Description: Composition of the new council and news about the International Section. Groupingactuaries living in different parts of the world and practicing in diverse areas of application of actuarial science, the International Section has sustained its relevancein a world that becomes more interconnected. The harmonization of solvency andconsumer privacy laws and regulations, and the establishment of international financial reporting standards, has prompted our Section to deliver content that helps complement the educational offer available from the Society of Actuaries. But actuaries around the world are enthusiastically tapping into predictive analytics, data science, and risk modeling. Accordingly, the SOA offers three certificate programs: • International Financial Reporting for Insurers (IFRI) • Predictive Analytics • Ethical & Responsible Use of Data

Description: As diversity and inclusivity are now more prevalent in the global insurance industry, the gender inequality gap has been narrowed, but there is still much to do in advancing women’s roles in leadership positions—and pay equity—in the global insurance sector. This article features an initiative by the Geneva Association, an insurance research think tank: recognize outstanding women in insurance. The Geneva Association's Women in Insurance Award is shining a light on executive-level women and their contributions to making insurance a force for good.

Description: In this third issue of International News in 2022, we feature a contribution by SCOR, a leading reinsurer, highlighting the Actuarial Awards that SCOR presents annually, since 1996, to the best academic work in actuarial science, with annual prizes in several countries throughout the world. We also feature an article by Jessica Leong, FCAS, on barriers that Asian women must overcome to become leaders. Jessica recounts her own experience and how in overcoming some challenges she became the first Asian president of the Casualty Actuarial Society.

Description: Carlos Arocha, the 2022 Chair of the International Section Council, introduces the articles featured in the current newsletter issue. In addition, he highlights recent and planned activities undertaken by the section.

Description: As insurance companies in many jurisdictions around the world are in the midst a major overhaul of financial reporting processes for insurance contracts, the question about tapping on the experience of Solvency II may help these companies to implement IFRS 17. There are a few similarities between IFRS 17 and Solvency II, most notably with respect to the economic balance sheet approach, or the probability-weighted cash flow discounting techniques that both methodologies require. In addition, both IFRS 17 and Solvency II imply as broad and profound impact on all aspects of how insurers conduct business, from valuation methodologies and governance, data, processes, and technology impacts. Changes in roles and responsibilities between actuarial and finance departments also represent a considerable business impact. However, in this article the author highlights the salient differences between IFRS 17 and Solvency II.

Description: The article details the history and educational requirements of the Swiss Association of Actuaries (SAA). The actuarial profession in Switzerland is well-positioned to meet the challenges of regulation, economic capital and insurance financial reporting.

Description: Brief description of the actuarial profession in Switzerland, the success story of the Swiss Solvency Test (SST), and some features of the insurance market.

Description: The insurance industry in Panama has enjoyed a sustainable growth over the last few years. Actuaries now are part of an established profession.

Description: In this translation of an original article by Oscar E. Velandia, the role of the actuary in the Colombian insurance market place in light of regulatory change is examined. A comparison with the rules from the Solvency II Directive puts the actuarial function into context. In addition, the new financial reporting requirements set forth by IFRS 17 and the involvement of the actuary in finance is described.

Description: Every year since 1996, SCOR has rewarded the best academic work in the field of actuarial science with annual prizes in several countries throughout the world. These prizes are designed to promote the development of actuarial science, to encourage research in this field, and to contribute to the improvement of risk knowledge and management. The SCOR Actuarial Awards are recognized in the insurance and reinsurance industries as a mark of excellence. The Actuarial Awards in France are supported by the SCOR Corporate Foundation for Science. The SCOR Actuarial Awards juries are composed of internationally recognized researchers and insurance, reinsurance and finance professionals. The winners are selected for their command of actuarial concepts, the quality of their analytical methods, and the originality of their research in terms of scientific advances and potential practical applications to the world of risk management. In 2021, SCOR presented Actuarial Awards in five countries around the world: Germany, France, Italy, Sweden and Switzerland.