2018 IAA Election Results and Presidential Address

 

The International Actuarial Association (IAA) is pleased to announce that, at its meeting on 7 October 2017 in Chicago, IL, USA, the Council of the IAA approved the following individuals to serve as Officers of the IAA effective January 1, 2018.

President: Masaaki Yoshimura (Japan)
President-Elect: Gábor Hanák (Hungary)
Immediate Past President: Thomas S. Terry (United States)

All terms of office are for one year ending on December 31, 2018.

Mr. Yoshimura’s involvement in the work of the IAA started in 2002 as the Institute of Actuaries of Japan’s delegate to the Advice & Assistance and Professionalism Committees, after which he served as Vice-Chairperson of Professionalism from 2005 to 2008. He was elected as a member of the Executive Committee from 2012-2015 and chaired the Strategic Planning Subcommittee in 2017. Over the years, Mr. Yoshimura has also served as a member of the Enterprise and Financial Risk Committee, and various subcommittees and task forces.

Mr. Yoshimura offered these comments upon assuming the position of IAA President:

"I'd like to thank the Council for approving me to become the President of the IAA in 2018. It is such an honor to represent the IAA, which has a long history and has been contributing to the public interest around the world.

I'm the second IAA President from Asia after Mr. Hikasa who served as President in 2009. Asia is the most populous area in the world and contributions of actuaries are vital for the development of insurance, pension and healthcare industries, as well as in other parts of the world.

When we look back at the history of the IAA, one of the most important motivations for its 1998 reorganization as an association of actuarial associations was to strengthen and focus the profession’s influence on relevant international accounting issues.  It was back in the 1990’s when the IASC, predecessor to the IASB, started its work on the accounting for Insurance Contracts.

Now as we all know, IFRS 17 Insurance Contracts has finally been issued after 20 years of intensive deliberation.  The IAA made great efforts throughout the process because this new accounting standard is quite actuarial in nature. Currently, in support of IFRS 17, we are developing ISAP 4, a model standard of actuarial practice, as well as an extensive International Actuarial Note and an educational monograph on risk adjustment to be published in early 2018. We also are pursuing several other IFRS 17 related initiatives designed to serve actuaries and the users of actuarial services around the globe.  These various efforts will certainly enhance the recognition of the expertise and competency of the actuarial profession.

Considering not only accounting issues, the IAA is in a period of transition in many aspects.  We are facing immense challenges that the founding members of the IAA, 20 years ago, probably did not envisage. Nevertheless, the past two decades of successful operation has proven that the foundation is solid and appropriate.

So, building on our strong foundation, I believe it is very important and timely to revisit our Strategic Objectives. At a meeting of the Strategic Planning Subcommittee in Chicago, a suggestion was made to rebuild our mission statement around three key words, Influence (on global stakeholders), Reputation (of actuarial profession) and Advancement (of knowledge and skills).  These words describe the role the IAA needs to fulfil and I would like to start discussions of the Strategic Plan review using these words with Member Associations and other stakeholders.

2018 will be a great year as the IAA and Deutsche Aktuarvereinigung e. V. (DAV) host the International Congress of Actuaries (ICA) 2018 in Berlin, Germany. Thanks to DAV’s vigorous efforts, the call for papers has been immensely successful and we have a very appealing scientific program and an attractive social program. The 1st Virtual ICA will also be offered, where a selection of presentations and highlights will be broadcast live via the internet. Registration is already open. I hope to see many of you in Berlin, in June!

Last but not least, I would like to acknowledge Tom Terry, our energetic and dedicated 2017 IAA President who has successfully tackled many important issues which are vital to the IAA.
I'll try to live up to the expectations of Member Associations and try my best to fulfill this important position, getting support from Officers, the members of the EC and Secretariat staff."

To learn more about the work of the IAA, please contact the Secretariat.