Vol. 9, 2009

	Member log-in Quicklinks AIDS SAAJ PGNs Education Overview Exam Results About us Overview of the Society Mission and Vision Strategic Plan Constitution Organisational Structure Council Operational Boards Operations and Member Services Stakeholders Board Practice Area Committees Pioneers What is an Actuary The Role and Function of the Actuary Transformation Actuaries on the Move Community Involvement Exchange History Contact Us Other Professional Bodies Community Involvement Employer Relationships Volunteers Becoming a member Becoming a student member Change of membership status Library membership Profiles and Interviews Education Overview of Actuarial Education Broad Actuarial Overview Education Board South African Education Notice Board Professional Requirements FASSA 2010 FAQS Current Members Examinations Exam Results and Past Papers Exam Results 2012 Exemptions Courses and Tuition Work Based Skills Migration Frequently Asked Questions Becoming a Member Becoming a Student Member Change of Membership Status Library Membership Fees Important Documents Student Handbook Education Calendar Curriculum Contact Us News and Publications Publications South African Actuarial Journal Transactions of AS Event Archives Professional Guidance Notes Papers and Presentations ASSA ndaba Life Assurance Library Newsroom Professional Matters Professional Requirements CPD Members Interest Groups Professional Guidance Actuarial Governance Board Professional Conduct Professional Guidance Notes FAIS Practice Areas About Practice Areas FSB Solvency Project AIDS Continuous Statistical Investigations Damages Committee Finance and Banking Financial Risks and ERM Healthcare Investments Life Assurance Micro insurance Research Retirement Matters Short Term Insurance Social Security Social Security and Retirement Reform Treating Customers Fairly ASDT Trustees Trust Deed Contact Details Contributors to the Trust Editorial officers Vol 1 2001 Vol 2 2002 Vol 3 2003 Vol 4 2004 Vol 5 2005 Vol 6 2006 Vol 7 2007 Vol 8 2008 Vol 9 2009 Vol 10 2010 Vol 11 2011 News and Publications > Publications > South African Actuarial Journal > Vol 9 2009 Vol. 9, 2009 South African Actuarial Journal 2009 Outside Cover SaaJ Outside Cover 2009 397kb South African Actuarial 2009 Journal Inside Cover SaaJ Inside Cover 2009 40kb South African Actuarial Journal 2009 table of contents SaaJ 2009 contents 25kb DEMAND FOR ACTUARIAL RESOURCES IN SOUTH AFRICA By W Terblanche ABSTRACT A key thrust of the Actuarial Society of South Africa’s strategic plan is to promote diversity in actuarial demography. The aim is that the membership profile of the actuarial profession increasingly reflects the demographic profile of the country.More broadly, it is useful for a profession to consider how it has evolved, and how changes in the environment in which it operates may affect demand for its services in the future. Demand for actuarial resources in South Africa 335kb EDUCATION FOR ACTUARIAL QUALITY MUST DEVELOP MORE THAN TECHNICAL COMPETENCE By MW Lowther, WJ McMillan and F Venter ABSTRACT This paper is located in the field of actuarial professional education. It draws on current literature and empirical evidence to argue the need for developing generic ‘normative’ capabilities and values in the actuarial profession. The paper examines three themes of normative education for actuaries—the intended purpose of an education programme, the range of capabilities and values to be developed and educational ‘best practice’. Education for Actuarial quality 146kb Other Articles GUEST EDITORIAL ACTUARIES AND THE GFC The global financial crisis (GFC) has created possibilities for a greater role for actuaries in the financial world. We have a responsibility to grasp these possibilities as having value to society as well as the profession. Actuarial journals may have an important part to play. Guest editorial Actuaries and the GFC 53kb ABSTRACTS OF RECENT POSTGRADUATE THESES AND DISSERTATIONS AT SOUTH AFRICAN UNIVERSITIES Stochastic modelling of asset returns with applications in pricing life-insurance embedded Derivatives by DV Gott for M.Sc. (with distinction) at the University of the Witwatersrand The aim of this dissertation is to construct a stochastic model of economic variables model that would satisfy the requirements of market-consistency and that would be capable of pricing life-insurance embedded derivatives (such as investment return guarantees and annuity-option guarantees). Abstracts of recent postgraduate theses and dissertations 47kb ABSTRACTS OF ARTICLES IN OTHER SOUTH AFRICAN JOURNALS INVESTMENTS ANALYSTS JOURNAL Kruger, R & Van Rensburg, P (2008). Evaluating and constructing equity benchmarks in the South African portfolio management context. IAJ 67, 5–17 Benchmarks form an integral part of fund management, both for active managers, who seek an appropriate index against which to evaluate their performance, and for passive fund managers, who seek an index to track. The question what constitutes a suitable benchmark, however, presents a practical problem that has perplexed both fund managers and clients alike. Abstracts of articles in other South African journals 53kb ABSTRACTS OF OTHER PUBLICATIONS ON SOUTH AFRICAN MATTERS OF ACTUARIAL INTEREST McLeod, H & Grobler, P (2009). The role of risk equalization in moving from voluntary private health insurance to mandatory coverage: the experience in South Africa. In: Chernichovsky, D & Hanson, K eds. Advances in Health Economics and Health Services Research. Vol 21: Innovations in Health System Finance in Developing and Transitional Economies: Emerald Books ABSTRACT The South African health system has long been characterised by extreme inequalities in the allocation of financial and human resources. Voluntary private health insurance, delivered through medical schemes, accounts for some 60% of total expenditure but serves only those with higher incomes. Abstracts of other publications 35kb BOOK REVIEW Stress Testing for Financial Institutions Edited by D Rosch and H Scheule. Risk Books, London, 2008 (457 pages) This is the first book to provide a comprehensive guide to stress-testing methods that are relevant for financial institutions. The book is a collection of 17 chapters written by leading industry experts and the intended audience are financial-risk quants, managers and researchers and the regulators of financial institutions. Book review 36kb LETTERS TO THE EDITOR CALL FOR A JOURNAL OF ACTUARIAL EDUCATION I call for the launch of an international journal of actuarial education. In our article in this edition (Lowther, McMillan & Venter, 2009) we noted that no journal of actuarial education appears to exist. We identified at least five journals worldwide in each of engineering, accounting, medical and nursing education. We queried whether this was an indication that actuarial education was under-theorised. Letter to the editor 72kb CUMULATIVE INDEX Cumulative index 34kb
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