A roundup of news from the global communityJune/July 2017
Whether you travel the world or never leave your home country, you are affected by global organizations, international requirements and the increasingly international nature of the actuarial profession itself. Here is some news from around the world.
Nankai University 30th Anniversary
In October 1987, the Society of Actuaries (SOA) Board of Governors unanimously passed a resolution approving a proposal for the SOA to assist in establishing an actuarial science program at Nankai University in Tianjin, China. This visionary exchange of actuarial teachers from Canada and the United States fostered the rebirth of one of China’s most esteemed university programs. On July 3, Nankai University organized a celebration to commemorate the 30th anniversary of the agreement.
The SOA-Nankai program was inaugurated in September 1988 and had the first class of graduates in 1991. Dr. Kailin Tuan, who initiated the process to establish the program in Nankai, and then-SOA President Harold G. Ingraham Jr., FSA, MAAA, delivered the commencement address during the graduation ceremony.
Over the last 30 years, actuarial education at Nankai University has continued to grow and evolve, and the university now offers undergraduate and master’s degrees for its actuarial programs.
SOA President-Elect Mike Lombardi, FSA, CERA, FCIA, MAAA; Greg Heidrich, SOA executive director; Ann Henstrand, SOA senior director, Asia and Latin America; Stuart Klugman, FSA, CERA, Ph.D., SOA staff fellow; Harry Panjer, FSA, CERA, FCIA, HONFIA; and Jessie Li, FSA, SOA’s lead China representative; attended the event organized by Nankai University.
The SOA China Annual Symposium
The 2017 SOA China Annual Symposium took place June 29–30 in Shanghai, China. This symposium provided a platform for attendees to meet with industry leaders and share their experiences in the fields of actuarial science, finance and insurance in China.
Presenters from a variety of industries explored issues in financial environments, insurance regulation, International Financial Reporting Standards (IFRS) management, product development, asset-liability management (ALM) and investment. New techniques in actuarial practice were also discussed.
SOA President-Elect Mike Lombardi offered the welcome remarks and was followed by two keynote speakers, Songchen Sheng, former head of statistics and survey department at the People’s Bank of China, and Yulong Zhao, general director of the finance and accounting solvency department for the China Insurance Regulatory Committee.
Sheng explored China’s economic development stages and the expansion of insurance in China, comparing Chinese and foreign macro data and expanding on the future of the insurance industry in the region.
Zhao explained the opportunities and challenges that the booming insurance market presents and focused on C-ROSS Phase II and the indispensable role macroprudential regulation plays in enhancing capital efficiency, strengthening risk management awareness, protecting both the insured and insurer, and ultimately maximizing the possibilities for the potential of the Chinese insurance market.
The SOA Asia-Pacific Annual Symposium
The 2017 SOA Asia-Pacific Annual Symposium took place July 6–7 in Kuala Lumpur, Malaysia, under the theme “Beyond Traditions—A World of Opportunities.”
The SOA was honored to receive support from the Actuarial Society of Malaysia (ASM) and Persatuan Insurans Am Malaysia (PIAM). During the first day, Gary Hoo, FSA, FCAS, president of ASM and delegate of PIAM, offered the welcome remarks, followed by keynote speakers Yew Khuen Yoon, FIA, FASM, director of insurance and development of the Bank Negara Malaysia (BNM), and SOA President Jeremy Brown, FSA, MAAA, who offered attendees insights into important issues facing the SOA and its members.
The first day closed with a networking reception where attendees shared their experiences in the actuarial, finance and insurance industries. Members exchanged stories about practicing in interesting roles, including Takaful and general insurance.