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Recent Developments and Future Plans for the Actuarial Profession in Thailand

Recent Developments and Future Plans for the Actuarial Profession in Thailand. Amornthip Chansrichawla, FSA August 1 st , 2006. Thai Insurance Industry Overview. Number of insurance companies. Premium Distribution in 2005. Non-Life. 2,338 Million US$: 35 %. Life.

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Recent Developments and Future Plans for the Actuarial Profession in Thailand

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  1. Recent Developments and Future Plans for the Actuarial Profession in Thailand Amornthip Chansrichawla, FSA August 1st, 2006

  2. Thai Insurance IndustryOverview

  3. Number of insurance companies

  4. Premium Distribution in 2005 Non-Life 2,338 Million US$: 35% Life 4,415Million US$: 65%

  5. Direct Premium Growth • *Estimate figures • Figures in Millions of US$

  6. Financial Position as of 2005 Unit: Million US$

  7. Insurance Penetration Premiums as % of GDP in 2004

  8. THAILAND Insurance Penetration

  9. Thailand Insurance Penetration

  10. Recent Developmentsfor the Actuarial Profession in the Non-life Business

  11. The establishment of the ‘Insurance Premium Rating Bureau’ Actuarial certification of Claims Reserves

  12. The Insurance Premium Rating Bureau • Initiated in 2003 as a department within GIA • The commissioner agreed on the principles of IPRB establishment in 2004. • IPRB commenced operations on April 4, 2005.

  13. Why was IPRB established? • A mechanism to support industry readiness for the liberalized market environment. • One of the key initiatives to support premium rating deregulation plan of the regulator.

  14. IPRB Mission Provide insurance statistics and actuarial analysis for the members to realize vision for a competitive, efficient and stable insurance industry.

  15. How to achieve the mission? IPRB invests in: • People - build actuarial skills. • Process - find excellent working process both for internal and external related parties. • Technology - owns a dynamic & secure IT infra-structure.

  16. Key Actuarial Skills Needed for the Non-life Business • Ratemaking & Individual Risk Rating • Loss Reserving • Risk Classification

  17. Future Plans for the Actuarial Profession in Thailand

  18. Society of Actuaries of Thailand • Founded in 1975 • To provide programs for continuing education, to support research and to provide a forum for discussion of actuarial issues • Links with regional associations • No proscribed role in regulations • Certified Actuary by Ministry of Commerce • Profession is little known

  19. Thai Insurance Industry Development Master Plan (2006-2011) • Promote efficiency, stability, competitiveness of insurance companies • Risk based capital & risk based supervision • Professionalism • Good Governance • Public Company Act • Product Innovation • Self regulation • Insurance Premium Rating Bureau

  20. Current Environment • Realization of critical need to develop actuaries and support the actuarial profession • Council for Development of Life and Non-life insurance Industry • Master Plan Insurance Industry Development (2006-2011) • Federation of Thai Insurance Organizations • Insurance Premium Rating Bureau

  21. Proposed Development of Actuarial Profession in Thailand • SOAT restructured to represent comprehensively actuaries in all areas of practice • Work with Regulators to introduce legislative changes on qualification, roles and responsibilities of actuaries • Seek the support of the IAA in developing the society into full member

  22. Our Challenge • Create the framework for the development of technically competent and professionally reliable actuaries to ensure that public interest is served and to promote a competitive and stable insurance industry.

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