL EDUCATION + 4 ADDITIONAL EXAMS 10. Financial Mathematics Financial Mathematics Financial Mathematics 11. Survival Models Survival Models 12. Contingencies Actuarial Mathematics I 13. Risk Mathematics Modelling, Actuarial Mathematics, Statistical Methods Actuarial Mathematics II 14. Finance and financial markets STAGE 2: GENERALISED APPLICATIONS STAGE 15. Life Insurance Investment and Asset Management Investment and Asset Management Life Insurance 16. General Insurance Nonlife Insurance 17. Pensions Pension Insurance 18. Living Benefits Principles of Actuarial Management Health Insurance STAGE 3: COUNTRY SPECIFIC AND SPECIALIST STAGE (a) Country specific terms (b) Country specific commercial and legislative environment Accounting Insurance Law, Insurance Accounting (c) Practical application of principles within the context of (b) Insurance Practice in Croatia Professionalism Professionalism 1 October 2011 Presidents' Forum, Zagreb 7
8 Croatian Actuarial Association CONDITIONS FOR ORDINARY MEMBERS (STATUTE) Scientific or practical involvement in actuarial work Accepts the Articles of Association and acts accordingly University degree math and 3 years on actuarial jobs University degree economy and 5 years on actuarial jobs University degree physics and 5 years on actuarial jobs University degree technical and 5 years on actuarial jobs Special actuarial training and at least 1 year on actuarial jobs Education in line with GC and IAA recognised by CAA University degree Work on actuarial jobs for at least 2 years since OLD or + or + or + or + or October 2011 Presidents' Forum, Zagreb 8
9 Croatian Actuarial Association ASSOCIATE MEMBERS PERSONS ATTENDING ACTUARIAL EDUCATION OR PERFORMING ACTUARIAL JOBS BUT NOT FULFILLING CONDITIONS FOR ORDINARY MEMBER ANY PERSON INTERESTED IN ACTUARIAL WORK HONORARY MEMBERS PERSONS SUPPORTING CAA PERSONS SUPPORTING DEVELOPMENT OF ACTUARIAL SCIENCE AND ITS APPLICATIONS 1 October 2011 Presidents' Forum, Zagreb 9
10 Actuarial Profession in Croatia CONDITIONS FOR CERTIFIED ACTUARIES (Certification issued by Croatian Financial Services Supervisory Agency) education in line with GC and IAA opostograduate Specialist Masters Degree + oadditional exams (accounting, law, practice, professionalism) university degree work on actuarial jobs 3 years licence not widrawed before not convicted of economic crimes speaks Croatian ordinary member of actuarial association used to be condition APPOINTED CERTIFIED ACTUARY verifies premium tariffs and tehnical provisions draws up an opinion about premium rates and technical provisions (annually) signs calculation of capital adequacy and solvency margin... 1 October 2011 Presidents' Forum, Zagreb 10
11 Actuarial Profession in Croatia CERTIFIED ACTUARIES certification issued by Croatian Financial Services Supervisory Agency 78!! Certified actuary do not have to be member of CAA ACTUARIES ORDINARY MEMBERS OF CROATIAN ACTUARIAL ASSOCIATION 79 MEMBERS OF CROATIAN ACTUARIAL ASSOCIATION 130 INDIVIDUALS WORKING ON ACTUARIAL JOBS (not allowed to sign) 1 October 2011 Presidents' Forum, Zagreb 11
12 Continous Professional Development introduced in 2006 as mandatory 14 hours of formal education (or 28 in 2 years or 42 in 3 years) owork for CAA oprofessional seminars, conventions, meetings owritting articles or books olecturing ocommunication and other soft skills seminars hours of informal education oreading, informal research and education ointernet discussions on actuarial topics oorganisation of professional meetings oeducation for employer s needs... annual report of members activities to the CPD Committee CAA organizes 2-5 seminars per year (14 hours minimum) in cooperation with European Actuarial Academy, Croatian Insurance Bureau, reinsurance companies,... Solvency II, Liability adequacy testing and IFRS 4, stochastic methods of claim reserving, product management... 1 October 2011 Presidents' Forum, Zagreb 12
13 Actuarial Profession in Croatia KEY ISSUES Solvency II and Risk management introduction (yesterday started QIS for first time on Croatian level) co-operation with the Croatian Financial Services Supervisory Agency o not enough actuaries in Supervision onew insurance law in preparation small number of active members (localy and internationaly) limited financial resources 1 October 2011 Presidents' Forum, Zagreb 13
14 Development of Actuarial Profession ORDO SUPER ASSECURATORIBUS DUBROVNIK THE OLDEST MARINE INSURANCE ACT OF THAT TYPE IN THE WORLD premiums defined based on the risk factors OSIGURAVAJUĆA ZADRUGA CROATIA FIRST INSURANCE COMPANY IN CROATIA foundation of CROATIAN ACTUARIAL ASSOCIATION CAA becomes associate member of IAA Education started CAA becomes observer member of Group Consultatif Mandatory CPD CAA becomes FULL member of IAA IAA meetings in Zagreb 15 anniversary of CAA CAA becoming FULL member of GC? 1 October 2011 Presidents' Forum, Zagreb 14
15 Croatian Actuarial Association MEMBERS OF CROATIAN ACTUARIAL ASSOCIATION ORDINARY ASSOCIATE HONORARY TOTAL 1 October 2011 Presidents' Forum, Zagreb 15
16 Thank you for your attention and we hope that you enjoyed Zagreb! 1 October 2011 Presidents' Forum, Zagreb 16
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