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15-05-2019 19:45

Speech by the President of the House, Mr Demetris Syllouris, at the official dinner at the 4th Cyprus Association of Actuaries Conference

It is with great pleasure that I am here with you today to welcome the organisation of the 4th Cyprus Association of Actuaries Conference.

Modern societies continuously face many obstacles such as rapid developments, disruptive changes, other diverse problems, as well as challenges from within the financial and socio-political sphere -- particularly given the major technological revolutions that are currently happening. This dictates that those who are involved must remain vigilant to these changes, so that they will be ready to cooperate together in synergy in order to be one step ahead.

In this context, the profession of an actuary is undoubtedly prominent, suited for the modern age and has much to offer; a profession whose scope continues to expand worldwide within the economic and financial sector of social protection and politics, and of course, general risk management. Therefore, the Association of Actuaries’ pursuit to strengthen and consolidate this acclaimed profession can only be seen as part of a common goal.

Many steps have been taken towards this direction. Allow me to mention the legislation that has already been passed by the House of Representatives in 2016 that certifies the insurance companies’ liability in terms of solvency by professional actuaries.

Moreover, the crucial role of the actuarial profession within our country’s economic and social life has emerged from a painful environment created by the recent unprecedented financial crisis along with its lasting effects. Given these difficult conditions, actuarial science has been, and continues to be, a valuable tool for identifying, assessing and managing risks in the face of the acute problems that continue to persist. Beyond the crises that are being addressed, there will be a need to use and exploit the vast knowledge of an actuary as the globalised economy continues to become more complex as it develops further. Therefore, the profession of an actuary will be an auspicious and imperative one, especially in social and private insurance, health, pensions, investment, etc.

As I am convinced that a strong partnership is a prerequisite and a guarantee of success in any human action, I assure you that the House of Representatives will continue to work and support your Association’s efforts to upgrade and utilise the scientific services offered by your members. They are, in essence, able to shape our country’s socio-economic policy for the benefit of our society as a whole, along with the cooperation with the necessary actors and policymakers who are involved.

I wish you all good luck in your endeavours.

Thank you.