Tag Archives: actuarial profession

A masterclass for actuarials on how to make an impact

Posted on 17 May 2012 | Leave a comment

Whether it’s for an atuarial job interview or a promotional oppertunity, you already know how important first impressions are.  But do you know how to maximise your chances of making that first impression a good one? Image and impact is critical as people subconsciously associate your visual impact with your abilities and values. This workshop session at Momentum conference 2011 was extremely popular and so we have decided to run it as a masterclass.

Course content

  • Enhance your professional image
  • Manage the perceptions others have of you
  • Personify your values through your non-verbal communication
  • Dress to impress

For more details and to book a place visit:

http://www.actuaries.org.uk/events/one-day/masterclass-making-impact

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Posted in Actuarial Qualifications, Actuarial Societies, Conferences, Events, Networking, news, UK

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Reinsurance rates continue upward trend at April renewals

Posted on 28 April 2012 | Leave a comment

Two thirds of natural disasters in 2011 occurred in Asia and as the April deadline for the reinsurance renewal got closer (April 1st) reinsurers were getting ready for the first real indication of how the damages had affected reinsurance rates in Japan and the rest of the region.

It was good news- as the market continues to work through the impact of the events of 2011, April’s reinsurance renewal rates have continued their rising trend seen in January according to reinsurers Guy Carpenter.
David Flandro, Guy Carpenter’s global head of business intelligence said that the reinsurance sector continues to function normally, despite 2011’s losses, and holds sufficient capital to support the Asia-Pacific region and the global property/casualty insurance industry overall.

“Japanese insurers were hit hard by catastrophic flooding in Thailand, which itself came less than six months after the Tohoku earthquake,” he said. “Nevertheless, we were pleased to see that reinsurers remained supportive of the Japanese market. Fortunately, loss activity during the first three months of 2012 has been relatively light, with insured losses expected to be under $5bn. This is significantly down from the first quarter of 2011, when insured losses exceeded $50bn.”

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Posted in Actuarial Sectors, news, Property and Casualty / Non-Life / General, Risk

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Demystifying the Risk Margin: Theory, Practice and Regulation.

Posted on 24 April 2012 | Leave a comment

The Staple Inn Actuarial Society (SIAS) are holding a meeting to discuss Anthony Brown FSA’s paper on Demystifying the Risk Margin: Theory, Practice and Regulation.

The risk margin is one of the most complicated features of the ‘new’ market-consistent actuarial world embodied by Solvency II, MCEV and others. This paper aims to complement that with a comprehensive, straightforward, jargon-free and, above all, practical overview to the topic.

The focus will be on theoretical justification for the risk margin concept in particular the policy choices made in various regimes, and review the regulatory guidance around its calculation. They will then look in some depth at the practicalities of calculation of the risk margin addressing issues such as appropriate allowance for diversification, costs of capital, allocation of capital, simplifications, etc.

The SIAS has over 5,000 members worldwide and exist to represent younger members of the actuarial profession, whilst also acting as the London region actuarial society. See www.sias.org.uk for more details.

The event will take place on Monday 14 May 2012 at 18:00 at Staple Inn, London.

 

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Posted in Actuarial Sectors, Actuarial Societies

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Actuarial Profession marks 60 years of Sir Joseph Burn student prize

Posted on 14 April 2012 | Leave a comment

A dinner was held by the Institute and Faculty of Actuaries to celebrate the  anniversary of the Sir Joseph Burn prize and the profession’s commitment to excellence in learning and research. Over 70 guests attended the dinner at London’s Staple Inn Hall in March, including past winners and representatives from a range of academic, regulatory and public policy bodies.

Allister Heath, editor of daily business newspaper City A.M, guest speaker for the evening, highlighted a lack of basic financial understanding in the industry which needs to be urgently addressed. The Profession plans to make a significant contribution in this area as part of its public affairs programme over the coming year.

Derek Cribb, chief executive of the institute closed the evening by outlining the range of research initiatives being undertaken by the Profession in the year ahead.

The Sir Joseph Burn prize is awarded to a student who has completed the Profession’s examinations to become a fellow of the institute of an exemplary standard. Established in 1952 the award is a legacy from the family of Sir Joseph Burn KBE

 

 

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Posted in Actuarial Sectors, Actuarial Societies, news

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Karl Schriek named as the 1000th to earn prestigious risk management credential

Posted on 6 March 2012 | Leave a comment

Congratulations from all of us at Gaaps Actuarial Recruitment to Karl Schriek has become the 1000th person to earn the prestigious Chartered Enterprise Risk Actuary (CERA) credential.

Schriek is a Fellow of the Actuarial Society of South Africa and an actuary at General Reinsurance Africa. Schriek said, “I am excited about what the CERA qualification has to offer. It is a truly robust risk management credential and CERAs are well positioned to play a leading role in the future of risk management.”

The CERA Global Association grants actuarial organisations the right to award the global CERA credential to individual actuaries who have satisfied the requisite education and training requirements.

“CERAs develop effective quality solutions for the risks and opportunities of their clients. They are uniquely qualified to address all types of risk, including financial, operational and strategic risks,” said Fred Rowley, Chairperson of the CERA Global Association. “Businesses that rely on CERAs can make smarter, more confident decisions related to complex risk management challenges affecting business and society,” Rowley said.

The CERA was initially established in the United States by the Society of Actuaries in 2007. Currently organisations in Australia, Canada, the Netherlands, South Africa, United Kingdom and the US are authorised to award the CERA credential.

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Posted in Actuarial Exams, Actuarial Qualifications, Actuarial Societies, South Africa

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GAAPS Actuarial – ISO accredited

Posted on 29 February 2012 | Leave a comment

GAAPS are very pleased to announce that we have been accredited with the ISO certification following a detailed inspection of our working recruitment methods in the actuarial profession.

The report which took place in early February highly praised our up to date audits and systems. Findings from both the internal and management review led to confidence that the systems will be well maintained. Unfortunately the recruitment industry has many companies who are sales led, rather than based upon sound processes and integrity. At GAAPS Actuarial Recruitment we have always prided ourselves on the robust processes and systems that we work to.

As well as the positive comments included within the report about our recruitment systems, our staff were commended for their knowledge of the actuarial industry, their specific roles and their responsibilities.

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Posted in Actuarial Exams, Actuarial Qualifications, Actuarial Sectors, Certification, ISO, news

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Actuarial recruitment – Argonauts Club Dinner.

Posted on 25 February 2012 | Leave a comment

It was another successful dinner at this months Argonauts Club and it was my pleasure to bring along guests Sandeep Varma, Samantha Hu and Richard Hartigan who reported to me that they all had an enjoyable evening.

We had two guest speakers; the first was Martin Shaw a partner of Midas Charity Appeal. He gave a thought-provoking talk on ‘Investing in charities a good idea or not?’ it is true that charities and their Guerrilla style tactics have earned them some bad press but we must take a step back and look at how we can support the sector. Martin made some interesting observations on this topic.

Our second speaker of the evening was Jane Curtis, the first lady President of the Institute and Faculty of Actuaries with her talk, ‘Public affairs: the problem with keeping everyone happy.’ Both speakers were excellent, after the speeches everyone enjoyed after dinner drinks in the Court Dinning Room.

After such a great night we will all be looking forward to our next dinner on the 17th May at The Ivy.

To find out more information on joining the Argonauts Club contact Geraldine Kaye on 020 7397 620 or email info@gaaps.com and mark your e-mail ‘Argonauts’

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Posted in Actuarial Sectors, Actuarial Societies, Argonauts, Careers Events, Events, Networking, news

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NEW Professionalism exams for Actuaries

Posted on 12 December 2011 | Leave a comment

A meeting was held for CPD Co-ordinators to introduce the new way of examining professionalism for actuaries. Initially only those who join the Institute after May 2012 will be subject to the new exam and those within 6 years of joining or who qualify whichever is first. No decision has been made about how to examine experienced fellows.

As this years chairman of the Argonauts Actuarial dining Club, I am delighted our concerns (and lobbying) have been taken into account. Having an online exam takes away the requirement for those not in traditional actuarial employment to take a days holiday to sit an exam. It will also Im sure be welcomed by those in traditional organisations that the exam can now be taken in what would otherwise be wasted time such as waiting at airports.
The on-line exam has had input on the technical side from Leeds University’s ethics dept.

Going forward I would like to see more emphasis in the other exams and tutoring on the long term consequences of decisions-especially those in the public interest. Traditionally actuaries dealt with pensions and life assurance which automatically made them think of long-term consequences-now that they have moved into wider fields more emphasis must be brought to bear on this during their training.

Dr. Geraldine Kaye

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Posted in Actuarial Exams, Actuarial Qualifications, International, news

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Institute – Faculty Merger: New Vote Announced

Posted on 30 March 2010 | Leave a comment

The Institute and Faculty of Actuaries have released a revised merger package and have announced that the merger vote will be held at 1700 on 25 May 2010.

The key elements of the merger package include:

  • A proposal to call a merged body ‘the Institute and Faculty of Actuaries’
  • Revised governance documents reflecting the input from the member consultation
  • A proposal for both existing and new members to use the existing letters FIA, FFA, AIA and AFA
  • A proposal to continue using ‘the Actuarial Profession’ for all external branding.

A document detailing the case for the merger has been published by The Actuarial Profession and sets out the Joint Council’s thinking and analyses the four main options under consideration:

  • Merge both bodies as currently proposed
  • Develop contractual arrangements to underpin joint working
  • De-couple both bodies to create two separate organisations
  • Keep the Faculty as a learned society with the Institute being the professional body for working actuaries.

The microsite for information about the joint proposal is www.actuarialmerger.com it includes statements both in favour and in opposition to the merger.

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Posted in Actuarial Societies, Great Links, Institute and Faculty of Actuaries, news, UK

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Australian Associates Become Actuaries

Posted on 2 December 2009 | Leave a comment

The Institute of Actuaries of Australia has announced changes to the designation of ‘actuary’.

As of the New Year, students will be able to describe themselves as ‘actuaries’ after completing Parts I and II, an Investments bridging course, a Professionalism course and the Practical Experience Requirement (PER)*.

Current associates will be able to describe themselves as ‘actuaries’ after they have achieved the PER and attended the Professionalism course.

Fellows will need to pass the relevant Part I, II and III exams and attend the Professionalism course.

*The PER is a achieved by completing three years’ relevant full time experience in the financial services sector.

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Posted in Actuarial Exams, Actuarial Qualifications, Australia, Institute of Actuaries of Australia, news

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