ARECA (Asia Region Casualty Actuaries), the newest CAS Regional Affiliate, followed up its June 2015 launch in Beijing with a second vibrant event in Singapore on October 7, 2015.
The one-day seminar featured a diverse group of topics and speakers, which illustrated the breadth and variety of environmental, marketplace and regulatory issues that are calling upon the talents of property-casualty actuaries in the region.
The program featured updates on the general insurance market place, the actuarial career, and the CAS and its strategic plan. The seminar also presented emblematic actuarial topics, including catastrophe modeling, reinsurance (agricultural, marine), credit rating (A.M. Best methods), ERM, and analytics and business.
This rich program and the opportunity for networking drew a strong audience of junior and senior actuaries in all areas of practice from Singapore and elsewhere. Participants bore credentials from the CAS, the Singapore Actuarial Society, the Institute and Faculty of Actuaries, the Institute of Actuaries of Australia and other actuarial associations.
Generous support for the event was offered by Guy Carpenter, which provided the venue, and by HFG, which provided funds covering a large portion of the expenses. The event included an outstanding buffet lunch at a nearby restaurant, and many participants adjourned to a local pub at the end of the day to continue networking.
The ARECA meeting was also a great opportunity for new CAS members in Singapore. CAS Fellows and Associates working in Singapore now number close to 30, up from 22 just two years earlier. The growth is a result of both the development of local students and a recent wave of recruiting experienced actuaries from across the globe. The strongest staffing demand for property-casualty (general insurance) actuaries seems to be at the experienced level so far, but it is expected that growth in the number of experienced actuaries will begin stimulating demand for entry-level general insurance actuaries in the near future. Not surprisingly, local universities are taking note and showing interest as they plan the future direction of their actuarial programs.
With two excellent and well-attended seminars in 2015, ARECA is off to a great start. The Asia region is vast (Singapore is nearly 3,000 miles from Beijing, for example), so ARECA plans to conduct events on a scheduled basis across the area. In 2016 the ARECA leadership is planning to host at least two seminars similar to the 2015 events. As ARECA grows, its leadership team plans to add more sought-after activities for the local actuarial community. Ideas being considered include university relationship programs, exam preparation seminars and technical seminars targeted at specific issues.
ARECA was created as an initiative led by CAS members in Asia, Europe and North America: Delvin Cai (Shanghai), Tony Gu (Singapore), Bo Huang (Beijing), Herb Desson (Bangkok), Waswate Ayana (U.K. and Bangkok), Jeff Courchene (Munich) and Bob Conger (Chicago). The formation of ARECA shows how far the profession has come in size and stature in Asia. It is a platform to support the ongoing growth of CAS membership and influence in the future.
Robert F. Conger, FCAS, is a consultant with Willis Towers Watson PLC. Tao Tony Gu, FCAS, is a vice president at AXIS Reinsurance Company in Singapore.
Ideas and Volunteers Wanted
As a volunteer organization, ARECA is dependent upon the insights, involvement and energy of local CAS members. To share your ideas and to volunteer, please email Michael Chou, CAS International Relationship Manager in Hong Kong, at mchou@casact.org.
