Asia's growth over the last decade has seen many (re)insurers establish and expand their presence in the region. However, insurance is a very niche industry - requiring very specific skillsets - and the industry has recently been bemoaning the shortage of individuals with talent in the actuarial sciences (or arts, some might argue).
Aspen has announced that Andrew Kudera has been appointed executive vice president and group chief actuary, effective February 3, 2020.
South Korea's insurance regulator has urged the country's insurers to strenghten their capital base and align their assets and liabilities in preparation of IFRS 17's implementation on 1 January 2022.
Zurich-headquartered Swiss Re Group has decided that its consolidated financial statements will be prepared in accordance with International Financial Reporting Standards (IFRS) from 1 January 2024.
Vietnam is currently facing issues over manpower, as the regulators continue to try and improve the professionalism and standards of the growing industry. According to Insurance Association of Vietnam deputy secretary general Ngo Trung Dung, some insurers are struggling to meet the new human resource requirements.
The Egyptian Society of Actuaries has begun a new era, following the election of the first woman in its history to serve as chairman since the association was established in 1999.
The Saudi Arabian Monetary Authority (SAMA) has released draft updated actuarial regulations for insurance and reinsurance companies, according to a statement issued by the financial regulator.
The CBIRC has launched a second round of consultations on proposed changes to life actuarial rules, after receiving feedback from the industry and incorporating suggestions obtained therefrom into a second draft.
Professionalism is the bedrock of the actuarial profession and is the reason why the public rely on actuaries, said Singapore Actuarial Society executive director and panel moderator Chi Cheng Hock as he opened a discussion held on the last day of the Asian Actuarial Conference 2019 in Singapore yesterday.
Continued low interest rates are a game changer for the insurance industry in Asia.