A Review of Our 2018 Publications
The CIA Head Office produced a record number of publications in 2018, from submissions to research papers and guidance material.
Research Papers and Reports
With 7.5 percent of the annual budget allocated to research and the addition of a manager of research at the Head Office, the number of published research papers and reports increased to 20 in 2018, compared to 11 in 2017. Given the extended research process from beginning to end, this is huge milestone. Aside from our annual mortality study and report on economic statistics (log in required), the papers that attracted the most attention from members were the following:
- National Risk Management: A Practical ERM Approach for Federal Governments
- Incorporation of Flood and Other Catastrophe Model Results into Pricing and Underwriting
- Model of Long-Term Health Care Cost Trends in Canada
“Last year  was a very successful year for CIA research staff and volunteers with so many projects completed,” says Keith Walter, Chair of the Research Council. “This took a great effort from so many people and those efforts are appreciated. We will continue to work with staff, volunteers, researchers, and CIA members to find more ways to advance actuarial practice in Canada with new and innovative research in the future.”
In terms of media coverage and online engagement, a few of our papers were mentioned in articles and others received good engagement on Twitter and LinkedIn. In particular, the new CPP enhancements paper was covered in a Globe and Mail article, and another one, Retirement Consumption, Risk Perception and Planning Objectives was mentioned in an Investment Executive article and received good attention on LinkedIn. The Actuarial Review of Insurer Insolvencies and Future Preventions also attracted a lot of attention from our members on Twitter.
Check our research projects page to see active and upcoming papers.
Standards and Professional Practice Material
Among policies, guidance material, and other administrative documents, the professional practice and governance department published a number of educational notes, exposure drafts, and documents related to the standards of practice in 2018: 10 educational notes, 7 exposure drafts, 5 preliminary communications, 1 report on criminal convictions, and 7 documents related to the standards.
Educational notes have attracted a lot of attention on the website, the most popular being the following:
- Educational Note—Assumptions for Hypothetical Wind-Up and Solvency Valuations with Effective Dates between December 31, 2017 and December 30, 2018
- Educational Note Supplement: Guidance for Assumptions for Hypothetical Wind-Up and Solvency Valuations Update – Effective June 30, 2018, and Applicable to Valuations with Effective Dates Between June 30, 2018 and December 30, 2018
- Draft Educational Note: Comparison of IFRS 17 to Current CIA Standards of Practice
As for the standards, they are the documents that members access most on the website. The two standards with the most views in 2018 are Standards of Practice – Insurance (Effective February 22, 2018) and Standards of Practice – Pensions (Effective March 1, 2019).
“The Standards and Guidance Council consists of a highly experienced, knowledgeable, and dedicated group of actuaries from each area of practice,” says Faisal Siddiqi, Chair of the Standards and Guidance Council. “Each of our members works closely with the four main practice committees (life, P&C, pension, and capital requirements) to develop and approve educational notes that will ultimately help each practising actuary get their work done in accordance with accepted actuarial practice and, ultimately, for the benefit of the public.”
With the upcoming implementation of IFRS 17, make sure to visit the IFRS 17 blog (log in required) for recent details and upcoming news.
Last year, the communications team published 27 submissions, compared to 15 in 2017. Increased relationships and involvement with our different stakeholders and business partners help explain these numbers. The submissions that attracted the most attention from members are the following:
- Enhancing the efficiency of retirement income options for older Canadians
- Reform of Ontario’s Funding Rules
- Letter to the International Accounting Standards Board (IASB) on the extension of IFRS 17
In 2018, submissions went to three provinces (Ontario, Québec, Manitoba), regulators, and federal ministries, as well as a number of international bodies (such as the International Actuarial Association (IAA), the International Association of Insurance Supervisors (IAIS), and the IASB). Our work involved practice areas such as life insurance, pensions, property and casualty (P&C) insurance, health care, social security, and actuarial evidence. A large portion of the areas where our members work was covered.
“We would not have been able to complete these statements were it not for the hard work of the numerous volunteer members who helped us draft the content,” says Bernard Morency, Chair of the Public Affairs Council. “We greatly appreciate their efforts, as these submissions ensure that the voice of the actuarial profession is heard on a very wide range of issues.”
Please visit our submissions page to see more.
The communications team also published other documents related to different projects. Among them are press releases, which went from three in 2017 to seven in 2018, mainly due to the launch of the Actuaries Climate Index (ACI). The team also continues to publish the monthly (e)Bulletin. It also published one-time documents, with the help of other departments and members, like the predictive modelling booklet, which received good engagement on Twitter (72 clicks) and the education syllabus.
The Institute produced a lot of publications in 2018 with more to come in 2019. A large group of people and members contributed to these documents and we would like to thank each and every one of them for their work and support.
If you would like any information on our publications, please contact Josée Gonthier, our manager of communications.