THE Actuarial Society of Zimbabwe (ASZ) has partnered with the Australian-based University of New South Wales (UNSW) Business School to deliver the first actuarial-focused academic congress in Zimbabwe.
The congress, which brings together foreign experts, started on Sunday and is expected to end on Saturday.
Actuarial science involves using mathematical and statistical tools to estimate financial risks in insurance and finance. In that regard, actuarial science uses probability and statistics to define, assess, and solve the financial consequences of unknown future events.
Zimbabwe’s erratic weather patterns, unstable macroeconomic environment, bad infrastructure, and unpredictable policy framework makes the country prime for actuarial science usage.
“On behalf of UNSW Sydney, it’s my great pleasure to welcome you all to the inaugural Actuarial, Finance, Risk and Insurance Congress (AFRIC) 2023, the first actuarial-focused academic conference on African soil in Zimbabwe, which UNSW is very proud to be co-hosting and sponsoring,” UNSW Business School dean Chris Styles said, in opening remarks at AFRIC made on Monday in Victoria Falls.
“AFRIC has been designed to be a premier academic conference, which will be rotational hosted across Africa, bringing global expertise to the talented local academics and practitioners across various business lines. AFRIC aims to enhance the research culture within Africa’s actuarial community, building a network of potential higher degree scholars to engage with world renowned academics who are present here today at Mosi-oa-Tunya.”
He said resultantly, several hands-on initiatives were included in AFRIC 2023, including a pre-conference workshop running later today on Data Analytics, which will be tackling relevant practical actuarial techniques.
“Our mission is to make a difference by equipping our graduates and stakeholders to find better ways to create economic and social value. We do this through innovative research and transformative learning, in collaboration with our business, university and community partners in Australia and globally,” Styles added.
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The goal of actuarial science is to use probability analysis to estimate how much money will be lost or gained because of a certain event happening.
Actuaries often work in the insurance sector, where actuarial science is widely employed.
To help insurance companies prepare for potential claims, actuaries use mathematical models to determine the likelihood of an event occurring and determine how much money should be set aside to cover those claims.
Life insurance firms, for instance, can learn about the likeliness or timeliness of paying out a policy by researching the mortality statistics of people of a specific age.
While actuarial science is most used in the fields of life insurance, it can also be used in developing pension plans.
The study of financial institutions’ liabilities and the enhancement of financial decision-making are further areas of application for actuarial science.
ASZ is a volunteer driven organization that represents, supports and promotes the actuarial profession in Zimbabwe.
The University of Zimbabwe (UZ) is also part host of AFRIC.
“As part of the hosts of the Actuarial, Finance, Risk, and Insurance Congress (AFRIC) 2023, we recognize the significance of actuarial science as a critical discipline in our academic portfolio. Our relatively new actuarial science program is committed to equipping our students with the skills, knowledge, and ethical foundation necessary to excel in this challenging field,” UZ Arts and Humanities faculty dean Fainos Mangena said.
“AFRIC 2023 provides a platform for showcasing the immense potential of the actuarial profession in shaping the financial landscape of our continent.”
He said that by bringing together academic experts and practicing actuaries, this can be leveraged on the collective expertise, insights, and experiences to find solutions to the pressing issues facing Africa today.
“Through knowledge exchange, networking, and interdisciplinary approaches, we can strive for a brighter future for Africa, characterized by inclusive growth, sustainable development, and improved well-being for all,” Mangena added.
