3 July 2018
The GI Asia International Working Party provides a forum for GI actuaries to discuss local and international GI issues impacting members in the region, as well as the opportunity to further research in specific regional issues.
In this blog Nicholas Chee Lek Yeo explains why he joined the working party and what he hopes the working party will achieve.
In many emerging markets in Asia, the value of actuarial work is not yet fully appreciated by insurance companies and insurance regulators alike. Currently, in these emerging markets, insurance companies are growing quickly, harvesting low hanging fruits as insurance penetration is low. Such growth often happens at the expense of a longer-term view of profitability and sustainability. For example, many insurers are not well equipped to cope with long-tail claims, natural catastrophe and the underwriting cycle. Furthermore, once insurance becomes saturated, local insurers will struggle to offer specialised products such as catastrophe cover, cyber cover and other specialty lines, thus facing a competitive disadvantage against large multinational insurers and likely resorting to price competition which is likely to be detrimental to the market.
I see the IFoA GI Asia International Working Party as a flag bearer of actuaries in this region. The research in catastrophe and now, in cyber risk, is raising the profile and awareness of the actuarial profession in the region. The work of the IFoA GI Asia International Working Party will contribute to the sustained growth and development of insurance, ultimately the economy, in this region.
The GI Asia International Working is currently recruiting for a Chair. If you are interested in applying please visit our Volunteer Vacancies page and apply by 24 July.