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Actuarial Profession in Armenia: Achievements and Plans

Actuarial Profession in Armenia: Achievements and Plans. Gohar Jerbashian Armenia Social Transition Program April 22, 2004 Dubrovnik, Croatia. Armenia Social Transition Program-Goal.

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Actuarial Profession in Armenia: Achievements and Plans

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  1. Actuarial Profession in Armenia:Achievements and Plans Gohar Jerbashian Armenia Social Transition Program April 22, 2004 Dubrovnik, Croatia

  2. Armenia Social Transition Program-Goal To develop governmental institutional capacity to plan for, finance and administer sustainable and effective insurance systems HOW? • Developing a permanent actuarial educational program • Establishing Center for Actuarial Sciences at Yerevan State University • Establishing the profession of actuary in Armenia • Creating an Actuarial Office in the Government • Organizing short-term, intensive on-job training • Developing actuarial models for social insurance and health finance programs and training the specialists to use those

  3. Why Does Armenia Need an Actuarial Profession? To strengthen operational capacities of the: • The State pension and other social insurance programs: • State pension system • Professional and temporary disability funds • Health insurance companies • Private insurance companies • Private pension funds • Think tanks/strategic planning centers

  4. Where Are We Now?Achievements…. • Selection of the Actuarial Office staff • Organization of a series of trainings and seminars • Armenia Social Transition Program have provided experts both from abroad and locally to train the actuaries and the students • Introduction of the Master Degree Program in Actuarial Science in YSU (September, 2001) • Inclusion of the actuarial profession in the List of Recognized Professions in Armenia in October, 2002 • Opening of the Bachelor’s Degree Program in Actuarial Sciences (September, 2003)

  5. Continuation… • Establishment of the Center for Actuarial Sciences (a fully equipped computer laboratory and a resource center) at Yerevan State University • Participation of employees of different social sector institutions in actuarial science related trainings and seminars • Provision of software and computer equipment to the Center for Actuarial Sciences • Development of public education materials on the actuarial profession and university educational programs for broad dissemination

  6. Continuation… • Permission for Actuarial Office employees to take part in Actuarial Master Degree Program (AMDP) classes and to use YSU library collections • Ongoing Expansion of the actuarial library at the Center for Actuarial Sciences (35 actuarial science related books and some issues of actuarial scientific journals – NAAJ and BAJ)

  7. Continuation… • Seminar on the Actuarial Profession with the participation of potential employees • Internship Programs at State Social Insurance Fund, private insurance companies and other government bodies

  8. Continuation… • Participation in the Second International Educational Fair (Yerevan, 2003) • Graduation Ceremony of the first group of actuarial students (June, 2003)

  9. What is the Yerevan State University Actuarial Program like? • The Actuarial Science Master’s and Bachelor’s degree program curriculum is based on the actuarial curricula at different universities and educational centers within professional bodies worldwide • The Actuarial Degree offers a well balanced program: • General Courses • Professional Courses • Special Professional Courses

  10. What is the Yerevan State University Actuarial Program like? Master’s Degree Program: • General Courses: • Foreign Languages • Philosophy • Informatics and Software Packages • Professional Courses: • Probability Theory • Mathematical Statistics and Econometrics • Stochastic Modeling • Operations Research and Theory of Games

  11. Continuation… • Special Professional Courses : • Financial Mathematics • Actuarial Mathematics • Stochastic Modeling • Micro and Macroeconomics • Theory of Economic Growth • Actuarial Mathematics in Insurance • Operations Research -- Probabilistic Approach

  12. Mathematical analysis Linear Algebra Analytic Geometry Differential Equations Complex Analysis Theory of Measure Equations of Math. Physics Functional Analysis Theory of Probability Methods of Calculus Practical Statistics Theory of Games Mathematical Programming Discrete Mathematics and Combinatorics Extremal Problems Operations’ Research - Probabilistic Approach Econometrics Financial Mathematics Stochastic Modeling Actuarial Mathematics Insurance Theory Practical Stochastic Processes Informatics Software Packages for Social Sciences Demographic Models Financial Markets and Institutions Microeconomics and Macroeconomics Investments and Asset Management Operational Calculus Mathematical Logics Accounting and Business Law Professional Courses at Bachelor’s Degree Program:

  13. Actuarial Office at the Ministry of Labor and Social Issues • An Actuarial Office was created at the Ministry of Labor and Social Issues in June 2002 • The Actuarial Office have carried out actuarial analysis reflecting the needs of both the Ministry of Health and the Ministry of Labor and Social Issues: • Budget Forecast for the Family Poverty Benefit Program under different scenarios • Review of the Family Poverty Benefit Program database to discover errors • Developing a health finance model • Pension security/insurance system analysis • Pension system reforms within the context of poverty reduction

  14. Next Steps Establishing contacts with international actuarial organizations Developing and adopting code of professional conduct Ensuring international standards for the educational programs at YSU Organizing on-job professional development courses

  15. Continuation… Establishing an Actuarial Association in Armenia Establishing an actuarial accreditation program in Armenia Involving qualified actuaries to train the Actuarial Office employees, YSU faculty and students Enrolling of the most successful AMDP students in actuarial courses in western universities

  16. Our Concerns • New Laws regulating the insurance sphere have not yet been adopted – the insurance industry is in an embryonic stage in Armenia • Most insurance companies do not offer life insurance policies and for this reason in general do not fully appreciate actuarial techniques

  17. A Final Note… We strongly believe that the Actuarial Profession will soon become one of the key professions in Armenia. The new profession is critical for a strong insurance industry and for sustainable reforms in the social insurance sector.

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