Alexander Lelchuck, Ph.D

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Russian actuary is not a pilot of UFO already!

Dear friends and colleagues! I would like to thank You for Your interest to my website.

A few years ago my friend actuary said: «Sasha, our profession is similar to UFO’s pilotage – with the same state of being relevant». However, he proved to be mistaken; recently you can hear requests from employer to recommend good actuary to hire more often, than from actuary-employee to help to find a job. Of course, there is a shortage of tuition materials; however the status of actuaries in this question is better than of UFO’s pilots.

In Russian practice, unfortunately, actuarial work has been identified with «actuarial calculations»: department of actuarial calculations, specialist of actuarial calculations etc. Present literature on actuary subjects is, basically, dedicated to actuary subject-matter: «Actuarial mathematics», «Rudiments of actuarial mathematics», «Mathematics of risk insurance» etc. At first sight it reflects definition of actuary as insurance or financial mathematicians, however in the middle of 19th century president of Institute of Actuaries A. Beily had said: «Actuary should be a mathematician, however, a person, who is solely a mathematician, will be bad actuary». That is why in modern system of training of actuaries, together with actuarial techniques, essential attention is paid to the essence of actuary work: solving of difficult financial questions, connected with products sold by the company (design, pricing, valuation, sale channels etc.), estimation and risk management, investment, solvency, regulation, taxation, distribution of profit, capital management etc.

The present website contains Russian translation of four Britain actuarial manuals that do not contain mathematic formulas doing a thing to spite toward commonly accepted opinion, that actuarial calculations are the basis of the profession:

  • 301. Investment and asset management
  • 302. Life insurance
  • 303. General insurance
  • 304. Pensions and other payment

Translation of manuals is done with support of Know How fund, in compliance with decision of Guild of Actuaries concerning use of Britain manuals in process of training of Russian actuaries, as meeting requirements of modern international programs of studying of actuaries to the utmost.

I would like to express especial gratitude to the Institute and Faculty of Actuaries, that gave permission for translation of manuals, and personally to K. Daykin, Governmental actuary of Great Britain, who made an important contribution in development of Russian actuarial profession. Hope, that the translation didn’t spoil magnificent Britain manuals and Russian actuaries will have the possibility to use them in their professional activity.

It also seems that substantial part of material of the manuals will raise interest not only of actuaries.

Alexander Lelchuck

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