Fostering Growth of Actuaries Around the World

The SOA represents nearly half of all actuaries around the world Mike Lombardi

Photograph: Hyon Smith

Did you know the Society of Actuaries (SOA) represents nearly half of all actuaries around the world?

Our membership has steadily grown, especially outside of North America. Our work as actuaries is focused on the world around us—and it is encouraging to see our membership span the globe. Our efforts on behalf of the profession mean we have multiple opportunities to collaborate with other actuarial organizations to strengthen and advance the profession.

Globally, we and other actuarial associations face similar challenges and opportunities. It is vital to keep a perspective on how companies and industries approach and manage risk in local and world markets. The SOA is a full member of the International Actuarial Association (IAA), and we collectively share best practices through participation in global committees and research.

In China and Greater Asia, we are devoting resources to support regional members, candidates and stakeholders with an array of events and projects tailored to local practice and business environments. We work closely with local actuarial associations in eight countries, where we visit universities, promote relevant research, and maintain close relationships with employers and regulators. This May, we held our third China Annual Symposium in Beijing, and our eighth Asia-Pacific Annual Symposium in Seoul, South Korea, which broke previous attendance records. In September, I will represent the SOA at the Asian Actuarial Conference in Hong Kong.

We continue to develop and update research in Asia Pacific. For example, we’ve partnered with LIMRA on a series of reports focused on retirement research in localized markets. Recently, as another example of the tailored research and resources we provide, we completed several research studies focused on the Asia Pacific markets.

What about Latin America? The SOA’s focus is on Argentina, Brazil, Columbia and Chile, where the actuarial profession is developing. Through our Latin America Committee (LAC), we have been reaching out to local insurance associations, universities, regulators and employers. Our LAC’s multiyear plan aims to:

  • Grow awareness of the actuarial profession.
  • Enhance the reputation of actuaries in the region.
  • Help grow the skills of actuaries.

The SOA continues to identify and address opportunities and challenges in global markets. I encourage you to learn more about these developments, and work with the SOA, and its partner organizations and representatives around the world, in building our great profession and enhancing our relevance in this ever-changing world.

Mike Lombardi, FSA, CERA, FCIA, MAAA, is president of the Society of Actuaries. Find him on LinkedIn.