We always like to hear from our learners, and I am sure your readers enjoyed your editorial in the last issue of The Actuary. Id like to use these letter pages to respond directly to some of the issues you raised and to show how the IFoA is already on track with some of these.
The actuarial profession is one with multiple angles; it leverages a powerful quantitative skillset and techniques that apply to a variety of problems involving risk situations. Then it aims to make sense
of those problems, interpreting the results of the analysis and facilitating informed decision-making.
In the April issue, the IFoA Risk Margin working party responded to my letter of December 2017. In that letter, I had pointed out that, in my opinion, the risk discount approach of Hans Waszink was more appropriate than the EIOPA risk-free approach for calculating the cost of capital.
In the April issue, the president draws attention to the many implications for individuals in the ways in which we conduct our lives... of living beyond the age of 100... as actuaries we are well placed to deal with the many permutations that are implied.
Throughout my year as president, I have focused my energy around three goals for the profession: proactively seeking to be future fit, creating suitable professionals, and finding ways to serve our diverse membership.