2006 Annual Report - Society of Actuaries

Addressing Important Issues
The SOA is committed to identifying and addressing important world matters.
Here are some key examples of activities undertaken in the past year:
S O A Pa n d e m i c I n i t i at i v e The threat of avian flu becoming a worldwide
pandemic has resulted in actuaries being called upon to evaluate the financial
consequences from such an event and develop solutions to mitigate the potential
pandemic risk. In the face of these developments, the SOA’s actuarial marketplace
solutions department put in place a broad-based initiative to educate and provide
information on this topic to members. A multidisciplinary staff/volunteer team was
assembled to coordinate and develop efforts to provide actuaries with the most
relevant information and research available on this topic. Results of this initiative
can be accessed on soa.org.
W o m e n i n R e t i r e m e n t Women live longer and so are more likely to be
adversely affected by the increased responsibility for personal risk management,
making the management of their retirement security all the more important
for them. These risks can easily overwhelm the unprepared and should be
understood as a critical issue for all Americans, not just retirees. The research
serves as a call to action by employers and employees and by all groups
advocating to accelerate the enormous task of preparing the women of the
baby boom generation for the challenges ahead.
P r e f e r r e d M o r ta l i t y The SOA is currently sponsoring the largest, most
complex and multifaceted mortality study ever undertaken by an actuarial
organization. Our initial research will reveal the results of experience studies
that will support redefinition of reserve requirements for preferred life policies.
The likely outcome of this project will be to better reflect preferred mortality in
life insurance liabilities while still assuring adequate protection for policyholders
and investors.
Society of Actuaries 2006 Annual Report T h e P o w e r o f I d e a s 19