Through the years, actuaries have kept redefining what it means to take risk: they price new risks, reserve for risks already underwritten and set aside capital to withstand extreme events.
At the Asian Actuarial Conference 2026, with the theme ‘Beating the Odds: Redefining Risk’, Singapore Actuarial Society, Chair of the Asian Actuarial Conference 2026 and Council Member, Akash Gupta, also mentioned that by constantly sharpening every aspect of risk taking, actuaries contribute to making societies resilient to shocks in the most efficient way possible.
Surviving and thriving for a reason
“Our profession has survived and thrived through many a catastrophe, and it continues to beat the odds,” said Mr Gupta in his opening address. “That said, we should not be complacent.”
Guest-of-honour Minister of State, Ministry of National Development and Ministry of Foreign Affairs, and Board Member of the Monetary Authority of Singapore, Alvin Tan echoed the sentiment, noting that just as Singapore’s pioneers took calculated risks and planned with discipline, the same ethos exists in the actuarial profession, where they “stress test the system and build the resilience that keeps our financial ecosystem secure”.
The factors defining risk today
According to Mr Tan, the odds are changing today, and “assumptions are being tested”.
“Risks, which were once isolated, are now interconnected, and events that were once considered rare are now occurring with more frequency,” he said.
“The operating environment is changing rapidly.”
New tools
In his opening address, Mr Gupta had mentioned AI, urging actuaries to engage with it – mindfully.
Mr Tan leaned into the theme as well, saying, “AI and advanced analytics are changing how we conduct underwriting, manage claims and engage customers. It is also increasingly embedded in how insurers operate.”
New terrain
Mr Tan, drawing from his experience in the Ministry of Trade and Industry, noted that trade has fragmented, supply chains have shifted and global geopolitical tensions are now redefining the global trade, economic landscape, as well as how countries interact with one another.
“These do affect investment portfolios and long-term planning assumptions,” he said. “It also raises the bar for insurers, for stress testing and long-term financial resilience.”
New needs
Even as new tools and terrain unfold, Mr Tan also pointed out that people’s needs “are evolving alongside demographic shifts and consumer expectations.”
Citing Singapore as an example, he noted that its rapidly ageing population is big challenge.
“As people live longer, they need retirement adequacy; they need healthcare and long-term financial security. Customers’ profiles and needs have changed,” said Mr Tan.
“They expect products and services to be more affordable and accessible.”
The Asian Actuarial Conference 2026, with the theme ‘Beating the Odds: Redefining Risk’, is currently being held in Singapore from 18 to 21 August 2026.