LocationsRound table on the theme "Strengthening the actuarial profession in developing and emerging countries to promote economic stability and growth"
August 1, 2023
On July 31, 2023, the Ministry of Economy and Finance of the Republic of Uzbekistan and the Insurance and Risk Finance Facility (IRFF) of the UN Development Programme organized a round table on the topic "Strengthening the actuarial profession in developing and emerging countries to promote economic stability and growth".
Representatives of the Ministry of Economy and Finance of the Republic of Uzbekistan, ministries and departments, the Association of Professional Participants in the Insurance Market, the Association of Actuaries, Insurance Companies, Research Institutes, independent experts, as well as UNDP and a number of other international organizations and companies took part in the event.
Pishenbay Umirbekov, UNDP Inclusive Growth Programme Manager, briefly spoke about the work carried out by UNDP projects with the Government of Uzbekistan. In particular, the joint programme of UNDP and Milliman in the actuarial sphere, the UNDP-Milliman Global Actuarial Initiative, was discussed.
According to the agenda of the round table, Milliman experts - UNDP-Milliman Global Actuarial Initiative Programme Manager Ms. Ong Xi (Singapore), Ms. Merideth Randles, CEO of Milliman Seattle Office (USA) and Mr. Edward Moscow (Canada) ) from Milliman's Chicago office.
Milliman is one of the largest providers of actuarial services to the global insurance industry. Milliman has offices in 64 countries and employs over 4,500 people. As part of the UNDP-Milliman Global Actuarial Initiative, it is planned to make recommendations to the governments of 27 countries around the world. It has started operations in 9 countries including Egypt, Nepal, Nigeria, Colombia, Ghana, Ethiopia, Tanzania, Ecuador and Uzbekistan.
There are 42 insurance companies in Uzbekistan, and only 5 provide actuarial services. The gap between supply and demand is clearly visible. The process of closing this gap will take several years and will require the cooperation of all stakeholders - the Ministry of Economy and Finance, the Association of Professional Participants in the Insurance Market, the Association of Actuaries of Uzbekistan, insurance companies, universities, research centers and the general public.
To create a thriving insurance industry, we need good actuaries to help us move forward. The activity of actuaries should not be limited to the preparation of reports in accordance with the law. Actuaries' activities include the development of innovative insurance products, risk forecasting, performance evaluation and large-scale database analysis to help insurance companies better manage their business.
The roadmap proposed today is expected to be one that government, insurers, universities and others agree to jointly promote and invest in.
Heated discussions were caused by questions posed by the round table participants to Milliman experts, problems hindering the implementation of the proposed Roadmap, and opinions expressed on how to eliminate them. It is recommended to carefully study all the positive and negative aspects of the roadmap, develop proposals for making appropriate changes to the legislation.
