The World Bank has endorsed The Institute and Faculty of Actuaries’ Certified Actuarial Analyst (CAA) qualification to help bring actuarial expertise to emerging markets and provide people with the necessary skills and understanding to carry out calculations used to determine insurance premiums.
The World Bank has produced an information document for all of their Insurance Supervisors to inform them of the benefits of the CAA qualification. The World Bank states in its publication that “in many World Bank client countries, a shortage of actuarial resources is an issue of concern to both insurers and supervisors. One of the possible steps toward a solution could be the newly developed ‘Certified Actuarial Analyst’ or ‘CAA’ qualification.” The organisation goes on to state that “this qualification could well be useful to insurance supervisors looking to introduce enhanced actuarial roles as part of their regulatory system.”
The CAA qualification was launched in 2014 and is the first globally recognised membership qualification at the technical level for those working in wider roles within financial services such as IT and data analytics anywhere in the world.
Craig Thorburn, Lead Insurance Specialist at The World Bank, said
"The CAA offers a new option for many emerging markets to expand their actuarial resource pool. Actuarial resources are in great demand, and the new option can help to find new ways for the actuarial profession to deliver services to growing insurance markets. The concessional fees for emerging market candidates is also very welcome."
Derek Cribb, Chief Executive of the Institute and Faculty of Actuaries (IFoA), comments,
“The IFoA is delighted to see the World Bank endorse the Certified Actuarial Analyst (CAA) qualification. In addition to emerging markets such as countries in which the World Bank operates, the qualification is designed for people providing technical support in the UK and other developed markets, as well as high flyers who would find the qualification useful as they make their way early in their careers.
“We look forward to working alongside The World Bank to identify opportunities where actuarial science can make a difference and add real va
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