Description: In this issue, Actuary of the Future editor Yuan Yuan invites Doug French, the managing principal of the Insurance and Actuarial Advisory Services practice of Ernst & Young LLP’s Financial Services Organization, to share about his experiences and views on the actuarial profession.

Description: Chairperson's update on the International Section.

Description: Description of 2018 activities by SOA in Asia and Latin America including professional development, member networks in, university visits and more, to inform SOA members and stakeholders.

Description: Since the issuance of IFRS 17 in 2017, the global insurance accounting standard, insurers across the globe have been making huge investment in assessing the impact and implementing the new standard. In late 2018, FASB issued ASU 2018-12 that revises key elements of the U.S. GAAP measurement models and disclosure requirements for long-duration contracts issued by insurers (also called FASB Targeted Improvements). Both standards are becoming effective 1/1/2021 (though IFRS 17 may potentially be deferred by a year). U.S. insurers that have international parents or subsidiaries, and report under a multi-GAAP environment will likely have to adopt both standards. By now most insurers should have nearly completed impact assessment for IFRS 17, designed road map for or have started the implementation journey. With the new U.S. GAAP requirements becoming effective concurrently, it is important to embark on the implementation journey with both standards in mind, and maximize the synergy to achieve cost-saving and design efficiency. This session will briefly introduce the two standards with a conceptual comparison, along with a discussion on where efficiency and synergy can be achieved in a concurrent implementation.

Description: SOA Asia-Pacific and China Annual Symposia Held in Guiyang and Bangkok.

Description: Microinsurance mechanisms provide coverage to low income earners, but a growing middle class is often lacking adequate access to insurance services. The author explores ways in which insurance may be more accessible.

Description: The collective investment in transforming the life insurance proposition exceeds anything seen in the last thirty years — a working lifetime. As one would expect, reinsurers are playing a major role. The past five years have seen global reinsurers raise the bar on client experience to new levels, while also investing, expanding and re-organizing to support the transformation of the primary insurance industry, and in so doing also their own.

Description: India is in the process of updating to a more risk-based capital framework. The article provides a high level introduction of the development and discusses some of the key design and implementation considerations.

Description: Reprinted from Impact Insurance Facility blog as part of the International Labour Organisation.

Description: The article is an overview of the life insurance business in the Middle-East. It presents the history and culture of the region and the impact on shaping the life insurance products. The article then presents surrounding economic, political and demographic environment as well as business challenges and opportunities. Finally, the article presents the market position on the digital transformation.