Actuarial Societies from Southeast Europe Share Experience on Implementing International Standards

Representatives of actuarial societies and insurance supervisory authorities from Southeast Europe (SEE), along with the representatives from international standards-setting body for actuaries, the International Actuarial Association (IAA), are meeting for a regional knowledge-sharing workshop in Zagreb on October 3-4.  The workshop is hosted by the Croatian Actuarial Association and the IAA. The purpose of the event is to assist actuarial associations from Southeast Europe that have not yet achieved full IAA membership status to address the remaining gaps in their local educational, technical, and professional actuarial programs.  The countries represented at the workshop include Albania, Bosnia and Herzegovina, Croatia, Macedonia, Slovenia, Estonia, the United States, the United Kingdom, and South Africa.

According to research conducted by the Partners for Financial Stability Program (PFS) in 2010, there is a shortage of actuaries in most countries in SEE and Eurasia.  Certified professional actuaries are critical elements in the growth and sophistication of the insurance industry.  Actuarial reviews enable insurance companies to properly price insurance policies and to offer a wider array of policies to a broader group of business and individual clients.

In emerging markets, particularly those of former command economies, basic financial products and services, such as short term bank loans and deposits, have been established. But more complex, long term financial products, such as life insurance, are almost nonexistent.

Life Insurance Per Capita to GD in Eurozone Countries and CEE (USD)

This is particularly significant because the depth and efficiency of a country’s financial sector generally determines how well its economy allocates resources. Greater financial sector depth and sophistication, i.e., the variety and availability of financial services and instruments, advances economic growth by providing more opportunities to for businesses and individuals to save, invest and borrow.