Actuarial Society of South Africa
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| Founded | 1948 |
|---|---|
| Type | Actuarial Professional Organisation |
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Area served
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South Africa |
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President
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Roseanne Murphy Harris |
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President Elect
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Peter Withey |
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Chief Executive Officer
|
Mike McDougall |
| Website | www.actuarialsociety.org.za |
The Actuarial Society of South Africa (ASSA) is the governing body for the actuarial profession in South Africa.
The Actuarial Society looks to provide advice and thought leadership in the understanding, modelling and management of financial and other measurable risk. In order to achieve these goals, the Society aims to grow the reputation of the actuarial profession in South Africa; develop the knowledge, expertise and skills of members; and importantly develop the demographic representation of the profession in a way that supports transformation in South Africa.
Prior to 2010, fellowship of the Society was obtained through exams written through other recognised actuarial organisations, mostly the Institute of Actuaries in London or the Faculty of Actuaries in Edinburgh. Since 2010, fellowship has been obtained by passing a set of prescribed examinations of the Actuarial Society of South Africa.
Following qualification, Fellow members may add FASSA (Fellow of the Actuarial Society of South Africa) after their names and Associate members may add AMASSA (Associate Member of the Actuarial Society of South Africa). The FASSA qualification has mutual recognition with a number of other actuarial bodies including the Institute and Faculty of Actuaries in the United Kingdom, the Actuaries Institute in Australia and the Society of Actuaries in Ireland.
The history of the Actuarial Society of South Africa began with the Actuaries' Club, which was formally established on 14 June 1937. The Actuaries' Club served the purposes of bringing the actuaries in the country together and operated in two sections, one in Johannesburg and one in Cape Town.
While the Actuaries’ Club did some useful work in connection with draft legislation and the protection of the status and interests of actuaries, it was more suited for social purposes. Consequently, the Club was disbanded and the Actuarial Society of South Africa was established. Its inaugural meeting was held in Johannesburg on 22 December 1948. At the time, there were 42 people with actuarial qualifications in the country.
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