The 2024 Singapore Actuarial Conference, themed 'Creating Resilient Actuaries for Tomorrow' explored the challenges and opportunities for actuaries in the insurance industry. This includes developing products and services to meet the needs of individuals, businesses and governments, discussions around sustainability in medical insurance, the use of AI in healthcare and health insurance and the ever-evolving cyber threat landscape.
Concerns are growing over the shortage of skilled professionals in the insurance sector in Ethiopia, as the government plans to open the sector up to foreign investors.
The Office of the Insurance Commission (OIC) has established a committee to screen actuaries in Thailand and decide on their licences.
The Unified Insurance Law, enacted earlier this month, allows the Financial Regulatory Authority (FRA) to license actuarial companies.
Artificial Intelligence may represent a major leap forward for the insurance industry, but it is very unlikely to replace actuaries, according to Mr Olusegun Omosehin, head of the National Insurance Commission (NAICOM). He added that NAICOM supports the federal government's goal of making Nigeria the AI hub for Africa.
The IRDAI has issued a Master Circular on Actuarial, Finance and Investment Functions of Insurers.
The Actuaries Institute says that it welcomes the cost-of-living relief and equity measures announced in the Federal Budget which was announced on 14 May.
Actuaries in Africa are eschewing the use of old mortality tables from other countries in favour of creating their own applicable ones, according to an article in the May 2024 edition of The Actuary, a publication of the London-headquartered Institute and Faculty of Actuaries (IFOA).
The London-headquartered Institute and Faculty of Actuaries (IFoA) is holding its inaugural Middle East Conference this month with two events - in Riyadh and Dubai.
Insurers need to "think bigger" to develop a system-wide understanding of the challenges and cooperate on solutions, not just within the insurance industry but also by engaging the wider ecosystem, APRA executive board member Suzanne Smith has said.