The weather has largely returned to typical levels in Australia after a period of extremely destructive bushfires and storms, says the Actuaries Institute citing the Australian Actuaries Climate Index (AACI). The record-breaking extreme high temperatures, dryness and rainfall of the summer have subsided.
The Institute and Faculty of Actuaries (IFoA) has announced that Mr Tan Suee Chieh FIA has begun his presidential term, taking over from Mr John Taylor FFA. Mr Tan has been part of the presidential team for the past year, in the position of president-elect. Ms Louise Pryor FIA joins the team as the next president-elect.
The Institute and Faculty of Actuaries (IFoA) has set up an action group to lead and coordinate its response to the coronavirus crisis and has called for volunteers to help.
Overall, the general insurance industry will not be one of the sectors most heavily impacted by the current COVID-19 pandemic, says Ms Estelle Pearson, a principal at Finity Consulting, the largest independent actuarial and analytics consulting firm in Australia and New Zealand.
The variability of the mortality effect by age makes the impact of COVID-19 highly variable by type of insurer, according to actuaries from Willis Towers Watson.
The Saudi Arabian Monetary Authority (SAMA) has issued the Actuarial Work Regulation, for more effective oversight of the growing insurance market in the kingdom.
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.