Call on SA actuaries to help SA navigate unsettling global megatrends

The South African actuarial profession has pledged its support to ensure South Africa realises its full potential as the country enters the second half of the decade, facing significant domestic challenges exacerbated by unsettling global megatrends.

Addressing some 2000 actuaries gathered in Johannesburg for the 52nd Actuarial Society of South Africa (ASSA) Convention, Nalen Naidoo, the incoming ASSA President and CEO of Property24, reminded actuaries of their duty to serve the public interest. He called on the profession to look beyond any doom-and-gloom narratives and to use their skills to make a difference by providing clarity amidst uncertainty.

"Be the actuaries that the world needs. I speak here not only of the technical prowess and moral responsibility of us all, but beyond our analytics and problem-solving, I urge us to adopt a mindset of service, global awareness, and leadership."

Naidoo pointed out that, like the rest of the world, South Africa was navigating the ripple effects of fragmented geopolitics, escalating environmental crises, and volatility driven by the rapid advancement of transformative technologies. In addition, South Africa faced challenges such as slow economic growth, high unemployment, and the need to improve educational standards, especially in STEM (Science, Technology, Engineering, and Mathematics) subjects.

Naidoo noted that even though ASSA had only 5 770 members, of whom around 2 300 were Fellows and Associates, the South African actuarial profession was still the ninth largest in the world, with a global profession of just over      110 000 actuaries.

"We bring substantial value in terms of global leadership, having made invaluable contributions to the world's financial, investment, healthcare, pensions and insurance landscape.

"This is a calling not just to execute our job to the highest standards, but wield our skills to shape a world that is more resilient, equitable, and sustainable."

According to Naidoo, the South African actuarial profession has an important role to play in ensuring a thriving South Africa. To this end, his two-year term as ASSA President would be prioritising work that supports the following five outcomes:

• Growing a robust, innovative and transformed financial services industry to power the South African economy.
• Deepening relationships with the government to better serve the interests of the public and narrow the country's savings and insurance gaps.
• Raising ASSA's technical and leadership presence on the global stage to demonstrate the country's strengths.
• Delivering a best-in-class actuarial education system to harness and grow South Africa's exceptional talent.
• Strengthening professional standards to reinforce actuaries as pillars of resilience in SA society.

Acknowledging that most of this work would be driven by ASSA's more than 1 000-strong volunteer base across boards, committees, and education initiatives, Naidoo urged the actuarial profession to "find something that matters to you, and to step into volunteer roles across the Society and give freely and willingly of your time for this vision that is ASSA".