Seven Up: The Appointed Actuary in Australian Private Health Insurance 7 years on
Paper to Institute of Actuaries of Australia
Past and Future of the Private Health Insurance Appointed Actuary
The Appointed Actuary role has been a requirement for Australian Private Health Insurers since 2004. Substantial enhancements to the role and its powers were included in the Private Health Insurance Act 2007.
Industry business demands, including regulated pricing and recent demutualisations, have helped to consolidate the role. Industry business issues, including financial pressures, preventative health, stakeholder management, asset and capital management, arising in future will give the opportunity to continue this trend.
With the role now well established, a responsibility lies with the individuals who hold it both now and in the future, to conduct themselves so that it increases in value to the industry it serves.
This paper is available here.