第八讲 精算师与精算学会.ppt

1、第八讲 精算师与精算学会,精算学导论讲义,主要精算学会,China Association of Actuaries中国精算师协会 http:/www.e- Society of Actuaries， SOA，北美精算学会（寿险） / Casualty Actuarial Association， CAS（北美非寿险精算师学会） / The Faculty and the Institute of Actuaries（英国精算师学会） .uk/ Institute of Ac

2、tuaries of Australia，IAAust（澳大利亚精算师学会） http:/www.actuaries.asn.au/ International Actuarial Association，IAA（国际精算协会） / Insurance Data Management Association， IDMA（美国保险数据管理学会） /,精算师,International Actuarial Association，IAA /ABOUT/Brochures/

3、Actuarial_Profession_EN.pdf What Is An Actuary? Actuaries are multi-skilled strategic thinkers, trained in the theory and application of mathematics, statistics, economics, probability and finance. They have been called financial architects and social mathematicians, because their unique combination

4、 of analytical and business skills are used to address a growing variety of financial and social challenges worldwide.,精算师,Using sophisticated analytical techniques, actuaries confidently make financial sense of the short term as well as the distant future by identifying, projecting and managing a s

5、pectrum of contingent and financial risks. In doing so, actuaries provide decision-makers with valuable information with which to make long-term strategic decisions, as well as providing practical solutions to problems involving the possible consequences of future uncertain events.,精算师,For more than

6、 150 years, actuaries have brought their expertise to the management of risks associated with life insurance, health insurance, general (or property and casualty insurance), and employee retirement and benefit plans. However, there is a strong and growing demand for actuarial skills across a diverse

7、 range of business disciplines such as management consultancy, investment, finance, brokerage, regulation, education and software development.,精算师,Actuaries are trained to provide a range of valuable services: Analyze and manage financial and related risk Construct financial modeling frameworks to s

8、uit particular circumstances Provide analyses which take into account changes in interest rates, inflation, investment returns and unanticipated events Communicate complex analyses in an easily understood form for senior decision-makers in management, legislation and regulation Provide financial adv

9、ice to facilitate secure long-range decisions,精算师,The Importance of Professionalism The actuarial profession recognizes and appreciates the exceptional degree of public trust that is bestowed upon it and, accordingly, acknowledges its corresponding responsibility to fulfill its duty to the public by

10、 maintaining a high level of professionalism among its members. Candidates must successfully complete rigorous educational programs and achieve significant levels of appropriate experience before being admitted to membership in the actuarial profession. They are required by their membership organiza

11、tions to meet high standards of professional integrity and competence.,精算师,The Importance of Professionalism They must also comply with exacting standards of practice developed by experienced practitioners to guide actuaries in conducting their complex analyses. Actuaries who do not fully comply wit

12、h the standards of their profession are subject to discipline by their membership organization. The establishment and maintenance of uncompromising professional standards helps actuaries maintain their reputation for being responsible, competent, objective and ethical.,国际精算协会教育大纲,2007 IAA Education

13、Syllabus /ABOUT/Documents/Education_Syllabus_EN.pdf 1. Financial Mathematics 金融数学 To provide a grounding in the techniques of financial mathematics and their applications. 2. Probability and Mathematical Statistics 概率与数理统计 To provide a grounding in probability and mathematical

14、 statistics.,国际精算协会教育大纲,3. Economics 经济学 To provide a grounding in the fundamental concepts of both microeconomics and macroeconomics. 4. Accounting 会计学 To provide the ability to interpret the accounts and financial statement of companies. 5. Modelling 建模 To provide an understanding of the principle

15、s of modelling and its applications.,国际精算协会教育大纲,6. Statistical Methods 统计方法 To provide the skills and expertise in the use of statistical methods for the understanding of risk in a range of actuarial work. 7. Actuarial Mathematics 精算数学 To provide the skills and expertise in the application of the ma

16、thematics of contingent payments to common problems in actuarial practice. 8. Investment and Asset Analysis 投资与资产分析 To develop the ability to apply actuarial principles to the valuation, appraisal, selection and management of investments and to liaise with other investment professionals.,国际精算协会教育大纲,

17、9. Actuarial Risk Management 精算风险管理 To develop the ability to apply the principles of actuarial planning and control needed for the identification and quantification and management of risks for the operation of risk related programs on a sound financial basis. 10. Professionalism 职业精神 To develop awa

18、reness of the meaning of professionalism, the importance of professionalism in the work of an actuary and the professionalism issues that may arise in the course of that work.,SOA and CAS Exams,For the ActuariesRisk is an opportunity,Associate of the Society of Actuaries (ASA),/educ

19、ation/exam-req/ VEE Validation by Educational Experience Economics Corporate Finance Applied Statistical Methods,Associate of the Society of Actuaries (ASA),Exam P Probability Exam FMFinancial Mathematics Exam MActuarial ModelsFinancial Economics Segment (MFE) Exam MActuarial ModelsLife Contingencie

20、s Segment (MLC) Exam CConstruction and Evaluation of Actuarial Models,Associate of the Society of Actuaries (ASA),Fundamentals of Actuarial Practice (FAP) FAP is a selfpaced, eLearning course composed of eight modules where candidates acquire and use knowledge that is distributed and facilitated by

21、electronic means. This course teaches candidates about the business environment and exposes them to realworld situations by using the Control Cycle as a practical problemsolving framework that applies to all aspects of actuarial work.,Associate of the Society of Actuaries (ASA),FAP is a body of know

22、ledge (concepts and problems) in an actuarial contextblending actuarial areas of practice and functional areas. FAP includes online and offline readings and activities, practical examples, case studies, embedded activities, search functions, a glossary, resource library, a discussion forum, endofmod

23、ule tests, and endofmodule exercises. The online environment is intended to make the material more engaging and interactive for candidates. FAP also includes a computerbased Interim Assessment at the end of Module 5 covering Modules 15, and a computerbased Final Assessment at the end of Module 8 cov

24、ering Modules 68.,Associate of the Society of Actuaries (ASA),Modules 18 $300 Interim Assessment $600 Final Assessment $1200 Retake of the Interim Assessment or the Final Assessment $500 Module 1: Introduction/Role of the Professional Actuary Module 2: Core External Forces Module 3: Risk in Actuaria

25、l Problems Module 4: Actuarial Solutions Module 5: Design and Pricing of an Actuarial Solution Module 6: Model Selection and Solution Design Module 7: Selection of Initial Assumptions Module 8: Monitoring Results Control Cycle,Associate of the Society of Actuaries (ASA),Associate Professionalism Cou

26、rse (APC) The Associateship Professionalism Course (APC) is part of the requirements for the Associate (ASA) and Chartered Enterprise Risk Analyst (CERA) designations. The Associateship Professionalism Course is onehalf day in length. The course covers professionalism, ethics and legal liability and

27、 makes extensive use of the case study method.,Fellow of the Society of Actuaries (FSA),Choose a specialty track and complete the requirements ，and complete DMAC and FAC. Finance/ERM Track Investment Track Individual Life to encourage actuaries to approach problem solving from varied directions/pers

28、pectives; to provide coaching in oral communications, an enabling skill for actuaries In order to accomplish these objectives, the FAC has been designed to provide the actuary with opportunities to explore these issues over a 3 day period and to enhance the skills needed to be effective in these sit

29、uations. The course uses a combination of lecture, case study discussion and presentation skill building.,Chartered Enterprise Risk Analyst (CERA),VEE* Economics Exam PProbability Exam FMFinancial Mathematics Exam MActuarial ModelsFinancial Economics Segment (MFE) Exam CConstruction and Evaluation o

30、f Actuarial Models Advanced Finance/ERM (Enterprise Risk Management) Exam CERA Operational Risk Module(eLearning module) Associate Professionalism Course (APC),Chartered Enterprise Risk Analyst (CERA),The CERA credential is the first new professional credential developed by the Society of Actuaries

31、(SOA) since 1949 in response to the growing ERM field. A CERA focuses on how operational risk, investment risk, strategic risk, and reputational risk collectively impact an organization. Therefore, A CERA is qualified for such positions as risk analyst, risk manager, and chief risk officer in fields

32、 such as: Insurance 、Reinsurance、Consulting markets 、Broader financial services 、Energy 、Transportation 、Media、Technology 、Manufacturing 、Healthcare,Associate of the Casualty Actuarial Society,Validation by Educational Experience Exam 1Probability Exam 2Financial Mathematics Exam 3Actuarial Models:

33、(3F) Financial Economics (3L) Life Contingencies and Statistics(非寿险承认寿险，反之不然) Exam 4Construction and Evaluation of Actuarial Models,Associate of the Casualty Actuarial Society,Exam 5Introduction to Property and Casualty Insurance and Ratemaking Exam 6Reserving, Insurance Accounting Principles, Reins

34、urance, and Enterprise Risk Management Exam 7CanadaUnited States: Law, Regulation, Government and Industry Insurance Programs, and Financial Reporting Course on Professionalism,Fellow of the Casualty Actuarial Society,Exam 8Investments and Financial Analysis Exam 9Advanced Ratemaking, Rate of Return

35、, and Individual Risk Rating Plans,An Introduction to the UK Actuarial Professionmaking financial sense of the future,Prepared for Sir Derek Morris and his review team 14 April 2004,THE ACTUARIAL PROFESSION AT A GLANCE,The work that actuaries do Actuaries are trained to apply mathematics, economics

36、and finance to the management of assets and liabilities, most often where long term planning is a critical factor. There are some 7,000 qualified actuaries (Fellows) of the Faculty and Institute, approximately 4,500 of whom are practising within the UK, 1,100 in roles reserved to actuaries by statut

37、e or regulation. An approximate split of the UK practising members across the various areas of work is as follows: Pensions 40% Life assurance 30% General Insurance 10% Investment 71/2% Other 71/2% Occupation unknown 5%,THE ACTUARIAL PROFESSION AT A GLANCE,The Institute of Actuaries and the Faculty

38、of Actuaries in Scotland The Actuarial Profession has the twin roles of representing members to the outside world and regulating members for the benefit of the outside world. The profession has a strong tradition of seeking to foster community and companionship amongst its members, locally and inter

39、nationally. There is also close co-operation between actuarial societies around the world.,THE ACTUARIAL PROFESSION AT A GLANCE,These twin goals can be amplified as: regulation of members both in terms of an ethical code and technical standards education of new entrants who wish to become actuaries

40、and continuing professional development of existing actuaries cooperation with government, business, regulators and other professions etc innovation, through research and debate, to expand the horizons of actuarial knowledge promotion of the work of actuaries in general (but not of individuals or fi

41、rms).,Part I,The work that actuaries do,LIFE ASSURANCE,Overview Approximately 1,400 UK practising actuaries (ie around 30%) work in life assurance, either as employees or directors of a life office or as advisers to life assurance companies (or as regulators within the FSA). Of these 1,400 actuaries

42、, some 120 have a practising certificate entitling them to carry out reserved work as Appointed Actuaries, responsible for reporting to the FSA on the solvency of the office, and a further 300 work in a reserving and valuation function, supporting the Appointed Actuary. The remaining 1,000 life assu

43、rance actuaries work on various aspects of life assurance, including pricing and product development, marketing, research, risk management and regulation.,LIFE ASSURANCE,The life assurance market There are just over 200 companies licensed to carry on life assurance business in the UK. The largest te

44、n companies account for 70% of the market. Some companies, most notably Royal unit-linked: where the return to the investor depends directly on the performance of the underlying investments; non-profit: where the return is a monetary amount set at the outset of the policy.,LIFE ASSURANCE,The role of

45、 the Appointed Actuary and its successor(s) Each life company is required by law to have an Appointed Actuary whose responsibility it is to monitor the financial condition (solvency) of the company and to advise the companys board accordingly. The Appointed Actuary is also responsible for reporting

46、to the Financial Services Authority on the valuation of the companys liabilities, as required by the Insurance Companies Act 1982.,LIFE ASSURANCE,The role of the Appointed Actuary and its successor(s) Later this year, the Appointed Actuary regime is to be discontinued. Under the new regime , there w

47、ill be three actuarial roles: The Actuarial Function Holder will be responsible for the provision of actuarial advice to the companys board. This role will include advising the board on the calculation of policy liabilities.,LIFE ASSURANCE,The role of the Appointed Actuary and its successor(s) The W

48、ith-Profits Actuary will be responsible for the provision of actuarial advice to the companys directors on their exercise of discretion in relation to the companys with-profits business (if any). The Reviewing Actuary will be an external actuary retained by the auditor to give an opinion on the comp

49、anys calculation of its liabilities and various related matters. The new regime reinforces the position that responsibility for decision-taking rests with the life companys directors (having taken actuarial advice), rather than being the responsibility of the Appointed Actuary.,LIFE ASSURANCE,Curren

50、t issues in life assurance The challenge to traditional with-profits business The impact of increasing longevity Shortage of capital,PENSIONS,Overview Approximately 1,800 UK practising actuaries (ie around 40%) work in pensions, of whom some 1,400 work as consultants to occupational pensions schemes

51、 (ie schemes established by companies and other employers) and 300 work for insurance companies. Pensions actuaries provide a range of other advisory services, including benefit design, member communications and investment strategy. Just over half of the actuaries working in pensions (960) are Schem

52、e Actuaries, responsible for carrying out various duties prescribed in legislation.,PENSIONS,The role of the Scheme Actuary For most pension schemes (“defined benefit schemes” see below), the Scheme Actuary is responsible for several tasks set out in the Pensions Act 1995, including: triennial valua

53、tions of the assets and liabilities (reporting to the schemes trustees) various statutory certificates and/or reviews (eg certification of contribution rates and minimum funding levels and in relation to scheme mergers) calculating certain benefit terms (eg in relation to transfer values and early r

54、etirement).,PENSIONS,The pensions industry There are approximately 100,000 occupational pension schemes in the UK, owning in aggregate 700 billion of assets, but many of these schemes are very small. Just over 300 schemes represent 70% of the total (both in terms or membership numbers and assets). P

55、ension schemes fall into two categories: Defined benefit Scheme defined contribution Scheme In the past few years, there has been a substantial switch from defined benefit schemes to defined contribution.,PENSIONS,Current issues for pensions actuaries Historically, the critical role of the actuary t

56、o a defined benefit pension scheme has been to advise the trustees and/or the employer on the funding of the benefit promises and on the risks associated with any particular funding strategy. The Scheme Actuarys obligations to advise the trustees are not necessarily incompatible with the actuary pro

57、viding advice also to the employing company.,PENSIONS,Current issues for pensions actuaries Many defined benefit pension schemes are currently in deficit. Currently, there are only five British Government Stocks with maturity dates 15 or more years into the future. These stocks are much sought after by pension funds and other investors such as insurance companies providing annuities, so the availability of long-dated gilts is limited.,GENERAL INSURANCE,Overview Approximately 400 UK p