Ingosstrakh Sponsored International Actuarial Conference
OREANDA-NEWS On 16 October was announced, that International Actuarial Conference took place at the Azimuth Hotel in Saint-Petersburg on October 1-3. The event was organized by the European Actuarial Academy and Russian Guild of Actuaries. The European Actuarial Academy was established by four European actuarial associations: Austrian, Dutch, German and Swiss to provide the transfer of European experience in actuarial practice to East European countries. Since 2003 such training workshops have been organized in Central and Eastern Europe (Austria, Hungary, Lithuania, Latvia, Poland, Romania, Slovenia, Slovakia, Czech Republic, Estonia, etc.
Close cooperation of the Russian Guild of Actuaries with the European Actuarial Academy made it possible to hold a conference in Saint-Petersburg. Ingosstrakh acted as an official sponsor of the event. Within its agenda the Conference discussed best practices of improving risk management in companies. Among the speakers there were highly professional actuaries from leading European insurance companies and brokers, universities of Germany, leading insurance companies of Russia specialized in risk management, asset and liabilities management, solvency, etc.
Licensed and practicing actuaries and specialists in charge of actuarial settlements and acting as actuaries in their companies were invited to take part in the conference. Nadezhda Sukhanova, Deputy Head of the Tariffs Department delivered her report at the conference. In her speech on developing and introducing of the bonus-malus system in insurance companies she noted that ’at the moment insurance companies do underestimate the importance of bonus-malus* systems. It should be mentioned that the bonus-malus class is one of the most important factors in setting an insurance tariff. A well-balanced bonus-malus system helps keep the most profitable clients and to identify an appropriate price for those clients, who are less profitable. In general, the use of an adequate bonus-malus system gives additional competitive advantages to companies‘.
* Bonus-malus system envisages the use of increase or reduction factors when calculating price of an Obligatory Motor Third Party Liability Insurance policy based on driver’s performance during the preceding year.
Russian Guild of Actuaries, registered on October 22, 2002 became the legal successor of the Actuaries Association. The Guilt is a non-for-profit partnership. The objectives of the Guild are to reestablish the profession of actuaries in Russia, unite all specialists working professionally in the actuarial sphere, develope and introduce training and knowledge perfection techniques for actuaries, as well as draft the Ethics Code for actuaries, participate in drafting of legal and regulatory framework for insurance, public and private pension provisions, social insurance, foster mutually beneficial cooperation with actuarial communities of other countries and international associations.