PFS Survey & Needs Assessment - Actuarial Associations in SEE and Eurasia - Feb 2012

The Partners for Financial Stability Program (PFS) recognizes that a robust actuarial profession is critical to the development of healthy insurance and pension sectors. To quantify the development and assistance needs of actuarial associations in the developing markets of Southeast Europe and Eurasia, PFS conducted a survey in 2011 of actuarial associations and actuaries in the following 12 countries: Albania, Bosnia (FBiH), Bosnia (RS), Kosovo, Macedonia, Serbia, Azerbaijan, Armenia, Belarus, Georgia, Moldova and the Ukraine.

The survey revealed that there is a shortage of professionally trained actuaries, only two actuarial association are full members of the International Association of Actuaries (IAA), and that most actuaries are employed in the private sector, limiting the actuarial capabilities of regulators.

Based on these findings, it is clear that actuarial associations in the SEE/Eurasia region are at an early stage of development and need significant technical advice and assistance. Specifically:

• Education and training programs leading to professional actuarial status need to be developed / improved and implemented across the region.
• Actuarial associations need technical support to attain full membership in the IAA.
• Regulatory authorities in the region need to enhance their actuarial capabilities.