Mr Gábor Hanák, Mr James Hewitson and Professor Joe Bannister

A special public launch event was held this week at the Hilton Hotel in Portamaso for the Malta Actuarial Society.  About 70 actuarial professionals and senior insurance industry executives gathered to celebrate this event including Mr Gábor Hanák, the Chairman of the Groupe Consultatif Actuariel Européen, Professor Joe Bannister the Chairman of the Malta Financial Services Authority, and Mr James Hewitson the first president of the Malta Actuarial Society and who is also Head of Insurance at HSBC Bank Malta.

In recent years the insurance industry in Malta has grown rapidly in size and sophistication.  Alongside this rise has been an increase in the number of practicing actuaries on the island.  The Malta Actuarial Society is the first organisation to specifically represent actuarial professionals based in Malta.  It has been established to:

• Promote the advancement of the actuarial profession in Malta.
• Promote the discussion of actuarial matters and the development of the standards for actuarial practice within the insurance industry.
• Assist those studying for their professional actuarial examinations.

The actuarial profession is much smaller than the legal or accounting professions and as a consequence the profession is less well known to the general public.  Actuaries however have a vital and unique role to play within the insurance industry.  Their skillset combines mathematical statistics, demography and financial economics which enables them to quantify the risks that insurance companies take.  As a result they play a key role in the premium setting process as well as helping give insurers comfort that they have set up sufficient reserves to pay claims made.

Speaking at the event Mr Hewitson said:  “The establishment of the Malta Actuarial Society is an important milestone for the insurance industry as well as actuaries working in Malta.  It not only shows how the insurance industry in Malta is growing in ingenuity and innovation.  But it also shows the expertise and calibre of the people working in the industry today.”

The Executive Committee of the Malta Actuarial Society would like to thank the following companies for their support and assistance with the launch of the Society:  MSV Life, HSBC Life, Munich Re of Malta, Malta Financial Services Authority, Bank of Valletta, FinanceMalta, KPMG, Oney, Elmo Insurance, GasanMamo Insurance, and Citadel Insurance..

Membership of the society is open to all actuarial professionals working in Malta.  Anyone considering an actuarial career or whose day-to-day role involves working on actuarial matters is also welcome to join.  Full details and an application form can be found on the Society’s website:  www.maltaactuarialsociety.org .