Kenyan insurance firms will face high costs in working to meet International Financial Reporting Standard (IFRS 17) that comes into effect on 1 January 2023.
The life insurance sector is set to benefit from more accurate pricing following the launch of the Assured Lives Mortality Tables by the Insurance Regulatory Authority of Uganda (IRA).
Given increased regulatory attention on financial resilience of superannuation trustees, and the superannuation funds which they manage, the Actuaries Institute has released a research paper dealing with risk based capital management in the superannuation sector.
Commenting on the Australian federal budget presented in March, the Actuaries Institute says that this is a case of missed opportunities to not prioritise greater investment in climate resilience and women's superannuation.
The federal government's 2022-23 Budget outlines measures to guide Australia's economy to continued prosperity but longer-term public policy changes will eventually need to be addressed, the Actuaries Institute says.
COVID-19 deaths from the Delta wave in the latter part of 2021 and the Omicron wave in early 2022 have almost fully eroded the reduction in deaths experienced earlier in the pandemic.
The Ministry of Human Resources and Social Security (MoHRSS) has listed the profession of actuary in its latest National Directory of Occupational Certification and Licensing, lifting the status of the profession dubbed as a "golden collar" career for the high remuneration that it commands.
The Actuaries Institute's Climate Index shows that 42 of the last 43 seasons recorded extreme weather, including high or low temperatures, high rainfall, strong wind, dry days or rising sea levels.
Zimbabwe's insurance sector is in the process of developing mortality tables that are specific to the country, a significant departure from the South African developed tables that do not correctly depict the mortality experience for Zimbabwe, says international professional services firm KPMG in a recent report that highlights the changes taking place in the sector.
The IFoA Foundation, the independent charitable arm of the Institute and Faculty of Actuaries, is expanding its scholarship programme in China and South-East Asia (CSEA).