The International Actuarial Association

Transcription

1 The International Actuarial Association Cecil Bykerk, President The New Role of the Actuary and The IAA 1

2 The New Role of the Actuary and The IAA XXV Mexican Actuarial Congress Acapulco, Mexico Fairmont Princess 22 September

3 Global Challenges for the Actuarial Profession The International Actuarial Association Vision and Mission Strategic Objectives Supranational outreach Sections Working Groups 3

4 The International Actuarial Association Originally formed in 1895, reconstituted in 1998, and restructured in 2010 The IAA has 63 Full Member Associations and 26 Associate Member Associations, representing over 50,000 actuaries in over 100 countries Extending accessibility to high quality actuarial services worldwide 4

5 The Vision of the IAA The actuarial profession is recognised worldwide as a major player in the decision-making process within the financial services industry, in the area of social protection and in the management of risk, contributing to the wellbeing of society as a whole. 5

6 The Mission of the IAA To represent the actuarial profession and promote its role, reputation and recognition in the international domain To promote professionalism, develop education standards and encourage research, with the active involvement of its Member Associations and Sections, in order to address changing needs 6

7 13 th Global Conference of Actuaries 2011 February 20 22, 2011

8 Strategic Objective 1 Identify, establish, and maintain relationships with key supranational audiences and provide them with actuarial input to improve the soundness of decisions being made on important issues with a global impact. 8

9 Strategic Objective 2 Facilitate the use and expansion of the scientific knowledge and skills of the actuarial profession, including beyond the traditional areas of actuarial practice, to help enhance the scope, availability, and quality of actuarial services offered by individual members of its member associations. 9

10 Strategic Objective 3 Establish, maintain and promote common standards of actuarial education and common principles of professional conduct. Promote the development and issuance of actuarial standards in the jurisdictions of all Full Member Associations, and the global convergence of actuarial standards. 10

11 Strategic Objective 4 Support the development, organization and promotion of the actuarial profession in areas of the world in which it is not present or is not fully developed. 11

12 Strategic Objective 5 Provide a forum for discussion among actuaries and actuarial associations throughout the world. 12

13 Global Challenges for the Actuarial Profession Financial stability Financial reporting Mortality and longevity Population ageing Climate change Developing economies 13

14 Targeting supranational organizations To raise awareness of actuaries and the areas in which they can contribute To contribute to their work, through briefs, representation at meetings and joint projects To engage them in dialogue and involve them in IAA discussions and developments 14

15 Institutional/Observer Members International Association of Insurance Supervisors IAIS International Social Security Association ISSA International Accounting Standards Board IASB International Organisation of Pension Supervisors IOPS Organisation for Economic Cooperation and Development OECD Asian Development Bank - ADB 15

16 Regulation/Standards IAIS insurance regulation and solvency IASB insurance & pensions accounting IOPS pensions regulation OECD pensions best practice 16

17 Social Affairs ISSA social security ILO poverty alleviation & microinsurance Aga Khan Agency for Microinsurance World Bank pensions & microinsurance WHO health & ageing OECD - health 17

18 Financial IMF systemic risk & stress testing Geneva Association insurance issues CRO Forum risk management issues CFO Forum financial issues WTO trade in financial services 18

19 IAA publications Stochastic Modeling Theory and Reality from an Actuarial Perspective Measurement of Liabilities for Insurance Contracts: Current Estimates and Risk Margins Note on the use of Internal Models for Risk and Capital Management purposes by Insurers 19

20 Forthcoming publications Educational Monograph on Determination of Discount Rates (to be released in 2011) 20

21 The Global Financial Crisis Dealing with Predictable Irrationality Actuarial Ideas to Strengthen Global Financial Risk Management IAA February 2009 Targeted at the Financial Stability Forum, Governments, and major financial institutions Presented to the Joint Forum, of IAIS, BCSB, IOSCO The Global Financial Crisis What Next? IAA July 2009, focused more on insurance and pensions 21

22 Prevention of future financial crises 22

23 G-20 Regulatory Convergence Efforts IAA asked to participate in a Private Sector Task Force of Regulated Professions and Industries Interim Report to G-20 Deputies to be released soon Final report due in September IAA is involved but also wants to be careful and preserve flexibility by region 23

24 IAA Sections ASTIN Actuarial Studies in Non-life Insurance IACA International Association of Consulting Actuaries AFIR Actuarial Approach for Financial Risks IAAHS IAA Health Section PBSS Pensions, Benefits and Social Security AWB Actuaries Without Borders LIFE Life Section 24

25 ASTIN Bulletin ASTIN Bulletin- The Journal of the IAA 25

26 IAA Sections Individual actuaries should join a Section to get involved and broaden their horizons 26

27 Mortality Working Group Create an authoritative body of knowledge Data sources and collection Research Coordination of input to projects 27

28 Mortality and Longevity Needs Social Security the cost of old age support Health care cost of public/private provision Pension funds funding of DB schemes; adequacy of DC schemes Life insurers solvency and pricing Care services implications 28

29 Population Issues Working Group Identify population issues of interest to actuaries initial focus is ageing and migration Monitor population studies and research Create a network of interested actuaries and others 29

30 Microinsurance Working Group Identify actuarial needs of microinsurance organisations Assist in training Expand knowledge 30

31 Environmental Issues Working Group Just being established Initial interest from CAS/SOA, CIA, IAAust, IFA 31

32 Developing Economies China Actuarial Association is the IAA s latest Full Member Association We are working with Bosnia and other smaller European countries 32

33 Model International Actuarial Standards of Practice Established an Interim Actuarial Standards SubCommittee Current draft developed by Generic Task Force (ISAP 1) General Actuarial Practice Foundational standard 33

34 Model International Actuarial Standards of Practice Additional Task Forces ERM Team IAS 19 IFRS 4 SOCIAL SECURITY 34

35 Model International Actuarial Standards of Practice New Task Force established in last few months Task Force on a Permanent Structure for International Standards Due Process Task Force working on a revised due process for considering Statements of Intent for developing ISAPs 35

36 Education and Professionalism Establish, maintain and promote common standards of actuarial education and common principles of professional conduct IAA Member Associations are recommended to create and implement a CPD strategy under which their members are encouraged or required to proactively address CPD needs 36

37 Education Syllabus Establishment of Education Syllabus Guidelines One of the first major work products of an IAA Committee All Full Member Associations must have education requirements that meet the guidelines 37

38 The IAA The International Actuarial Association provides a vital vehicle for coordinating worldwide engagement 38