The 13th Global Conference of Actuaries (GCA) organised by the Institute of Actuaries of India (IAI) and the International Actuarial Association [IAA] was inaugurated by Mr. N Rangachary, former Chairman of IRDA. Mr. Peter Akers, Chairperson – 13th GCA Organizing Group welcomed Mr. Rangachary and the delegates. Commencing the ceremony, Mr. Liyaquat Khan, President of IAI traced the development of the Indian Actuarial Profession to the present and outlined the strategies for shaping the future landscape of the Indian Actuarial Profession.Â
Looking at the surge in the number of students in the actuarial profession in India, Mr. Khan said â€œThe rigorous series of examinations required to qualify as an actuary makes them fit to take any challenges in risk management space even outside traditional areas of actuarial practices and they can play a greater role in areas such as finance, investment, social sector planning, government health planning etcâ€œ. He further urged non insurance employers to take the advantage of these skills available in the country to manage risks in their respective businessesâ€.
Inaugurating the conference, Mr. Rangachary spoke on the current state of the Indian Actuarial Profession and presented his views on the â€œWay Forwardâ€. He urged the enthusiasts in Indian Actuarial Profession to take advantage of the growing opportunities in the field of risk management both within and outside the insurance sectors in India and abroad. While sharing his analysis of the actuarial profession in India, he mentioned that actuaries are the natural choice for the Enterprise Risk Management (ERM) and the Institute should introduce ERM as one of the specialisation in Actuarial Examination.
â€œEmerging Risks â€“ Daring Solutionsâ€ was the central theme for the 13th GCA held at the Renaissance Hotel, Mumbai on the 21st and 22nd February, 2011. Spread over 13 sessions, the key themes covered at the GCA include Enterprise Risk Management, Insurance Regulations, Solvency, Insurance Accounting, Reinsurance Solutions, Micro Insurance and Takaful Insurance. The four concurrent sessions around Life Insurance, General Insurance, Health & Care Insurance and Pensions, Employee Benefits, Social Security are designed to enable subject specific debates on prevailing issues concerning the industry.
Mr Ashwin Parekh, Partner of Ernst & Young; Mr. Cecil Bykerk, President of the International Actuarial Association; Mr. Ronnie Bowie, President of the Institute and Faculty of Actuaries, UK ; Mr. Ralph Blanchard, President of Casualty Actuarial Society, USA; Peter Doyle, President Actuarial Society of South Africa, Brad Smith, President elect of the Society of Actuaries United States, Toshihiro Kawano from Japan, Esko Kiwisaari from Finland, Ramon Calderon, Chairperson of the Solvency Subcommittee of the International Association of Insurance Supervisors, Basil Switzerland and Dr R Kannan, Member Actuary, IRDA; are some of the eminent panellists and presenters who participated in the GCA.
The Global Round Table that followed immediately after the inaugural session witnessed a healthy debate on global issues around â€œEmerging Risks… Daring Solutionsâ€ by 11 speakers hailing from United States, the UK, Finland, Hong Kong, Germany besides India.
The key highlight of this GCA is an exclusive Round Table on â€œIndian Insurers Going Publicâ€. The panellists include Dr R Kannan, Ashwin Parekh and Yash Ashar of Amarchand Mangaldas representing their respective domain expertise on regulatory issues on the topic.
The common binding thread across the sessions at this GCA is Enterprise Risk Management (ERM). There were presentations and round tables delving deep into the ERM framework, which should enable the insurance companies to understand where the risk lie, how to measure these risks; and to find out ways and means of means of managing/reducing these risks.
The GCA featured concurrent sessions for actuaries to hone their understanding of the key areas of actuarial practice â€“ Health and Care Insurance, Employee Benefits, Life Insurance and General Insurance. These sessions had specialists in these areas sharing their insights on the current and emerging actuarial paradigms, market practices, and the regulatory and tax framework.
Global Conference of Actuaries (GCA) is a mega event organized annually by the IAI since 1999, with growing participation from key stakeholders in the Insurance and Financial Services Sector across India and the international actuarial community. Delegates from the Institute of Actuaries of UK, USA, South Africa, International Actuarial Associations, IASB, CAS, International Association of Insurance supervisors (IAIS), IRDA and all insurance and reinsurance companies in India participated in the conference.
Having underscored the message that in these turbulent times, â€œThe World Needs Actuaries â€“ and It is time the World Knows Itâ€, the 13th GCA is truly global event having witnessed participation of over 700 delegates, of which over one-third were from twenty countries across the world.