Vision
The actuarial profession is globally recognized as leading experts in risk and financial security, contributing to the well-being of society.
2023 Annual Report
Message from Micheline Dionne, President
Message from Mathieu Langelier, Executive Director
About Us
The IAA exists to encourage the development of a global profession, acknowledged as technically competent and professionally reliable, which will ensure that the public interest is served.
Values
The IAA adheres to the values of integrity, diversity and inclusion, accountability, transparency and objectivity when engaging with our volunteers, Member Associations, other stakeholders and the public.
Mission
IMPACT
Supranational Relationships
Develop relationships with key supranational institutions, providing actuarial expertise on issues of relevance in global forums
ASSURE
Promotion of the Profession
Support the development of the actuarial profession worldwide and promote appropriate professional / educational standards through Member Associations.
ADVANCE
Development of Competence
Promote the advancement of scientific knowledge and the skills of the actuarial profession.
Impact - Supranational Relationships
A key mission of the IAA, as the worldwide organization of actuarial associations, is to develop relationships with key supranational institutions, providing actuarial expertise on issues of relevance in global forums (this is identified as the “Impact” function).
The Executive Committee (EC) provides oversight for managing the IAA relations with supranational Organizations. The relationships with relevant Supranational organizations are prioritized into three levels: Level 1 (important), Level 2 (Opportunistic Reaction) and Level 3 (Passive Reaction). Each supranational organization is assigned to a relationship manager who is supported by several delegates from relevant IAA entities.
The RMs and delegates are responsible for scanning the horizon for opportunities to collaborate, and for developing the relationships. The following is a summary of the full supranational activity report for 2022 highlighting the significant activities in this period.
International Association of Insurance Supervisors (IAIS)
- Special virtual discussion with Jonathan Dixon on May 26
- Special IAA session focusing on IFRS Implementation Issues
- Responsed to four IAIS consultations: Stakeholder Engagement and Consultation Policy; Insurance Capital Standard as a Prescribed Capital Requirement; ICP 14 (Valuation) and ICP 17 (Capital Adequacy); IAIS Consultation on Climate Risk - Part 1
- Attendance at the IAIS Annual Conference in Tokyo and ran a session on the Future of the Actuary in Supporting Insurance Supervisors
Organisation for Economic Cooperation and Development (OECD)
- Presented on the Impact of Inflation and the Current Financial and Economic Uncertainty on Pensions and Insurance Markets
- Represented at the OECD's Roundtable on Financial Protection Gaps for Disaster Risks
- Joint Webinar with on launch of the OECD Monograph on ‘Mortality and the provision of retirement income’
- Participation and presentations at Joint WPPP and IOPS meetings held in June 2023 in Paris and OECD/IOPS Global Forum on Private Pensions in Zimbabwe in October 2023
International Accounting Standards Board (IASB) / IFRS Foundation
- IAA is proposing to develop a narrow scope International Standard of Actuarial Practice with guidance for actuaries providing services in connection with IFRS S2
Access to Insurance Initiative (A2ii)
- Actuarial skills training from insurance supervisors in November 2023, for a 2-week program focusing on Africa and the Caribbean. Contents for the self-paced modules are being translated into French and Spanish
International Social Security Association (ISSA)
- Climate Risk Task Force Paper #7 on climate-related risks on Social Security is a joint project with ISSA
- IAA represented at the ISSA Conference in Mexico in December 2023
Intergovernmental Panel on Climate Change (IPCC)
- Simon Curtis and Rade Musulin represented the IAA at COP 28 in November in the United Arab Emirates. They made contacts with new leaders of the IPCC working groups, the UNEP, SIF, PSI, ISSB, and many leaders in national or NGO pavilions working on projects as diverse as water, ice sheet stability, marine shipping decarbonization, African microinsurance, or the UN SDGs.
- The CRTF is in discussion with the IPCC WGII to jointly write a summary for actuaries based on their report on Impacts, Adaptation and Vulnerability.
Assure - Promotion of the Profession
Diversity and Inclusion Initiatives
Young Actuaries World Cup
Thomas Herbin, representing the Institut des Actuaires (France), was selected the winner of the 1st Young Actuaries World Cup (YAWC).
Thomas, was accompanied to the stage by the other 3 YAWC finalists who won the opportunity to travel to Australia to attend the ICA: Cissy Zhang, Penelope Drastik and José Miguel Flores-Contró.
ICA 2023 Bursaries
One hundred and nine bursaries (59 in-person and 54 virtual) were awarded to participate in ICA 2023. In addition, 48 virtual registrations were granted to university professors.
While in Sydney, the Asia Task Force also hosted the Asia Round Table to share experiences and best practices.
Advance - Development of Competence
The Climate Change Adaptation Gap: An Actuarial Perspective
Adaptation, when used in relation to climate, is the process of adjustment to actual or expected climate and its effects. Progress on climate adaptation has been slow, siloed and incremental, with little evidence of the transformative adaptation that is needed to address significant climate hazards and exposures. There is a substantial gap relative to the level of adaptation likely to be needed given predicted levels of global warning. Investment in adaptation now can reduce the ultimate costs of climate change significantly.
Actuaries can contribute to adaptation planning and the assessment of potential adaptation actions, not only in the usual areas of actuarial practice but through broader application of their experience and skills in risk management and cost-benefit and scenario analysis.
This paper aims to provide an overview of the issues involved in adapting to climate change, both in general terms and with a focus on considerations relevant for current areas of actuarial practice. It also aims to identify areas in which actuaries can participate more broadly in adaptation action. Actuarial training in risk assessment and measurement means that actuaries will take account of the uncertainties inherent in designing adaptation solutions and anticipate and quantify the costs and benefits of such solutions over time, having regard to a range of potential climate scenarios.
Leadership
Micheline Dionne
President
Charles Cowling
President-Elect
Roseanne Harris
Immediate Past President
Executive Committee
Gunn Albertsen
Al Beer
Jerry Brown
Clemens Frey
Jill Hoffman
Jacques Tremblay
Lisa Wade
Peter Withey