This month we have the pleasure of interviewing Yuriy Krvavych from Ukraine. Yuriy Krvavych has professional experience in actuarial work, risk management, consulting and research in insurance and finance, with fourteen years of experience working in the general insurance industry.
He currently works for Price Waterhouse Coopers and provides consulting services to the Lloyd's market and London company market in enterprise risk management including Risk and Capital Modelling, Model Validation, Advanced Risk Analytics and Reporting, Capital Model Use and Solvency II, ORSA, Risk Management Framework and Corporate Governance. He previously worked at Insurance Australia Group (IAG) as a DFA and Capital Modelling manager. Prior to IAG, he worked for seven years in the general insurance sector - Hollard Insurance (Sydney) and Oranta Insurance (Kiev). He also taught actuarial courses at the Australian School of Business of the University of New South Wales and is currently serving on the ASTIN Committee of the International Actuarial Association. He holds a Ph. D. in Actuarial Studies and is a Fellow of the Society of Actuaries of Ukraine. He plays the violin and enjoys tennis, volleyball, football, fishing, hiking and cycling. .
ACTEX Learning (AL): How many practicing actuaries do you have?
Yuriy Krvavych (YK): 73 practicing actuaries (11 Fellows and 62 Associates)
AL: What is the word for actuary in your local language?
YK: ÐÐšÐ¢Ð£ÐÐ Ð†Ð™ ([ a k t u a: r i j ].)
AL: When was actuarial science first introduced?
YK: Actuarial Science was first introduced in Lviv, Western Ukraine in 1909.
AL: What is your favorite part about being an actuary?
YK: Being able to assess and model risks in insurance, finance and social science.
AL: Can you share an interesting anecdote from your career?
YK: Two hydrogen atoms walk into a bar.
One says, "I think I've lost an electron."
The other says, "Are you sure?"
The first replies, "Yes, I'm positiveâ€¦"
AL: What are some of the highlights of the history of the actuarial profession?
YK: Actuarial Science was first introduced in Lviv, Western Ukraine in 1909. There are records of Ukrainian actuaries who participated in the International Congress of Actuaries during the period from 1909 to 1939. The actuarial profession was prohibited in Ukraine during Russian Soviet occupation (1939-1991). The Society of Actuaries of Ukraine (SAU) was established in 1999 after Ukraine regained its independence.
AL: What are some of the main challenges and projects for your association over the next 5-10 years?
YK: Improve professional actuarial standards and become a full member of the International Actuarial Association.
AL: What developments on the horizon could affect future opportunities in your country?
YK: Integration into EU (European Union) markets
AL: What have you seen from inside your company? Where do you think the changes to actuarial work in your country will happen in the next five years?
YK: An increased role of actuaries in life insurance, pensions and investments
AL: Who are the main employers of actuaries?
YK: Life/general insurers
AL: What qualifications do you find most important for upcoming actuaries?
YK: Good (traditional) university education in probability and statistics as well as formal professional actuarial qualification via well-recognized professional institutions
AL: Do the schools in your country have actuarial majors, minors, concentrations or do students study on their own or overseas?
YK: Actuarial programs within university specialization in Mathematics/Statistics are available in : Kiev, Lviv, Kharkiv and Odesa.
AL: What is the credentialing procedure like for an actuary in your country?
YK: Students sit for professional actuarial exams of the UK Institute of Actuaries, the US Society of Actuaries or the US Casualty Actuarial Society. SAU Fellowship requires successful passing of the following professional exams:
Part 1 exams (the level of UK/US Associate and higher, i.e. IoA, SOA, CAS); and
Part 2 exams (local Ukrainian exams jointly administered by SAU and the Ministry of Finance of Ukraine).
AL: Do employers support the cost and time of exam preparation?
AL: What is the reputation of actuaries in your country?