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Last Chance to Participate in Academy Member Value Survey
 Monday, July 18, is the deadline for members to participate in the Academy’s Member Value Survey, which will aid the Academy in better understanding members’ views on what types of membership benefits, programs, resources, and education members value. This invaluable insight will help strengthen current and future Academy benefits. The survey closes at 2 p.m. EDT on Monday. Please use a personalized link to take the survey-if you have already started the survey, the link will allow you to pick up where you left off. Please contact the Academy Membership Department (membership@actuary.org; 202-223-8196) with any questions.
Webinar Examines Correlation/Causation
Andrews presents at the webinar
The Academy hosted a webinar on Tuesday that examined topics discussed in the new issue brief, An Actuarial View of Correlation and Causation-From Interpretation to Practice to Implications, produced by the Risk Management and Financial Reporting Council’s (RMFRC) Data Science and Analytics Committee (DSAC) and the Casualty Practice Council’s (CPC) P/C Racial Equity Task Force (RETF). DSAC Chairperson Dorothy Andrews moderated, and RETF member Dave Heppen and DSAC member Julia Romero presented.
Andrews emphasized the importance of the issue as big data is increasingly being used in actuarial modeling. “It has volume, velocity, and variety,” she said, adding that IBM researchers estimate more than 2.5 quintillion bytes of data are created daily, including everything from climate sensors and driving behavior, posts to social media sites, digital pictures and videos, purchase transaction records, and cellphone GPS signals. As a reminder, webinar recordings, including slides and audio, are made available free to logged-in Academy members in the archive section of the website.
Risk Management VP Seong-min Eom Speaks to Korean American Actuarial Society
RMFRC Vice President Seong-min Eom presented an overview of the Academy, its activities, and the value of membership at Thursday’s virtual meeting of the Korean American Actuarial Society. Eom highlighted the Academy’s extensive public policy work; the professionalism infrastructure of the U.S. profession housed and managed within the Academy; the MAAA credential; and members’ volunteer, networking, and professional development opportunities.
Register Today-July 28 Professionalism Webinar: What’s New With ASOP No. 22
The webinar series on recently revised actuarial standards of practice (ASOPs) continues later this month with a look at ASOP No. 22, Statements of Actuarial Opinion Based on Asset Adequacy Analysis for Life Insurance, Annuity, or Health Insurance Reserves and Other Liabilities, which took effect June 1. Presenters involved in the revision will discuss new guidance on trends in assumptions and updated documentation and disclosure guidance. The webinar will be held on Thursday, July 28, from noon to 1 p.m. EDT. Register today.
Recently Released
The Spring/Summer Casualty Quarterly leads with a Q&A with P/C Extreme Events and Property Lines Committee Chairperson Jeri Xu on the committee’s recently released issue paper, Insurance-Linked Securities and Catastrophe Bonds. Also, the P/C RETF co-authored the recently released issue brief on correlation/causation; the CPC held “Hill Visits” with federal lawmakers and policymakers in Washington; the Cyber Risk Toolkit was updated with a new section on autonomous vehicles; an Academy article explores the Actuaries Climate Index and Actuaries Climate Risk Index; and recent legislative and regulatory activity.
In the News
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Capitol Hill newspaper Roll Call, Inside Health Policy (subscriber-only), and InsuranceNewsNet referenced the Individual and Small Group Markets Committee’s issue brief examining 2023 health insurance premium drivers in their coverage of public policymakers’ ongoing discussions of the expiration of American Rescue Plan Act subsidies.
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An article in the Annals of Actuarial Science (U.K.), published by the Institute and Faculty of Actuaries with Cambridge University Press, on mortality impacts of COVID-19 for life insurance cited the Academy issue brief, Impact of COVID-19 on Pension Plan Actuarial Experience and Assumptions, Including Mortality.
Upcoming Events
Coming Soon
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Registration will open for an Aug. 2 P/C webinar on insurance-linked securities and catastrophe bonds-save the date and watch your inbox for details.
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Coming next month: Election of Academy Board member-selected directors, and an Academy volunteer survey.
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