News

Denpasar, Bali 27^th October 2017 - During the annual PAI (Society of Actuaries of Indonesia) Conference, one of the main agenda items was the signing of a MoU (Memorandum of Understanding) between the University of Waterloo/READI and PAI with AAJI (Indonesian Association of Life Insurance Agencies) for collaboration on the development of updated Mortality Tables for Indonesia.  The MoU formalizes co-operation between the tripartite to develop updated mortality tables to support the Indonesian life insurance industry.  UWaterloo/READI will provide technical assistance to support the joint venture with UWaterloo’s Professor Ken Seng Tan slated to play a leading role by providing technical guidance and advice.  As part of its higher education capacity building efforts, the READI project will contract selected READI university partners to provide assistance with related data analysis.

This MoU will help to strengthen linkages between READI and the PAI and AAJI along with working relations between the insurance industry and selected READI partner universities working to enhance actuarial science education in Indonesia.  The initiative will support the development of the actuarial profession in Indonesia by providing opportunities for targeted research and the publication and use of up-to-date mortality tables.

Bogor, West Java. On 19^th October 2017, the Institut Pertanian Bogor (IPB), one of the dynamic READI project’s partner universities, conducted the 4^th International Seminar on Sciences (ISS). The 4^th ISS, which was organized by the Faculty of Mathematics and Natural Sciences, focused on 12 major topics, one of which was Actuarial Science and Risk Theory. The READI project co-sponsored this year’s ISS and provided two notable speakers; Prof. Johnny Li (University of Waterloo) and Mr. Fabio Laurent Lumantau, ASA (Milliman Indonesia).

H.E. Peter MacArthur, Ambassador of Canada for Indonesia, delivered opening remarks at the 4^th ISS Opening.  During his speech, the Ambassador underlined the importance of IPB roles as a key university partner for READI project, which aims to build a solid foundation for economic growth and stability in Indonesia by strengthening the country’s actuarial profession. The Ambassador also highlighted IPB’s strong commitment to green development noting that several IPB faculty and departments have been involved in the Kyoto Protocol Ratification and the 2^nd (Indonesian) National Action Plan for Reducing Greenhouse Gas Emission.  IPB has also served as the Indonesian focal point for the United Nations Framework Convention on Climate Change.

During the first day of the 4^th ISS, University of Waterloo’s Professor Johnny Li presenting his paper on “Hedging Crop Yield with Exchange-Traded Weather Derivatives.   On the second day, Mr. Fabio Laurent Lumantau, ASA of Milliman Indonesia delivered his presentation on “Actuarial Science for Green Development”.

Actuaries are in a good position to support sustainable/green development, since they have the skills and experience in modelling of risks”- Fabio Laurent Lumantau, ASA (Milliman Indonesia)

Overall the seminar served as good platform to introduce hundreds of science lecturers, researchers and students to Actuarial Science, illustrating how Actuarial Science is applicable to many disciplines and sectors, not just the insurance industry. Given actuaries’ skills and experience generating and modelling of the outcomes for economic activities, and the eclectic nature of the actuarial science discipline, the actuarial profession holds a unique position in society enabling the profession to make unique contributions to forecasting, assessing and mitigating financial risks related to environmental, social and economic challenges.

Left to right: Ms. Dini Hardini (Actuary Manager-Allianz); Mr. Matthew Maguire (President of the Singapore Actuarial Society) Mr.

On the morning of Thursday 8th June, Bill Duggan of the READI project joined Professor Edy Tri Baskoro, Ph.D, Dean of Mathematics and Natural Sciences at the Bandung Institute of Technology to sign the Memorandum of Understanding (MoU). The MoU aims to strengthen co-operation in education and research at the strategic and technical levels by leveraging institutional strengths and comparative advantages.

The READI Project staff will collaborate with partner universities to exponentially increase awareness of Actuarial Science as a field of interest. This includes targeting high school students as well as actuarial science lecturers through co-operative education, mathematics outreach, academic exchange and scholarships.

The READI (Risk Management, Economic Sustainability and Actuarial Science Development in Indonesia) project aims to increase the number and quality of Indonesian actuarial science graduates to address the country’s growing demand for actuaries. In collaboration with Government of Indonesia, insurance industry, key university partners and the Persatuan Aktuaris Indonesia (PAI), the READI project aims to develop Indonesia as a center of actuarial science excellence. Project efforts will supplement the Otoritas Jasa Keuangan (OJK)’s 1,000 Actuaries program by providing gender-equitable opportunities and support for innovative, high-quality actuarial science education, certification and professional development.

The Readi short course, Actuarial Mathematics II, was held at Pelita Harapan University, Tangerang, Indonesia from May 15 to 19, 2017.

"A 2^o C World might be insurable. A 4^o C World certainly would not be"

On May 9^th, 2017, the READI (Risk Management, Economic Sustainability and Actuarial Science Development in Indonesia) project held a workshop on “The Role of Actuaries in Assessing Risks Associated with Climate Change” in Jakarta, Indonesia. The READI project, which aims to support the development of Indonesia as a regional centre of excellence for actuarial science education, is funded by Global Affairs Canada, with co-funding provided by Manulife Indonesia and Sun Life Financial.  The Government of Indonesia’s Financial Supervision Authority (Otoritas Jasa Keuangan) is the GoI counterpart.  The University of Waterloo serves as the Canadian executing agency for the project.

Prof. Dr. Djisman Simandjuntak (third from right), Rector at Universitas Prasetiya Mulya, stands with colleagues and READI Project officials following the April 11, 2017 signing of a Memorandum of Understanding to participate in the READI Project’s Indonesian activities which includes the creation of an Actuarial Science co-operative education program at his university.

Prof. Dr. (Hon) Jonathan L. Parapak, M. Eng. Sc., (centre), Rector at Universitas Pelita Harapan, is joined by colleague Prof. Dr. Manlian Ronald A. Simanjuntak, S.T, M.T (right) and William James Duggan, READI Project Field Director, Indonesia, at the April 10, 2017 signing of a Memorandum of Understanding to participate in the READI Project’s Indonesian activities which includes the creation of an Actuarial Science co-operative education program at his university.

Sun Life Financial Asia (Sun Life Asia) and University of Waterloo have announced Professor Ken Seng Tan as the recipient of the Sun Life Fellowship in International Actuarial Science, effective immediately.