IN recent years, the actuarial profession in Zimbabwe has seen substantial growth and improvement. In light of these advancements, it becomes crucial for actuaries to come together, share knowledge, and shape the future of the profession. The Actuarial Society of Zimbabwe (ASZ) holds annual conventions, a major gathering for the business and finance community, for precisely this reason.
The annual conventions have become the ultimate hub where brilliant minds unite, igniting a dynamic exchange of ideas, celebrating remarkable achievements and forging invaluable connections. With a common goal of propelling the growth of Zimbabwe’s insurance and financial services sector, the is extraordinary gathering beckons not only actuaries but key stakeholders in the finance sector which include executives, regulators, risk managers, Investment analysts, data scientists as well as underwriters year after year. Together they tackle the pressing challenges that confront the dynamic landscape of the insurance sector in Zimbabwe.
The upcoming 2023 ASZ Convention, scheduled to take place on the 8th and 9th of June at Cresta Lodge, promises to be an extraordinary event. With the theme "Rethinking the Actuarial Profession: Building Resilience for the Future," the convention will explore how actuaries can adapt and more effectively contribute to the issues our generation which include but are not limited to AI, digitalization, climate change and sustainability, banking, risk-based capital, inclusive insurance, and more.
One of the remarkable aspects of the ASZ Convention is the opportunity it provides for professionals to connect and exchange ideas. Actuaries from Zimbabwe and beyond will have the chance to network and learn from each other's expertise. In an ever-evolving world, where technological advancements and shifting market demands impact the actuarial profession, staying connected and embracing new ideas is crucial for success. The convention acts as a catalyst for collaboration and ensures that the actuarial field remains at the forefront of innovation.
Reflecting on the past ASZ Conventions, we can see the profound impact they have had on the profession. The 2022 Convention, held at the prestigious Meikles Hotel, explored the theme "Breakthrough to Excellence: Thriving in Turbulent Times." It provided a platform to address the challenges brought by the post-Covid-19 era and chart a path towards building a resilient industry. Previous conventions, including the virtual gatherings in 2020 and 2021, focused on maintaining an edge in times of socio-economic upheaval and navigating the "new normal."
The 2023 ASZ Convention presents an opportunity for all professionals, whether actuaries or individuals from the business and finance community, to attend and benefit from the discussions centred on building resilience. The convention will foster a spirit of togetherness, allowing attendees to connect with influential figures in innovation, strategy, leadership, micro-insurance, data analytics, and other emerging fields. It's an occasion to expand one's professional network and gain valuable insights into the future of the actuarial profession.
To stay ahead in today's dynamic business landscape, attending the 2023 ASZ Convention is a must. The convention offers a unique opportunity to delve into the key topics shaping the future of the insurance industry, such as IFR17, weather index insurance, mortality table development for Zimbabwe, and ZICARP (the Solvency II equivalence for Zimbabwe). These topics are of great relevance to the business and finance community, even for those who may not have a background in actuarial science.
IFRS17, the International Financial Reporting Standard for insurance contracts, is a hot topic in the insurance industry. It sets out guidelines for how insurers should account for their contracts and report their financial performance. Understanding IFRS17 is crucial for businesses operating in the insurance sector, as it affects their financial statements and disclosures. The ASZ Convention provides an excellent opportunity to learn from experts in the field and gain insights into the implementation of IFRS17 in Zimbabwe.
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Weather index insurance is another topic that has gained significant attention in recent years. With the increasing frequency and intensity of climate-related events, such as droughts and floods, businesses and individuals need innovative insurance solutions to protect themselves from weather-related risks. Weather index insurance uses weather data to determine payouts, making it a valuable tool for managing climate risks. At the ASZ Convention, participants can explore the potential of weather index insurance to enhance resilience of the agriculture sector and its implications for the financial industry.
Mortality table development for Zimbabwe is a critical aspect of actuarial work, particularly in the life insurance sector. Mortality tables provide insights into life expectancy and mortality rates, which are essential for pricing life insurance policies and assessing the financial risks associated with longevity. Actuaries play a vital role in developing accurate mortality tables that reflect the specific characteristics of the Zimbabwean population. The ASZ Convention can shed light on the latest advancements in mortality table development in Zimbabwe and its impact on the life insurance industry.
ZICARP, the Solvency II equivalence for Zimbabwe, is a regulatory framework that ensures the financial stability and solvency of insurance companies. ZICARP is a set of rules and requirements being implemented to protect policyholders and maintain the stability of the insurance industry. Zimbabwe's adoption of this framework demonstrates its commitment to aligning with international standards and fostering a robust insurance sector. The ASZ Convention offers a platform to discuss the implications of ZICARP and its significance for insurers, regulators, and stakeholders in Zimbabwe.
In addition to the ASZ Convention, the Actuarial Society of Zimbabwe will co-host the inaugural Actuarial, Finance, Risk and Insurance Congress, scheduled for July 23 to 28, 2023, at the majestic Victoria Falls. The AFRIC Congress, focusing on actuarial, finance, risk, and insurance topics, aims to bring together academic and professionals. It will address pressing issues faced by the industry on the continent and provide a platform for networking with global experts.
In conclusion, the 2023 ASZ Convention is a must-attend event for actuaries, risk managers, executives, investment analysts or anyone with an interest in developments in the insurance sector. It brings together professionals from the actuarial, risk management, data science, and related fields to discuss key topics such as IFRS17, weather index insurance, mortality table development, and ZICARP. The convention not only fosters a spirit of togetherness within the actuarial profession but also provides valuable insights into the future of the industry. By attending the convention, one can expand their knowledge, network with industry experts, and stay informed about the latest trends and developments in the business and finance landscape.