Prestigious awards for local actuaries
The Actuarial Society of South Africa bestowed its most prestigious honour, the Murray Medal, on South African actuary Desmond Smith for his outstanding service to the Society and the actuarial profession.
Peter Doyle, President of the Society, presented Smith, who is also the chairman of Sanlam, with the medal at the gala dinner of the 2011 Actuarial Society Convention in Johannesburg. Doyle said that Smith had played a pivotal role in bringing the 2010 International Congress of Actuaries to Cape Town last year and in ensuring that the event was a resounding success.
“The Congress was an enormous success for the International Actuarial Association (IAA), having attracted the highest number of delegates ever, in spite of the global financial crisis. Most importantly, however, it placed the Society and our new South African actuarial qualification on a global stage.”
Smith was also appointed President-elect of the IAA last year. He takes over as President of this international body in January 2012.
Doyle pointed out that this is only the second time in the 115-year history of the IAA that a candidate from a developing country is appointed to its top post and the very first time that a candidate from Africa is being made President.
“The Society considers Desmond’s appointment as President of the IAA as recognition of the highest order for the South African actuarial profession,” said Doyle.
Smith has also served two terms on the Society’s Council, including a term as President, and has represented the Society on various bodies.
Doyle, himself a past recipient of the Murray Medal, explained that while a selection process for the award takes place every year, it is not necessarily awarded on an annual basis.
The Murray Medal is funded from a donation made by Tom Murray, founding member and former President of the Society. The solid silver medal represents the profession’s recognition of outstanding work.
Drawn on his passionate dedication to the actuarial profession when appointed President-elect of the IAA last year, Smith recalled a quote by philosopher and author Francis Bacon: “I hold every man a debtor to his profession.”
“I came across this quote in 1973, at the start of my career, and I have lived my life believing in giving back to the institution that shaped my academic life and the profession that has been providing me with the vast opportunities that I have enjoyed.”
According to Doyle, Smith has been a most committed debtor to his profession and is a deserving candidate for the Murray Award.
Top achievers of homegrown actuarial qualification
The top achievers among the first actuaries to sit for the new South African Actuarial Society Fellowship examinations last year were also honoured by the Society at its gala dinner.
Awarding the academic medals, Doyle explained that these actuaries achieved the highest mark in their speciality field. The following actuaries received medals:
- Farzana Mohamed Hussain Baba (Health)
- Andrew Brent Linden (Long-term Insurance)
- Ninette Meyer (General Insurance)
- Mohammed Shamiel Basadien (Pensions)
- Ryan Hultzer (Investment)
South Africa’s very own professional actuarial qualification was launched last year. This means that South African actuaries no longer have to turn to the United Kingdom (UK) for their actuarial qualification.
In order to become an actuary in South Africa, students usually attend a university offering actuarial degree programs. But before students can finally qualify, they also need to sit the Fellowship examinations. Previously these final examinations were set by the UK actuarial profession, requiring local actuaries to become a Fellow of either the Institute or Faculty of Actuaries in the UK.
Now these final examinations are based on a local curriculum and assessment is conducted by a Board of Examiners appointed by the Society. The new South African qualification is internationally recognized.
