SOA At Work
The SOA At Work
Joint Effort Offers Insight Into Financial Crisis
This edition's SOA at Work column describes several new publications, highlights upcoming continuing education opportunities, and describes recent success in featuring actuaries in the news. The financial crisis facing the U.S. and world economies is rightly the focus of great public attention and concern. The damage already done to the economy is vast and, at this writing, we face the likelihood of a severe and lengthy recession. Actuaries can make important contributions to public understanding of the causes and consequences of the financial crisis and, most importantly, to lessons we can learn to avoid a repeat of this experience. With the Casualty Actuarial Society (CAS) and the Canadian Institute of Actuaries (CIA), the SOA has collected and published an important series of essays on lessons learned and implications for the future from the crisis. These essays build on a statement issued in October 2008 by the American Academy of Actuaries and on sessions offered to standing–room–only crowds at the SOA's 2008 Valuation Actuary Symposium and 2008 Annual Meeting. I urge you to read the essays and join in this critical discussion as we continue to find ways for actuaries to contribute sorely needed insight.
SOA at Work also describes the new Living to 100 Monograph, including research papers and discussions from last year's Living to 100 Symposium. With this publication, we're making available to you (and to the public) the results of an important contribution to the field of longevity research. This is a major research theme for the SOA and the profession and we're proud to offer this contribution. This edition's column also highlights a number of valuable continuing education opportunities upcoming in the new year. While it will be tempting (and perhaps unavoidable in some cases) for some to cut back on participation in continuing education during the economic recession, I would argue that this is the perfect time to invest more in critical learning opportunities. A tightening economy demands the best from all of us. Education has long been recognized as perhaps the best investment any of us can make in our own careers and I urge you to make that investment by attending and participating in as many of these learning opportunities as possible.
Finally, the column lists some of our higher profile "hits" in the media. The SOA is committed to getting actuaries and their contributions featured in ongoing public discussion of important issues and societal concerns. This can often best be done by featuring actuaries in the news, as commentators, or by reporting the results of actuarial research. This edition's column describes some of the best of our recent successes.
I hope you'll find this edition's column helpful in understanding the SOA's ongoing work and you'll continue letting us know how we can best serve you as a member of this vital profession.
—SOA Executive Director Greg Heidrich
SOA, CAS AND CIA PUBLISH ESSAYS ON LEARNINGS FROM FINANCIAL CRISIS
The Society of Actuaries (SOA), the Casualty Actuarial Society (CAS) and the Canadian Institute of Actuaries (CIA) have published a series of essays entitled, "Risk Management: The Current Financial Crisis, Lessons Learned and Future Implications." The series offers insight by risk professionals to the public on what went wrong and the implications of the financial crisis for the future. The essays cover a wide range of topics related to the crisis, its causes and ramifications. The series can be viewed online at SOA.org.
SOA RELEASES LIVING TO 100 MONOGRAPH
You may now view the SOA 2008 Living to 100 Symposium monograph, with research papers and discussions from the event, online. The Jan. 7–9, 2008 Symposium in Orlando, Florida, featured papers and discussion in categories including health status; morbidity measurement, modeling, prediction and projection; insurance industry implications; mortality measurement, modeling, prediction and projection; retirement and retirement risks; social insurance; and theories on aging. View the monograph by session or subject matter by visiting SOA.org.
THE ACTUARIAL PROFESSION IN THE NEWS
RISK & INSURANCE SELECTS FSA AS RISK INNOVATOR The magazine named Mike McLaughlin as an innovator in insurance for his ERM and CERA work. Read this article by visiting ImageOfThectuary.org.
NEW YORK TIMES QUOTES SOA PRESIDENT The Times interviewed Cecil Bykerk for an article on the disparity in health insurance costs between men and women. View this article by visiting ImageOfThectuary.org.
NIGHTLY BUSINESS REPORT CITES SOA REPORT STATISTICS The PBS program featured information from the SOA's Risk & Retirement Report on how much money a surviving spouse needs in retirement. To read the transcript, visit ImageOfThectuary.org.
FINANCIAL EXECUTIVE HIGHLIGHTS SOA'S ERM PRINCIPLES The "Five Guiding Principles" of ERM are highlighted in this brief article about ERM best practices. To read the article, visit FinancialExecutives.org and click on the November 2008 issue.
BENEFITS & COMPENSATION DIGEST FEATURES ARTICLE BY ACTUARIES The piece, by Anna Rappaport and Steve Siegel, covered retirement concerns and strategies. To view this piece, visit ImageOfThectuary.org.
CANADIAN HR REPORTER QUOTES FSA The Reporter interviewed CIA President Mike Hale, FSA, for an article on issues the Canadian government is facing. Visit ImageOfThectuary.org.
ARCH CAPITAL GROUP NAMES FELLOW AS CFO The company appointed John Hele, FSA, to chief financial officer, effective April 1, 2009. Learn more by visiting ImageOfThectuary.org.
SOA EDUCATIONAL OPPORTUNITIES
FIFTH ANNUAL TELEUNDERWRITING SEMINAR
February 19–20
Omni Hotel, San Antonio, Texas
ECONOMIC CAPITAL AND MARKET–CONSISTENT EMBEDDED VALUE: BRINGING IT ALL TOGETHER
February 23–24
Renaissance Orlando Resort at SeaWorld, Orlando, Fla.
REFOCUS 2009
March 1–4
Four Seasons Hotel, Las Vegas, Nev.
EQUITY–BASED INSURANCE GUARANTEES SEMINAR
March 2–3
InterContinental Grand Stanford
Hong Kong
INVESTMENT SYMPOSIUM
March 30–31
Marriott New York Marquis
New York, N.Y.
LIFE INSURANCE CONFERENCE
March 30–April 1
The Hilton at the Walt Disney World Resort, Lake Buena Vista, Fla.
RETIREMENT INDUSTRY CONFERENCE
April 1–3
The Hilton at the Walt Disney World Resort, Lake Buena Vista, Fla.
ERM SYMPOSIUM
April 29–May 1
Sheraton Chicago Hotel & Towers Chicago, Ill.