In the wake of Brexit, Richard Purcell discusses global shifts in economic activity and the new challenges actuaries face
As the dust settles in Europe, and the implications of Brexit become a little clearer, it is useful to consider how the global economic picture has changed in the 30 years since Europe agreed to form a single market.
Back then, Europe accounted for about a third of global economic activity, and Asia a fifth. Today, those positions are reversed.
While Europe is now on a path of economic uncoupling with the UK, Asia is seeking more economic integration.
Memoria Lewis and Caryn Chua ask how the Association of Southeast Asian Nations (ASEAN) - already more populous than the EU - is driving closer ties. But what do these shifts in economic activity mean for the future of our work? We will no doubt see new challenges emerge, and new actuarial solutions required. Yuen Leng Chin and Roshan Perera explain how, in Sri Lanka, new technology and more open markets are disrupting insurance. But rapid growth can also create new problems down the line. Take Australia, where an ageing stock of housing is leading to renovations and a wave of asbestos-related claims. Brett Riley and David McNab investigate.
To prosper in these changing times, our new president, Colin Wilson, believes we need to position ourselves as thought leaders, and that investment in research is key to this. Accordingly, Mark Cross and Sarah Mathieson share their vision for the IFoA’s Actuarial Research Centre, and discuss their journey to launch three new research projects drawing on expertise from around the globe. To prosper in this shifting world, we can also benefit from sharing new ideas and experiences. This month, we have profiled a number of qualified actuaries and students working in all corners of the world.