There are over 30 committees, subcommittees, task forces, and working groups of the International Actuarial Association. These groups all commission, create and share content that may be relevant to Actuaries Institute members. Links to some of the content discussed at the recent meetings in Berlin, Germany are provided below.
The International Actuarial Association (IAA) is the worldwide association of professional actuarial associations and exists to encourage the development of a global profession.
There are over 30 committees, subcommittees, task forces, and working groups that contribute to the operation of the IAA. These groups meet (at least) twice a year in various regions of the world, with Australian representatives attending the meetings and reporting back to the Actuaries Institute Council.
These groups commission, create and share content that may be relevant to Actuaries Institute members. Links to some of the content discussed at the recent meetings in Berlin, Germany are provided below. Don’t forget that accessing this content can help you meet your CPD requirements!
Mortality Working Group
The Mortality Working Group (MWG) within the IAA is devoted to the worldwide study of mortality.
More information on the MWG can be found here. Topics discussed at the latest IAA meeting in Berlin include:
- Climate Change and Mortality
- Mortality relating to E-cigarettes
- Older Age Mortality
- Underwriting around the world
- Long term drivers of future mortality
- Actuarial aspects of inequality
- An international look at recent trends in longevity
In addition, the MWG has a list of papers and presentations, websites and recent events of interest which can be found here.
Population Issues Working Group
The Population Issues Working Group (PIWG) of the IAA identifies population issues of particular interest to actuaries and in respect of which the actuarial profession, at an international or national level, could make a useful contribution in the public interest.
More information on the PIWG can be found here.
The PIWG has produced two papers which may be of interest to members:
- Determination of Retirement and Eligibility Ages: Actuarial, Social and Economic Impacts – March 2016.
- Long-Term Care: An Actuarial Perspective on Societal and Personal Challenges – April 2017
Big Data Working Group
The Big Data Working Group (BDWG) of the IAA is devoted to identifying and discussing opportunities and practices for actuaries working with Big Data.
More information on the BDWG can be found here.
Topics discussed at the latest IAA meeting include:
- The publication of a paper by the American Academy of Actuaries (AAA) on Big Data and the Role of the Actuary (focusing on professionalism matters) which can be found here.
- A publication on the Singapore Actuarial Society website on Big Data & Insurance Implications for SEA insurers which can be found here.
Virtual International Congress of Actuaries (VICA)
Actuarial Standards Committee
The Actuarial Standards Committee (ASC) of the IAA develops International Standards of Actuarial Practice (ISAPs) which are model standards of practice.
More information on the ASC and ISAPs can be found here.
The ASC is currently developing ISAPs on IFRS 17 (ISAP 4 – expected completion fourth quarter of 2019) and ERM and IAIS core principles (ISAP 6 – expected completion November 2018).
A webinar describing the purpose of ISAP 4 and giving some background on its development can be accessed here.
Enterprise and Financial Risk
The Enterprise and Financial Risk Committee (EFRC) of the IAA is working on an ERM Knowledge Database.
More information on the ERFC can be found here.
At the recent IAA meeting in Berlin, a list of ERM content from actuarial association websites was shared. Included was the Society of Actuaries in Ireland ERM Resource Database which is a collection of around 900 articles, papers and books related to ERM that can be found here.
Financial Risks and ERM Section
The Financial Risks and ERM (AFIR-ERM) Section of the IAA publish a monthly reference list full of interesting actuarial research.
The June 2018 reference list included an article from a University of Adelaide Professor on using @Risk to predict the FIFA World Cup, which can be accessed here.
AFIR-ERM has as its objective the promotion of actuarial research in financial risks and problems. The most important function of the AFIR-ERM is the organizing of annual colloquia at which knowledge is exchange among actuaries of different countries and disciplines.
Mike Sherris is Chairman of the AFIR-ERM Section. Mike is a Professor of Actuarial Science at UNSW, Sydney, where he was appointed in 1998 to establish the Actuarial Studies program, and recently retired to a part time research role. More information on the AFIR-ERM is available here.
Watch this space for more International CPD opportunities.
CPD: Actuaries Institute Members can claim two CPD points for every hour of reading articles on Actuaries Digital.