soa international experience study (ies) bogota, colombia november 23, 2011
DESCRIPTION
3 IES HISTORY 2002 “Brainstorming” International Surveys Country Initiative and IES “Tool Kit” IAA MWG Endorsed & Adopted IESTRANSCRIPT
SOA International Experience Study (IES)Bogota, ColombiaNovember 23, 2011
2
Columbia Actuaries MeetingSOA IES Overview
“ Beware Greeks Bearing Gifts ”
3
IES HISTORY2002 “Brainstorming”
2003-4 International Surveys
2005 + Country Initiative and IES “Tool Kit”
2008 + IAA MWG Endorsed & Adopted IES
4
IES Organization
IES
SOA
IAA MWG
Corporate Contributors
5
IES Outreach Effort No Cost to participating companies
SOA confidentially compiles data
Local actuaries supervision
6
Finances
7
Corporate Sponsors AXA ING MetLife New York Life Prudential Financial (US) Zurich
8
Finances
9
Finances MOST IMPORTANT
• Volunteer Time!• Over 50 companies have participated• Over 1,000 hours invested
10
Local Country Initiative Local Industry Meetings
• Rio de Janiero – September 2004• Warsaw – October 2004• Guatemala City – August 2005• Taipei / Seoul / Bangkok – August 2007• Hanoi – July 2008• Tallinn – May 2009• Zagreb – September/October 2011
11
Local Country Initiative Local Actuarial Association Sponsors
• Vietnam Chief Actuaries (2006)• Actuarial Society of Philippines (2008)• Estonia Actuarial Society (2009)• Hong Kong Actuarial Society (2010)• Caribbean Actuarial Association (2010)
12
Country Experience Risk exposure is country specific Examples• Argentina• Caribbean• Estonia• Philippines• Poland• Vietnam
13
14
15
16
17
18
19
Experience Caution
• Early studies• “Data cleaning” is prospective (future)• Credibility (small samples)
20
21