USAID supports certification of 14 new actuaries

TIRANA, May 30 – There is a growing number of professional actuaries in Albania, made possible through the USAID-funded Actuarial Training and Certification Program (ATCP). Last week, fourteen graduates received diplomas and certification to be licensed as professional actuaries to support both countries’ growing insurance and banking sectors. Actuaries are risk managers who provide important services to banks and non-banking financial organizations and provide added security and transparency within the financial system. The eighteen month post-graduate diploma program was organized by the Financial Services Volunteer Corps (FSVC), in cooperation with Albania’s Financial Supervisory Authority (FSA) and the Albanian Association of Actuaries (AAA). The program was based on the best practices of the UK Institute of Actuaries and consisted of 16 training modules, with eight basic-level and eight advanced-level courses. Insurance companies and banks in Albania are legally required to employ a licensed actuary to evaluate and certify accounting and financial management. Actuaries combine mathematics, finance, probability analysis and statistics to forecast the likelihood and magnitude of insurable risks. Actuarial forecasts are vital to the operations of insurance companies, which use them to calculate premiums charged for insurance policies and to determine the amount of financial reserves to set aside for payments on future claims. Since 1996, USAID has supported the development of a sound, well-regulated and efficient financial sector in Albania. USAID has supported several reform initiatives undertaken by Albania’s Central Bank and the Deposit Insurance Agency, and has helped establish the Albanian Actuarial Association to strengthen and further develop Albania’s financial sector.