Page 9 - Turkinsurance Digital Magazine

7

Assistant Intern
Actuaries Actuaries Member
57 161 Countries
36
Actuaries
143 Actuarial 25
Association of
thousand
Ministry of Europe members
Treasury and
Finance
Actuarial Society
of Turkey
Actuarial
Exams

International
Universities
Actuarial member
Association countries
69
comparable in both their own markets and to companies in other full member of AAE the opportunity to practice their profession
markets. The standards will be applicable as of 2022; and since in European countries.
they require fundamental changes for many processes of insurance
companies, preparations are fast in progress. These new standards From a broader perspective, monitoring the developments in
bring changes that will influence companies in the long run and stip- Europe more closely and being a part of their workshops, the
ulate a holistic management approach. Therefore, IFRS 17 process ability to share knowledge brings valuable acquisitions for our
can be turned into an opportunity for companies that are already profession.
planning to make an investment in technology or their systems.
We are really proud of being a part of this association that rep-
Despite being a challenging process that requires extra labor, time resents 36 professional associations, 35 European countries
and investment; we are in a good transformation process for our and approximately 25 thousand actuaries; and representing our
market. I agree with the opinion that ‘IFRS 17 will increase the country on an international platform.
need for actuaries’. However, I believe we should not forget that
limited number of experienced actuaries is a more important fact What are the short, medium and long term targets Actuarial
than the total number of actuaries in the market. At this point, Society of Turkey has determined for itself?
trainings and workshops conducted by the Actuarial Society of Tur-
key for its members gain further significance. We can say that our priority is to spread the profession and sup-
port its development in Turkey. Another one of our significant
What are the advantages of actuarial science for companies targets is to increase the knowledge of our colleagues, protect
and profitability of insurance market, especially in terms of their professional benefits and ensure cooperation between them.
risk management?
In this respect, we try to organize as many conferences and train-
Actuarial science, which is widely used by insurance companies, has ings as possible. We aim to gather our colleagues in our market
two main functions. One of them is pricing, the other is calculation and other colleagues operating overseas who are members of the
of provisions. Actuarial science supports both risk management and AAE, and nurture each other via platforms that assemble us all
pricing units, by calculating accurate premiums for accurate risks; with the stakeholders from the academic world and public insti-
and ensuring that companies allocate accurate amount of provisions tutions to go further all together.
according to the legal obligations at the same time.
4th USAK (National Insurance and Actuarial Congress) which
Plus, as we see in examples from other areas in the world, actuaries we organized at Middle East Technical University in June 2019
bring value not only to insurance market but also to the banks in is one of the best examples for this effort.
calculating liquidity risk, credit risk or capital modelling.
Moreover, one of our biggest aspirations is to host the European
Where there is risk, there is and will always be the actuarial science. Congress of Actuaries which will be held in 2021. We have initi-
ated the negotiations towards achieving this goal. But it will only
Actuarial Society of Turkey has been accepted as a full mem- be possible through support from our colleagues in the market as
ber of the Actuarial Association of Europe (AAE). Could you it requires some effort and preparation.
tell us about the advantages of this achievement for our coun-
try and for the profession? We have also set off to establish an “Actuarial Library” in or-
der to ensure information transfer to future generations, to rep-
We have become a full member of the Actuarial Association of Eu- resent our country better on international platforms by placing
rope as of September 2018. This development brings very signif- better focus on academic studies, and to ensure that everyone
icant advantages for actuaries who are members of professional can prepare for exams under equal conditions. We are expecting
associations. For instance, the MRA (Mutual Recognition Agree- support from everyone.
ment) offers an actuary who is a member of an association that is a

Rabia Kübra Kanun / kubrac@bestyayincilik.com