Actuaries Institute Australia - 125 Years Young.
The Institute of Actuaries of Australia celebrates this month its 125 year anniversary! We are celebrating the experiences, moments, and milestones that shaped the profession and Institute we know today.
Actuaries work in a wide range of disciplines including insurance, superannuation, banks, data science, government, risks, climate change, energy, health, fintech, finance and investment. Rigorous skills and a tradition of independence and public interest helps protect people from an uncertain future.
Membership has grown from 17 in 1897 to over 5,500 members in 2022. Overseas members now exceed 20% of the membership. The Institute has always operated with a global viewpoint and been a strong supporter of the International Actuarial Association. There are mutual recognition agreements with South Africa, Japan, India, New Zealand, Ireland, UK, US and Canada.
The future looks bright for actuaries. In an age of data, they are ideally placed to help manage a more digital, interconnected and volatile world. Probability statistics and financial mathematics will continue to evolve to make that possible!
The focus of any profession must change over the years as times and technology change.
With actuaries if you look at areas that change peoples lives for the better there is often
an actuary or team of actuaries helping formulate good public policy or to ensure its sustainability over the
years. The National Disability Insurance Scheme would be a good example. These are very high level
positions. At NetActuary we are sharpening our focus that hopefully will make a beneficial
improvement at the opposite level of interaction - that of an individual. So
for the next period of time this will be in areas such as Family Law and Personal Injury.
However as circumstances permit I hope we can expand that to retirement income planning.