"Redefining Risk, Creating Value", this year’s theme of the 17th EAAC couldn’t be a more appropriate headline leading to what is slated to be a very challenging year ahead for the Asian insurance industry.

From a global perspective, the familiar list of economic woes of 2012 will persist in 2013. Lingering euro zone issues, low interest rates, and increasingly challenging regulatory compliance environment, suggests the industry must now be ever more vigilant and radical in delivering values to the various key stakeholders. For the past few years, although Asia Pacific continues to be the one of the few bright spots for the insurance industry, nobody expects past rates of growth to be sustainable - it will be all the more difficult for insurers to generate profitable growth in the coming years.

Actuaries have and will continue to play a critical role in shaping how to mitigate shrinking profit margins, enhance risk management, and make better strategic decisions through actuarial analytics and business acumen. Actuaries are also progressively expected to be more innovative and to make significant contributions to all areas of organization.

The 17th EAAC conference is packed with thought-provoking and insightful discussions, including an engaging CEO panel plenary session on the opening day. This year, there will also be an inaugural “Best Paper” award, promising an even higher standard of academic excellence and practical applicability.

My fellow colleagues, I urge you to embark on the path to help redefine our industry risk landscape and I look forward to your active contribution to the 17th EAAC conference in Singapore!

Respectfully Yours,

Wil Chong, FSA, MAAA, FSAS
President (2012-2013)
East Asian Actuarial Congress
17EAAC_Wil.Chong@actuaries.org.sg