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The Actuary The magazine of the Institute & Faculty of Actuaries

Actuarial delegates from China

On 5 and 6 May Professor Xiaolin Li and Professor Jingfeng Xu visited City University, the Institute of Actuaries, and the Government Actuary’s Department. On 6 May Michael Pomery, Institute president, hosted a lunch for them, together with James Orr (chairman of the Research Steering Committee) and Ms Yan Duan (Lloyd’s). Dr Yan Liu, senior actuarial manager at RBS Insurance, attended the lunch and accompanied Professors Li and Xu throughout the day.

Professor Li is the dean of the China Institute for Actuarial Science (CIAS) at the Central University of Finance and Economics (CUFE), Beijing, China. CUFE was the first university in China that taught the UK actuarial education programme to Chinese students back in 1994, under the sponsorship of Eagle Star Insurance (now part of Zurich Financial Services), and is now still one of only two universities in China that offer the UK profession’s syllabuses. The establishment of CIAS in 2004 marked an important milestone in the history of Chinese actuarial education, research, and development. CIAS is now the key research institute for actuarial science in China and has three research centres: (i) actuarial science, insurance, and risk management; (ii) social security; and (iii) (identification, measurement, and control of) financial risks. The ministry of education in China has limited the number of key research institutes to a nationwide maximum of one per subject area to date, and not all subject areas have key research institutes.

The aim of Professors Li and Xu’s visit is to:

  • promote exchange and co-operation between the Chinese actuarial profession and the UK actuarial profession on education, training, and research;
  • explore ways of furthering actuarial education in China through introduction of a UK-accredited system (or exemption for selected subjects) based on CUFE university degree course examinations; and
  • initiate the exchange of actuarial degree students and personnel with UK universities, in particular the arrangements for CUFE’s postgraduate students and staff members as visiting students/ scholars to carry out part of their study/work at UK institutions.

On 5 May Professors Li and Xu visited Professors Richard Verrall and Steven Haberman at the Cass Business School of City University. On 7 May, they left for Toronto, Canada, to visit actuarial colleagues at the University of Waterloo.

Their visit follows a visit by Michael Pomery and Chris Daykin to China in January 2005. CUFE has already established strong links with Heriot-Watt University, many of whose members of staff in actuarial science have lectured at CUFE on a wide variety of actuarial subjects over the past ten years.

For a full picture version of this article see the PDF of the education news